Home / Knowledge / News / Textiles / Taiwanese petrochemical sector to focus on value-addition
Taiwanese petrochemical sector to focus on value-addition
22
Jun '11
In view of strong international competition, the Government is formulating new policies to improve the value-additions of Taiwan's petrochemical industry.

According to Taiwan's Ministry of Economic Affairs (MOEA), indulging in Research and Development (R&D) for creation of value-added items is the most appropriate way, for this sector loaded with opportunities, to advance.

The MOEA started formulating alternative development policies for the country's petrochemical industry, just after the Government on April 22 announced its decision to withdraw the support that it had extended to the Kuokuang petrochemical project.

The enormous oil refinery complex had instigated a hot debate involving environmentalists, local residents and big business enterprises.

The MOEA expects the domestic firms to boost the value propositions of their goods to above 30 percent and is offering financial assistance to help this materialize. The MOEA has included the value-addition ratios and R&D expenses to its list of selection criteria while reviewing the investment proposals of the firms.

It is proposed that after relocation of the fifth naphtha cracker plant in 2015, Taiwan's state-owned oil company, CPC Corporation, would set up an R&D Centre for new petrochemical materials on the vacant site. Moreover, the Corporation would also set up a green technology research institute in the port city of Kaohsiung in southern Taiwan at a cost of NT$5billion or US$ 172.38 million.

As these plans start taking shape, it would see the petrochemical sector raising its collective R&D expense ratio to 2 percent by 2020 from 0.32 percent in 2009. It, thus, foresees the sector's overall value-addition ratio going up from current 14.6 percent to 20 percent by 2020.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search