The Government of Gujarat has signed as many as 11 Memoranda of Understandings (MoUs) drawing an investment of Rs. 67,000 crore at a pre-Vibrant Gujarat Global Summit in Bharuch.

These MoUs are further going to strengthen Gujarat’s image as a petrochemical hub in the country. 

Gujarat commands the highest share in India’s chemical and petrochemical exports, it is evolving as the nation’s central hub for speciality chemicals.

The event, ‘FutureChem Gujarat: Shaping tomorrow’s Chemicals and Petrochemicals Industry,’ serves as a platform for policymakers, practitioners, and both national and international academicians to deliberate on forthcoming initiatives.

Speaking on the occasion, Gujarat Chief Minister Bhupendra Patel highlighted the state’s trajectory toward becoming a pivotal hub for the trade of petrol and chemicals. “Today, an MoU amounting to Rs. 67, 000 crore crore has been signed to further propel the advancement of this sector,” Patel informed.

Addressing the need for industrial development in Gujarat, the Chief Minister stated, "India is at the 6th position in the world’s petrochemical sector."

The chemical and petrochemical sector is a crucial contributor to India's economy, employing around 2 million individuals nationwide. Gujarat plays a significant role in this sector, contributing a substantial share to India's chemical and petrochemical exports. The state holds a 41% share of India's total chemical and petrochemical exports, accounting for 5% of India's total exports and 27% of Gujarat's total exports.

The event in Bharuch focused on sustainability, decarbonization, and growth in upcoming segments, providing a platform for startups and business leaders to showcase industry-relevant solutions and services.