SABIC calls on global collaboration for sustainable economic growth at BFA

By Arya M Nair, Official Reporter
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SABIC at Boao Forum for Asia
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Saudi Basic Industries Corporation (SABIC), a global leader in diversified chemicals, has called on the international community to strengthen cross-regional and cross-sector collaboration for sustainable economic growth.

This call for collaboration was made during the Boao Forum for Asia (BFA) Conference, an annual international conference that SABIC is sponsoring for the 15th time, the last four of which as an honorary strategic partner.

SABIC delegation, led by Mr. Abdulrahman Al-Fageeh, SABIC’s CEO and member of the BFA Board of Directors, participated in several top-level dialogues at the conference. Following Chinese Premier Mr. Li Qiang’s keynote speech at the event’s opening plenary, Mr. Al-Fageeh spoke as a representative of the international business community.

Mr. Al-Fageeh expressed optimism for the re-establishment of stable economic growth and called for the world to unite to deliver this growth through a circular economy, one with no open-ended value chains.

Mr. Al-Fageeh shared reflections and insights related to this year’s Annual Conference theme, ‘An Uncertain World: Solidarity and Cooperation for Development amid Challenges’, while further highlighting how China has opened many new business opportunities for SABIC.

Abdulrahman Al-Fageeh_SABIC at Boao Forum for Asia
Abdulrahman Al-Fageeh

“For sustainable economic growth to flourish globally, close international collaboration will be required, not only between companies but also between countries linked by value chains. Being the world’s largest market for chemical products, China is the obvious place to establish a nexus of global sustainable economic growth. As SABIC expands its local presence, it will focus on investing in the development of technology. Innovation-driven economic growth can spread widely under the strategic alignment between Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative.”

In addition to sharing his holistic vision at the opening ceremony, Al-Fageeh also participated in a panel discussion on ‘Carbon Neutrality: Dilemma and Way Out’ with representatives from financial institutions, businesses, and government organizations.

During the discussion, Mr. Al-Fageeh underlined the importance of collaboration across the value chain in the quest for global carbon neutrality. The companies should be focusing on the long-term economic value of their carbon-reduction-related projects to ensure that they are sustainable.

SABIC’s commitment to carbon neutrality was also on full display at its exhibition booth at the Forum, where it showcased its innovative solutions to accelerate the circular carbon economy, increase energy efficiency, and help customers mitigate their environmental footprint, Mr. Al-Fageeh further added.

Related: SABIC adopts Coolbrook’s technology to decarbonize its ethylene production