Petrochemical Industry Eyeing $47.5 Bln in 2012 Exports

Looks to invest a record 7.5 tln won

The local petrochemical industry plans to invest a record 7.5 trillion won and set a goal of exporting petrochemical products worth $47.5 billion during this year.
The industry saw exports worth $45.5 billion, thus contributing to the nation becoming the ninth member of the global club of $1 trillion trade. Despite economic difficulties, the industry aims at exporting $47.5 billion in 2012, some $2 billion more than the value of 2011 exports, and plans to pour 7.5 trillion won in investments to join forces in a bid to turn around the economy.
These numbers were unveiled at the New Year meeting of some 150 people from government and petrochemical industry circles, which took place at the Shilla Hotel in Seoul on Jan. 13.
Among those on hand at the event were Minister of Knowledge Economy Hong Suk-woo; Chong Bum-shick, Honam Petrochemical Corp. (HPC) president and CEO and concurrent chairman of the Korea Petrochemical Industry Association (KPIA); Park Chan-koo, chairman of Kumho Petrochemical; Kim Bann-suk, vice chairman of LG Chem; Lee Dong-hee, CEO of Samsung BP Chemicals; Chung Yoo-sung, CEO of Samsung Petrochemical; Lee Kyu-bong, president of SH Energy & Chemical; and Cha Hwa-youp, CEO of SK Global Chemical.
In his New Year message, Minister Hong extended thanks for the petrochemical industry's active participation in a nationwide drive to conserve electricity for a stable supply of power during the winter season, and he urged the industry to take the initiative in making energy conservation part of daily life. Hong also called for the industry to secure future growth engines so that the national economy can make a leap toward an era of $2 trillion trade and to boost investments and exports so that jobs can be created and the economy can be reinvigorated. The minister also pledged that the government will do its utmost in easing restrictions and investment hindrances.
In his New Year speech, KPIA Chairman Chong said the industry announced optimal strategies for 2012 to cope with hard times with a front-running mindset, including the inauguration of a petrochemical industry technology research cooperative slated for February; the hosting of the Korea International Chemical Industry Expo 2012, to be held from Oct. 31-Nov. 3; and making the most of the entry into force of the Korea-U.S. Free Trade Agreement.
Looking back at 2011, the KPIA chairman said, "The Korean petrochemical industry has played a part in helping the national economy overcome a crisis and achieve the feat of surpassing $1 trillion in trade. Last year was a year in which the industry made a leap forward in the global market by challenging and successfully exploring new business areas such as new and renewable energy resources, eco-friendly materials, and greenhouse gas emissions reduction projects." nw

Minister of Knowledge Economy Hong Suk-woo; Chong Bum-shick, Honam Petrochemical Corp. (HPC) president and CEO and concurrent chairman of the Korea Petrochemical Industry Association (KPIA), attends a New Year meeting for those from petrochemical industry circles.

Chong Bum-shick, chairman of the Korea Petrochemical Industry Association (KPIA), speaks at a New Year meeting for those from petrochemical industry circles.