The IndianOil Conclave targets to explore the various opportunities available in South Asia for trade and investment in the Petrochemical Industry along with Innovations in Technologies for the Petrochem Industry.
The population of South Asia totals 1.53 billion, major countries being India 1.15 billion, Pakistan 0.18 billion, Bangladesh 0.15 billion, Sri Lanka 0.021 Billion and Nepal 0.03 billion. The total Asian population is 4.16 billion and along with China which has a population of 1.32 billion, South Asia is other major population center in Asia.
South Asia has a unique advantage in terms of demographics, which is likely to complement economic growth. While demographic trends in other key economies like Brazil, China and G 8 show a decline in the share of working age population i.e. population in the age group of 15 - 60 years, in South Asia, the working age population is predicted to rise.
The above, in turn, implies that in contrast to the graying population in the key economies which would ultimately lead to a shortage of workers, South Asia with its growing working age population would not be constrained by any shortfall in terms of manpower and would be able to sustain its growth momentum over a longer term.
In addition, with the economy becoming increasingly globalised, aspirations of the South Asian consumer are on the rise, which combined with increasing disposable income of the people is fueling demand for various goods and services. This in turn would provide tremendous opportunities to Petrochemical Industries due to low per capita consumption of Petrochemicals in South Asia.
The growth rate of Petrochemicals worldwide is 4.5%, outstripping the global GDP growth of 3%, by more than 1.5%. The Compounded Annual Growth Rate in petrochemicals has been close to 8.0 % in South Asia as against the global average of 4.5 % for the period 1995-2010. It is thus clear that South Asia is going to be a significant hotspot in the Petrochemical Industry in the years to come and the IndianOil Conclave would examine ways and means to explore and bring to fruition the tremendous opportunity provided by the demographic realities of the Region, keeping in mind the geo-political and techno-commercial constraints.
The Conclave would lay particular emphasis on the opportunities in the Indian sub-continent. Just 150 years ago, the sub-continent was the mother-market to two of the greatest trade routes ever known; the Silk Route and the Spice Route. An opportunity for trade of a similar nature, however, with greater magnitude, exists today - one huge trading bloc which is home to over 1.5 billion people – an area of untold future promise.