In a move similar to its strategy that led to the financial sector boom in early nineties, Bahrain is investing in the production of plastics polymers to cater to the annual plastics consumption growth in the Gulf, according to the organisers of Arabplast 2013.
Organisers of the show said that a large number of Bahraini investors, including banks, manufacturers and funding companies, are investing into the rapidly growing GCC polymers industry.
This was revealed at a press conference organised in Manama by Messe Düsseldorf Germany and Al Fajer Information and Services, organisers of Arabplast, the Middle East’s premiere trade show for rubber, plastics and petrochemicals.
Speakers at the press conference emphasised the leading role played by Bahrain’s petrochemicals industry, which channels its output to more than 150 countries worldwide.
Speakers also hailed investments made by Bahraini business community into the “neighboring” polymers industry which is similar to the country’s tremendous efforts that led to the financial boom in early nineties, and helped positioning the Kingdom as the financial hub of the Gulf region as far as offshore banking and Islamic financial services are concerned.
The investments in plastics industry nowadays could reap similar results, according to Satish Khanna, General Manager, Al Fajer Information and Services.
Khanna noted at the press conference: “Bahrain is increasing its share of the production of petrochemicals which is becoming a key driver of the Kingdom’s economy and which enhances its economy diversification drive.
Even though just 20 per cent of the GCC petrochemical products are plastics, they account for 70 per cent in terms of value. It had become a well-known fact that the region will emerge as the second highest per-capita consumer of plastics in the world by 2020.
As organisers of the biggest plastics trade fair for Mena region, we urge GCC governments to encourage the public and private sectors to increase the production of plastics polymers. We need to be ready from now for the rapidly increasing per capita consumer figures in the GCC.”
The petrochemical industry is the backbone of industrial development in Bahrain and plays pivotal role in the Kingdom’s economy. The industry has contributed to creating new downstream industries in Bahrain such as chemicals, detergents, paint, medical and industrial gases, plastics, synthetic sponges, glass and heat insulators. All these form a major part of an industrial sector that is attracting private sector investors due to lower investment and high profitability. Gulf Petrochemicals and Chemicals Association said in a report earlier that annual plastics consumption in the GCC would grow 22 per cent from 3.3 million mt in 2011 to 5.5 million mt in 2015.
Major sponsors for Arabplast 2013 include QAPCO, BOROUGE, NATPET, PETRORABIGH and TASNEE. Arabplast 2013 will be 34 percent bigger than the 2011 edition, following record number of exhibitors and sponsors.
Khanna added: “The growth of this show reflects the high global demand for plastics and its raw materials as well as machinery products. The Gulf is the export hub of plastics raw material plastics to the world and Bahrain is playing a key role in sustaining the position of the Gulf as a pillar in the production of plastics in the world.”
A record number of companies from 47 countries are participating in Arabplast 2013, a reflection on the growing importance attached by GCC countries to strengthening their manufacturing industries, including plastics and rubber sector, which are known to be more sustainable investments in the long run. Arabplast will also have some 26000 trade visitors from 107 countries.
On display at ArabPlast 2013, that will be held from Jan.7-10, 2013, at the Dubai International Exhibition Centre, will be new products and technologies in injection moulding, blow molding, wrapping and packaging, pre and post plastic processing techniques as well as raw materials, such as masterbatches, additives and polymers.
From Gulf Today