CPEC Destined To Initiate Flurry Of Economic Activity: BASF Official

KARACHI, (UrduPoint / Pakistan Point News - 04th Nov, 2016 ) : The massive size of China-Pakistan Economic Corridor (CPEC) to the tune of over 51 billion Dollars, as reported by governments of both countries, is destined to initiate a flurry of economic activity here.

This was remarked by the senior officials of the BASF- the German Chemical giant, Tay Jui Seng and Faisal Akhtar head of the BASF Pakistan. Seng, the Vice-President Business Management Transportation Performance Materials Asia Pacific, is based at BASF's manufacturing facility in Shanghai, who undertook a three-day visit to assess the market as well as the opportunities available here has said.

He said that he would report back to his company as to how the BASF can participate in spurring the business activities in the Pakistani market where this company is present for the past over four decades.

Seng pointed out that the BASF has a research facilities based in many countries of the world and have been coming up with innovative products from time to time through R&D and was in a position to provide quick solutions to the requirements of the businesses in Pakistan which is an emerging market with a population of 190 million and a majority consists of youths.

He was of the view that Pakistan can also benefit a lot from its human resource especially by imparting right type of education and training to productive use of their talent, energy and potential.

Seng also indicated that the BASF regularly trains their people from time to time to enhance their technical skills and know-how to serve customers more efficiently. He said that his company can also consider as to how it can participate in the CPEC activities through the supply chain mode.

Seng also referred to the impressive growth of the automotive industry in Pakistan and especially in the two-wheelers market. He hinted that cooperation may also be extended by the BASF for the construction industry as well as in chemicals and polymers and also address the quick solutions that are required towards the growth phenomenon in Pakistan.

Faisal Akhtar, who heads the BASF Pakistan, said that the visit of Tay Jui Seng, augurs well and indicates towards the company's interest for further collaboration in the growth process in Pakistan where the business environment is now quite conducive.

It may be pointed out that the BASF Chemicals and Polymers Pakistan Limited has changed its name to BASF Pakistan (Private) Limited effective from November 1, 2016. A communication said that the management under its new name assures all its customers of the same continuous commitment to support businesses with products and services.