SABIC advocates collaboration for sustainable growth

SABIC advocates collaboration for sustainable growth

Called for the world to unite to deliver growth through a circular economy

  • By ICN Bureau | April 03, 2023

SABIC, a global leader in diversified chemicals, 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 recently concluded Boao Forum for Asia (BFA) Conference.

Led by Abdulrahman Al-Fageeh, SABIC’s CEO and member of the BFA Board of Directors, the SABIC delegation participated in several top-level dialogues at the conference. Following Chinese Premier Li Qiang’s keynote speech at the event’s opening plenary, Al-Fageeh spoke as a representative of the international business community. He expressed his 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. He also engaged in several public and closed-door sessions at the conference.

In his speech, 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.

“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,” said Al-Fageeh. “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, Al-Fageeh underlined the importance of collaboration across the value chain in the quest for global carbon neutrality. He also noted that companies should be focusing on the long-term economic value of their carbon-reduction-related projects to ensure that they are sustainable.

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