Image used for representation only.
Doha, Qatar: The first official day of the 17th Annual GPCA Forum took place yesterday with a huge turnout of delegates, industry leaders, and experts highlighted several topics pertaining to the global economy.
Welcoming the gathering, Managing Director (MD) & CEO at QAPCO and Vice-Chairman of GPCA Dr. Mohammed Al Mulla remarked that the event is poised to achieve its objectives through greater geographical representation across the region.
“Transformation is crucial and very instrumental for the businesses today. It is how we produce and share our materials through innovation and how we shape our businesses through collaboration measuring acquisition,” he noted.
The GPCA Vice-Chairman outlined that the transformation is essential to explore newer geographical markets and create a huge impact on the global state by leveraging close border trade and investment opportunities.
He also stressed that this transformation results in a sustainable future by building long-layer thinking and strategic direction and clear-cut actionable plans for increasing sustainability footprint.
Al Mulla emphasised that the industry experts will provide the gathering with powerful ideas for scaling up clean energy transitions and the discussions will enlighten the gathering with the latest development on major biobased chemicals and how companies are advancing towards their targets.
Among these, common challenges will also be addressed bringing new low-carbon processes to a commercial scale.
Al Mulla Highlighted that chemistry will be part of the solution as we move to lower carbon and lower waste and will help in solving the most complex problems and answering the most pressing questions.
He also stated: “The chemical industry like many others, is at a crucial moment of transformation. As we navigate the challenges and opportunities of sustainability, digitalisation, and globalisation, it is clear the fresh thinking and weight of ideas and the energy of our youth are just beneficial but also essential. They will present the relationship between the traditional knowledge and the new age vision that will shape our path forward.”
This year’s dedicated youth program is also a significant platform at the forum that places on engaging and empowering the next generation.
The official mentioned that the journey toward the circular economy is paramount as the chemical industry plays an important role in paving the way.
“We are strategically focusing on sustainable resources management, waste reduction, and initiatives of promoting product stability and forceful recycling. Our activities are not just about sustainability but also about fostering a strong and resilient economic future,” he added.
Following his welcome remarks, the forum witnessed several keynote sessions throughout the day including ‘2024 Macro Is All About The Landing’, and ‘A view from the global chemical industry: Scaling up for clean energy transition’.
During the first keynote address, Global Chief Economist at S&P Global Ratings Dr. Paul Gruenwald underscored the primary challenge for the global economy to secure a ‘soft landing’, which was followed by a steep rise in interest rates.
He commenced by outlining that the growth in the sector is uneven and labor markets everywhere remain tight. He also noted while inflation continues to decline, policy rates stay higher for longer periods.
Gruenwald pointed out that the service sector in the US stands robust despite ‘fast and furious’ rate hikes. which showed a GEP tracking of 5 percent during the third quarter. Meanwhile, the labor market in the country remains tight but cools down due to surging vacancies as unemployment is 3.9 percent.
