29/03/2015 08:00 AST
The Saudi Basic Industries Corporation (SABIC) reiterates commitment to China and Asia as a partner for sustainable development and inclusive growth at the annual Boao Forum for Asia (BFA) Annual Conference 2015, China. The world’s second largest diversified global chemical company emphasized the criticality of continued investments in people and innovation.
The senior leadership of the world’s second largest diversified global chemical company, SABIC, contributed their thoughts and perspectives to multilateral discussions focused around this year’s theme – “Asia’s New Future: Towards a Community of Common Destiny”.
The SABIC delegation, led by Prince Saud Bin Abdullah Bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail & Yanbu and Chairman of the SABIC Board of Directors, and Yousef Abdullah Al-Benyan, Acting Chief Executive Officer, discussed how the company intends to embrace emerging opportunities, support further sustainable development and contribute to continued stability and prosperity across what is a key region for SABIC.
Alongside heads of state, government officials and global industrial and business leaders at the annual conference held in Hainan, China, SABIC shared their ideas around how the spectacular growth and development across many of Asia’s economies can be maintained. Special emphasis was given to advancing the collective thinking around how the region’s growth trajectory can be sustained while simultaneously progressing in economic development.
“As a supporter of BFA for the seventh consecutive year, SABIC takes pride in being the first Strategic Partner in the Forum’s 14-year history. The Boao Forum has rightfully earned its reputation as a leading economic forum with growing global influence. The robust discussions and commitment to a better future for all that are fostered here have played an integral role in the success story that is Asia today,” said Prince Saud bin Abdullah bin Thenayan.
“Challenges doubtless lie ahead. Conventional thinking will not be adequate in addressing these challenges – bold, new paradigms and models are required. However, I am confident that with the right kind of cooperation and the right kind of policies – such as trade liberalization – these challenges can be overcome.”
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.
Trade flows between the nations of the Gulf region and the peoples of East and South Asia have been intensifying over the past decades. In no small part, that trade is what has propelled the growth trajectories of many of the region’s economies, accelerating the shift in global economic power towards emerging economies. Integral to continued growth however, will be a common commitment to investment in innovation for sustainable development and growing the region’s already considerable human capital.
“The right people and the right technology must also be complemented by trade liberalization, both in terms of the movement of goods and investment,” Al-Benyan underscored. “From SABIC’s perspective, this is one of the most beneficial structural reforms emerging nations could undertake – especially between East Asia and the Middle East. As China makes a successful transition from an investment-led growth model to one driven by consumption and innovation, the freer and reliable movement of high quality goods – such as chemicals – between regions, will undoubtedly fuel further sustainable prosperity and economically benefit everyone.”
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