SABIC Highlights Long-Standing Relations With Asia at Boao Forum, Stresses Commitment to Free Trade for Sustainable Growth

SABIC renewed its strategic partnership with the Boao Forum for Asia Annual Conference 2017 for the fourth consecutive year, and maintained its long tradition of participation with a high-level delegation led by Prince Saud bin Abdullah bin Thenayan Al-Saud, President of the Royal Commission for Jubail and Yanbu and Chairman of SABIC. He is accompanied by Yousef Al-Benyan, SABIC Vice Chairman and CEO, who is also a member of the Board of Directors of the Boao Forum.

Being held in Hainan, China, from March 23 to 26 under the theme, “Globalization and Free Trade: The Asian Perspectives,” the high profile, global gathering will bring together leaders of national governments, industries and businesses. SABIC is a participant for the ninth year in running.

Speaking at the opening plenary session, Prince Saud highlighted SABIC’s long presence in Asia, contributing to the region’s economic and social transformations. SABIC was honored to be an integral part of the Boao Forum with a long history of partnership, he said.

Prince Saud noted that the theme of this year’s conference comes at an opportune time when all countries had an obligation towards the rules and commitments binding the WTO – an organization established to serve humanity, alleviate sufferings and bring justice to all.

Briefing the audience on the ambitious Saudi Vision 2030, Prince Saud said it was built on three key pillars: Saudi Arabia’s status at the heart of the Arab and Islamic worlds, its strategic location, and its economic power.

On the strong relationship between West Asia and East Asia, he pointed out to the strong partnership between the two sides, forming an important economic power within the Asian bloc. This partnership put considerable responsibility on the shoulders of Asian countries to serve humanity throughout the world. Based on this understanding, Saudi Arabia gave top priority to build strategic partnerships around the world, particularly with China and other Asian countries, he said.

China, in fact, has a similar strategic approach that seeks to build collaborative relationships to overcome challenges to free trade among Asian countries, while at the same time remaining committed to globalization. China’s Belt and Road Initiative, he said, was a clear example of such partnerships, with Saudi Arabia and the Arabian Peninsula being an essential part of the initiative.

Prince Saud noted that such partnerships generates much benefit to Saudi Arabia and China. “Here in China, and back at home in Saudi Arabia, we have seen the benefits of a free trade environment. I firmly believe that we are heading in the right direction, as most Asian countries are on the growth path through strong development plans. At the same time, Saudi Arabia has launched its Vision 2030, which will surely complement Asia’s determined efforts towards rapid economic development.”

Speaking about SABIC’s long-standing relationship of three decades with the region, Prince Saud said that the company’s high quality, innovative products had helped strengthen its presence in the region’s markets. SABIC established a successful joint venture partnership with Sinopec in Tianjin, launched a technology center in Shanghai, and entered into several research partnerships with Chinese universities. Last year, SABIC signed an agreement with China’s Shenhua Ningxia Coal Industry Group to study the feasibility of a coal-to-chemicals joint venture. The company also established a joint venture with SK Global Chemical in South Korea to produce high-performance polyethylene products from Nexlene. Besides, SABIC has technology and innovation centers in China, Korea, and India.

The Chairman added that SABIC had just signed a new strategic partnership agreement with Sinopec, under the patronage of the Custodian of the Two Holy Mosques and the President of the People's Republic of China. He stressed the importance of working in close collaboration with one another to ensure business continuity in the common interest of citizens.

The SABIC Chairman concluded by highlighting the importance of working together, with full transparency in trade relations, to ensure business continuity in the interest of citizens. “There are challenges ahead, but I am confident that we can overcome them by adopting the correct policies and expanding our partnership.”

Yousef Al-Benyan spoke about SABIC’s strong participation in the Boao Forum, and said the company would seek to present its perspective during its multiparty discussions. SABIC was looking to tap new opportunities, support sustainable development, and contribute to the continuous stability and prosperity of Asia – a key market for SABIC.

Al-Benyan added that SABIC was looking forward to strengthen its relationships with its Asian partners, particularly in the all-important areas of innovation and sustainability. He emphasized the need to adopt free trade policies and look at new ways to maintain economic growth in the region, particularly since Asia was playing a much stronger role in the world economy. With global attention largely centered on Asia, it was becoming imperative for the region to promote common goals in the interest of inclusive and sustainable growth, he said.

ENDS
Hisham Al-Joher
Director, Global Media & Internal Communications