Home / Knowledge / News / Textiles / Korean petrochemical industry will do well in 2014: MOTIE
Korean petrochemical industry will do well in 2014: MOTIE
18
Jan '14
South Korea’s petrochemical industry is likely to bounce back and perform well in 2014 owing to an increase in demand from key markets, especially, China, the Ministry of Trade, Industry and Energy (MOTIE) has said, reports The Korea Times.
 
However, the country’s leading petrochemical companies, including the Korea Kumho Petrochemical Co. (KKPC) and LG Chem would have to overcome new challenges posed by the increasing competition with other global players, the Ministry said.
 
In a meeting with chief executives and senior executives from the petrochemical industry, Vice Trade Minister Kim Jae-hong said that in general, the South Korean petrochemical industry is forecast to have improved earnings this year compared to previous years, as the market situation looks promising.
 
The Vice Minister said that the Government will put in more efforts to improve the ongoing Korea-China Free Trade Agreement, so as to bring substantial benefits to the domestic petrochemical industry.
 
He added that the industry, however, would have to collaborate to address regulatory issues in relation to the Government’s effort to pursue environment-friendly policies.
 
Meanwhile, the Korea Petrochemical Industry Association (KPIA) has forecast that the demand for ethylene is expected to increase by 3.8 percent this year, while the supply is likely to rise only by 2.8 percent, the report said.
 
According to KPIA, South Korea’s petrochemical exports are expected to cross the US$ 50 billion-mark for the first time in 2014, due to economic recovery in developed countries and limited growth in outputs.
 
In 2013, the exports of petrochemical products from South Korea were valued at $48.3 billion.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Ashok Desai
Bombay Textile Research Association

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

Kerem Durdag
Biovation II LLC

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

Steve Cole
Xerium Technologies

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks
Wendell Rodricks

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
March 2017

March 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