SABIC joins discussion on new growth drivers in Asia

AT THE BOAO Forum for Asia (BFA) Annual Conference 2014, senior leadership of global petrochemical company, SABIC, led by Mohamed Al-Mady, Vice Chairman and CEO contributed their perspectives to multilateral discussions centered around this year’s theme – ‘Asia’s New Future: Identifying New Growth Drivers’. 

Alongside heads of state, government officials and global industrial and business leaders at the annual conference held in Hainan, China, SABIC joined towards identifying and building national and business strategies around the trends that will drive growth across Asia and advance economic integration in the region.   

A supporter of BFA for the sixth consecutive year, 2014 distinguishes SABIC as the first Strategic Partner in the Forum’s 13-year history. “Over the years, BFA has become a valuable forum where leaders of nations and business can discuss overarching and strategic issues concerning economic collaboration and integration in Asia, as well as the region’s role in the world community - SABIC is honoured to be an integral part of this,” Al-Mady said.  Al-Mady is also a member of the board of directors of BFA.

SABIC shares many values with Asia and its focus on relationships and on long-term success. Asia’s role in the global economy is set to grow further as countries and communities develop a heightened awareness of shared goals of inclusive and sustainable growth. 

Al-Mady elaborated, “Asia is witnessing several promising trends – first, the region as a whole has emerged from the 2008 global financial crisis stronger, and with a greater sense of common goals and understanding of its inter-dependencies particularly in terms of resources.  Second, China, through its new policies and reforms, which will underpin market economy developments, accelerate urbanisation, increase innovation and promote sustainable, entrepreneurial growth, is making a successful transition from an investment-led growth model to an economy driven by domestic consumption and innovation. This will create region-wide opportunities for sustainable economic development and a growing market for differentiated products and applications across many industries, including transportation, construction, 

electronics, packaging and new energy.”

Operating in Asia since the 1980s, SABIC is committed to be a partner to China and the countries of Asia to support the drive to inclusive and sustainable growth. Today SABIC, a global leader in petrochemicals, contributes wherever it operates through investment, business and community partnerships and job creation. It has set up technology and innovation centres globally to bring its research closer to its markets, tapping on local talent to develop solutions tailor-made to in-country requirements. 

In late 2013, SABIC opened two new innovation centres in Asia with a combined initial investment of US$200 million - one in Shanghai, China and the other Bengaluru, India - bringing the total number of research facilities it has around the world to 18, of which five are in Asia. SABIC also partners local educational institutions to bring together the best of academic thinking and industry expertise in China. It recently signed a new agreement with partner, the Dalian Institute of Chemical Physics in China. These projects are part of SABIC’s broader strategy of developing next-generation innovative products and technologies rooted in sustainability to advance the industry, contribute to customers’ successes and drive the future of its business.