The thriving chemical industry in Asia is helping to support the region’s entire manufacturing sector and allowing it develop and prosper.
This is according to a report in The World Folio, which spoke to Singapore Chemical Industry Council’s chief executive director Terence Koh.
He noted that Singapore’s Jurong Island is home to chemical plants, warehousing and logistics companies, and power plants. This is despite the country having no natural resources of its own.
Mr Koh stated the chemical industry here is allowing the Association of Southeast Asian Nations (ASEAN) to achieve its goals for digitalisation, technology advancements, and innovation.
He was quoted as saying: “Chemistry is the backbone of manufacturing and provides solutions to many issues concerning the world today such as climate change, population growth and the environment.”
ExxonMobil has certainly seen the value of Singapore as a base in Asia, with the US chemical giant having invested $18 billion (£13.9 billion) over the several years it has been here.
In addition to ExxonMobil’s presence, Singapore benefits from Integra Petrochemicals, which ships a lot of the city-state’s chemical production to market.
Due to its position close to oil-rich Indonesia and Malaysia and being in the middle of important shipping routes, Singapore “is perfectly positioned for its role as a petrochemical transport hub”, according to Integra Petrochemicals’ chief executive officer Gina Fyffe.
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