Experts favour new investments in petrochemical sector (Taiwan)
Plastics and textile industries entrepreneurs of Taiwan have offered strong support to continue development of the country’s petrochemical industry. Also, a few leading economists of the country emphasized industry’s imperative role in national development.According to the top executives from the associations of textiles and plastic processing industries who marked their presence at a seminar held by the Industrial Development Bureau (IDB), unavailability of affordable raw materials will take its toll on the textiles and plastic processing industries.
Some of these industries have already felt the heat of raw material price hike which will undercut their competitiveness in global markets. High-tech industries of the country including semiconductors, computer and TV panels, metal products, and green energy also depend on the sustainable petrochemical industry, added executives.
The seminar was conducted amid increasing opposition for the planned Kuokuang petrochemical plant in Changhua County on the western coast of Taiwan. As per Mr. Wu Tsai-yi President of the Taiwan Research Institute (TRI), this plant should be reviewed with objectivity, with no interference of political parties or other organizations.
Supply of ethylene, which is the key petrochemical raw material, will shrink by almost 50 percent in case new investments do not come up, warned the President who also is a member of the environmental impact evaluation committee screening major petrochemical projects.
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