As many as 11 Memoranda of Understanding (MoUs) amounting to a total of Rs 67,000 investment potential were signed at a pre-Vibrant Gujarat Global Summit event held in Bharuch.
The event, ‘FutureChem Gujarat: Shaping tomorrow’s Chemicals and Petrochemicals Industry, ‘ brings policymakers, practitioners, and national and international academicians under one umbrella to discuss future initiatives.
“The way petrol and chemicals are being traded in Gujarat, Gujarat is moving towards becoming the hub of this industry. Therefore, today an MoU worth Rs 67 thousand crore has been signed to further advance this industry,” Gujarat Chief Minister Bhupendra Patel said, participating in the event.
The event is particularly focused on the petrochemical sector of the State. Holding the highest share in India’s chemical and petrochemical exports, Gujarat is emerging as the country’s hub for speciality chemicals.
“PM Modi has changed the country and Gujarat through his politics of development… The double-engine government of Gujarat has been getting the benefit of PM Modi’s vision for the last 2 decades… In 2024, we are organising the Vibrant Summit with the theme of ‘Gateway to the Future’… The Chemical and Petrochemical sector is one of the sectors that take sustainable industry growth further,” the CM said.
“Prime Minister Narendra Modi has resolved that there should be industrial development in Gujarat. As part of it, the chemical and petrochemical sector is also being promoted because India is at the 6th position in the world’s petrochemical sector,’ the Chief Minister said.
The event in Bharuch centred around sustainability, decarbonisation and growth in upcoming segments. Moreover, startups and business leaders will be showcasing industry-relevant solutions and services during the event.
Nationwide, this crucial sector employs around 2 million individuals. Of the USD 94.6 billion chemical industry in India in 2017-18, USD 31.5 billion was contributed by Gujarat.
Similarly, of the USD 137 billion overall coke and petroleum industry, USD 50.8 billion was contributed by Gujarat.
Gujarat holds a share of 41 per cent of India’s total chemical and petrochemical exports, accounting for 5 per cent of India’s total and 27 per cent of Gujarat’s total exports, respectively. The State has four refining complexes with a combined capacity of 102 million tonnes per annum.
The top 10 export destinations are the US, China, Brazil, UAE, Germany, Indonesia, the UK, Netherlands, South Africa, and Belgium.
The Vibrant Gujarat Global Summit was initiated by Narendra Modi in 2003, then Chief Minister, to put Gujarat on the world map of trade and industry. The tenth edition of the Summit will be held from January 10 to 12, 2024. The Summit event will be inaugurated by PM Modi on January 10.
(with inputs from ANI)