USA : Chemical industry investment to enhance overall economic growth

ExxonMobil Chemical Company sees advantaged growth opportunities for the chemical industry in the Middle East.
In remarks made at Arab-U.S. Policymakers Conference in Washington, D.C, ExxonMobil Chemical Company President Michael J. Dolan said that chemical industry investment can help the region generate the highest value out of its natural resources while building a thriving economy.
Speaking at this year’s conference, themed Revisiting Arab-U.S. Strategic Relations, he highlighted the fact that these growth opportunities are contingent on a policy environment that welcomes international trade and investment, and one that fosters global competition and free enterprise.
In addition, Dolan emphasized that chemical industry investment brings well paying long-term jobs and multiplier effects on local economies, thereby enhancing overall economic growth.
Around the world, demand for chemicals is growing at a brisk pace - about two to three percent above world GDP.
“This high demand growth reflects the continued penetration of chemicals and plastics into end-product markets such as automotive, packaging, construction, and health and personal care,” said Dolan.
With large oil and natural gas reserves, Middle East nations are uniquely positioned to meet the rising demand for chemical products.
“The Middle East clearly enjoys an unparalleled advantaged energy and feedstock position,” said Dolan. “By integrating chemicals into the bigger resource management strategy, we see equally unparalleled opportunity for the region to benefit from proximity to growing markets in Asia.”