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

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search