'Tie-up with China key to boosting chemical industry'

PCJCCI VP advocates adopting China's chemical park model to shift from import-oriented to an export-oriented industry

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Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) Vice President Zafar Iqbal on Tuesday stressed the importance of collaborative measures with China's chemical industry to enhance Pakistan's competitiveness.

Speaking during a think-tank session with PCJCCI executive committee members, Iqbal highlighted Pakistan's lack of advanced technology to establish petrochemical complex facilities and cracking units, which he described as a significant barrier to the development of the country's chemical sector. "Pakistan can collaborate with China and learn from its experience to promote sustainable development of the chemical industry, contributing to national economic growth," he said.

Iqbal pointed out the untapped potential of Pakistan's chemical manufacturing and processing sector. "Our vision is to transform the chemical industry of Pakistan from an import-oriented to an export-oriented industry," he added.

Discussing global advancements, he noted that the rapid development of biotechnology has revitalised the traditional chemical industry, offering new directions for growth. "China's increasing global influence in the biochemical sector presents an excellent opportunity for Pakistan to benefit from their expertise," Iqbal stated.

With Pakistan's growing economy and population, he mentioned, the demand for chemical products is rising steadily. However, the country's heavy reliance on imported oil products not only impacts economic growth but also poses national security risks. He suggested that adopting China's chemical park model could provide Pakistan's small and medium enterprises (SMEs) with essential resources and infrastructure, enabling cluster development.