Chemtech Foundation brings together all companies involved in the world chemical sector in a mutually reinforcing way and in this globalised world helping India find its place in the world and also the world to explore India, says Mukesh Ambani, Chairman of the National Advisory Board Chemtech Foundation and Chairman, Reliance Industries Limited.

He said the US$ 1.7 trillion global chemical industry is experiencing an unprecedented round of spin-offs through mergers and acquisitions on the one hand and having high capacity creation during the current cyclical slowdown on the other.

Competition is intensifying and supply chain disorders are coming under sharp focus. At the same time, the industry has to address environmental concerns, human rights problems and remove uninformed prejudices, he said.

Ambani said the chemical industry had an important role to play in development and improving the quality of life. The industry will have to therefore continue to innovate and enhance the quality of products and increase productivity. This change has to happen even in the downstream industries.

He pointed out that besides IT, biotechnology and life sciences business were also showing tremendous promise and are opening up new opportunities. The convergence of the Pharma and chemical industries at the Chemtech 2003 will ensure the event a great success, he opined.