The GCC chemical industry was among few regions globally with a positive trajectory, said Dr Abdulwahab Al-Sadoun, Secretary-General, Gulf Petrochemicals and Chemicals Association (GPCA).
"Despite facing tremendous challenges in 2020, the GCC chemical industry showed the highest growth globally and was among few regions globally with a positive trajectory," he told the 15th annual GPCA Forum.
"This indicates its resilience, agility, and commitment to serving its customers in a reliable manner," Al-Sadoun stated.
"Today, the industry is at a pivotal stage of its transformation, but to thrive in the post-pandemic reality, it must redefine, reshape, and reinvent itself."
He emphasized that environmental, social, and governance (ESG), sustainability, circular economy, consolidation, and asset optimization are among the key imperatives that will govern growth in the following decades and beyond.
In addition, GCC chemical companies will need to continue pivoting towards renewable energy to secure clean, reliable, and competitive power sources.
"They will need to raise their investments in research and innovation, pursue long-term strategic partnerships at home and abroad, optimize their business and drive portfolio diversification," Al-Sadoun concluded.
Write to Parag Deulgaonkar at parag.d@argaam.com
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