US should invest in petrochemical sector, urges Dr. Kumar
12 Jun '06
3 min read
Dr. Ashwani Kumar, Minister of State for Industry, who is currently Greenbrier, Virginia (USA) to participate in a meeting with leading CEOs of American Petrochemical companies has invited mega investment by American companies in India's petrochemical sector.
He told a gathering of over 50 CEOs of major corporations including a select group of NRIs that the Indian Petrochemical market offers immense potential for high returns on investment across a large spectrum of commercial activity. He informed the gathering attended amongst others by senior executives of Dow Chemicals, Dow Corning, Exon Mobil,
Total SA, British Petroleum an, Akzo that the Indian petrochemical sector with a turnover of nearly US $40 billion was growing at 9 percent and was poised for an exponential growth.
“India's per capita polymer consumption was only 4 kilograms as against China's 26 kg and the world average of 25 kg per capita and, therefore, the Indian petrochemical market offers huge possibilities”, he said.
Dr. Kumar is leading a high powered delegation from India, which include Mrs. Satwant Reddy, Secretary, Petrochemicals, Dr. Ajay Dua, Secretary Department of Industrial Promotion, Mr. Javed Usmani, Joint Secretary PMO and Mr. K.C. Misra, Joint Secretary Department of Petrochemicals, besides Chief Secretaries of the states of West Bengal and Karnataka.
This conference is a sequel to the initiative Prime Minister Dr. Manmohan Singh had taken inSeptember 2004 to attract mega investments in India.
marketing@alchempro.com
