Vibrant Gujarat Summit Prelude: Petrochemical Industry Gears Up for Rs 67,000 Crore Investments
Vibrant Gujarat Summit Prelude: Petrochemical Industry Gears Up for Rs 67,000 Crore Investments

Ahmadabad: At a pre-Vibrant Gujarat Global Summit event in Bharuch, 11 Memoranda of Understanding (MoUs) were signed, indicating a potential investment of Rs 67,000 crore. The event, titled "FutureChem Gujarat: Shaping tomorrow’s Chemicals and Petrochemicals Industry," brought together policymakers, practitioners, and national and international academicians to discuss future initiatives in the petrochemical sector, with a focus on sustainability, decarbonization, and growth in upcoming segments.

Gujarat Chief Minister Bhupendra Patel emphasized the state's trajectory towards becoming a hub for the petrochemical industry, highlighting the signing of MoUs worth Rs 67,000 crore to further advance the sector. Gujarat, already leading in India's chemical and petrochemical exports, is emerging as the country's hub for specialty chemicals.

The Chief Minister acknowledged Prime Minister Narendra Modi's role in transforming the state through the politics of development. He highlighted the Vibrant Summit scheduled for 2024 with the theme "Gateway to the Future," underscoring the significance of the Chemical and Petrochemical sector in driving sustainable industrial growth.

Addressing the need for industrial development in Gujarat, the Chief Minister stated, "India is at the 6th position in the world’s petrochemical sector." The event in Bharuch focused on sustainability, decarbonization, and growth in upcoming segments, providing a platform for startups and business leaders to showcase industry-relevant solutions and services.

The chemical and petrochemical sector is a crucial contributor to India's economy, employing around 2 million individuals nationwide. Gujarat plays a significant role in this sector, contributing a substantial share to India's chemical and petrochemical exports. The state holds a 41% share of India's total chemical and petrochemical exports, accounting for 5% of India's total exports and 27% of Gujarat's total exports.

Gujarat's four refining complexes, with a combined capacity of 102 million tonnes per annum, underscore its position as a key player in the industry. The state's top export destinations include the US, China, Brazil, UAE, Germany, Indonesia, the UK, Netherlands, South Africa, and Belgium.

The Vibrant Gujarat Global Summit, initiated by Narendra Modi in 2003, has been instrumental in positioning Gujarat on the world map of trade and industry. The upcoming tenth edition of the Summit, scheduled for January 10 to 12, 2024, will be inaugurated by Prime Minister Modi.

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