CII signs pact with Shanghai chemicals association

Monday, 15 November 2004, 08:00 Hrs
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NEW DELHI: The Confederation of Indian Industry (CII) and the Shanghai Chemical Industry Association (SCIA) Monday signed an agreement to strengthen economic and trade links between the two countries.

Under the agreement, the two organisations will exchange information on trade, investment and technology and assist their respective members in establishing business contacts through events and other activities.

Addressing an interactive meeting organised by CII and SCIA here, Harmeet S. Singh, director, Department of Chemicals and Petrochemicals, said the chemicals sector had been identified as a thrust area for economic growth in India.

The vibrant sector, she said, accounted for 16 percent of India's manufacturing output and 14 percent of the country's exports.

"To enhance the growing India-China partnership in the chemical sector, it would be useful if the two countries join hands and identify product groups, which have the highest potential to enter into each other's market," she said.

SCIA president Xu Quitang said the petroleum and chemical sector was one of the pillars of industry in Shanghai and accounted for 10 percent of sales from the region in 2003 amounting to $12.3 billion.

The industry in Shanghai, comprising over 1,000 units, manufactured some 20,000 products in sectors such as refining, coking, petrochemicals, coal chemicals, organic and inorganic chemicals, fertiliser and pharmaceuticals.

"We have many experiences in the development of economy, we can use them to draw lessons. We have strong complementarities. As such interactions in economic cooperation are mutually beneficial," he said

Source: IANS
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