SABIC enhances strategic partnership with Boao Forum for Asia, expands footprint in China

SABIC enhances strategic partnership with Boao Forum for Asia, expands footprint in China
Published: 20 January 2019 - 7 a.m.
By: Martin Menachery

SABIC returns to the Boao Forum for Asia Annual Conference 2019 as strategic partner for the sixth consecutive year, contributing to strategic dialogue in the region.

SABIC announced that the company will serve as the strategic partner for the Boao Forum for Asia (BFA) Annual Conference 2019, marking the sixth consecutive year of SABIC’s strategic partnership with this prominent platform dedicated to promoting dialogue between Asia and the world’s emerging economies. This also marks SABIC’s 11th consecutive year sponsoring this prominent regional event.

This enhanced strategic partnership underscores SABIC’s long-term commitment to China and Asia, as well as the leading role SABIC is playing to address common challenges both locally and globally by working together with leaders from governments, business communities and academia.

Li Lei, SABIC’s vice president and regional head, North Asia, made this announcement at a press conference hosted by Li Baodong, secretary general of the Boao Forum for Asia.

With the theme of ‘Shared Future, Concerted Action, Common Development’, the Boao Forum for Asia Annual Conference 2019 is scheduled to be held in March in Boao, southern China’s Hainan Province. Launched in 2001, the BFA gathers heads of state and government, ministers, heads of international and regional organisations, business leaders, experts and representatives from the media every year, to discuss economic cooperation and integration in Asia and the emerging economies while pooling wisdom to drive the global economy.

Ban Ki-moon, the 8th secretary general of the United Nations, now serves as the chairman of BFA. Zhou Xiaochuan, vice chairman of the 12th National Committee of the Chinese People’s Political Consultative Conference and former governor of the People’s Bank of China, serves as the vice chairman of BFA. SABIC has been sponsoring the BFA since 2009 and serving as its strategic partner since 2014. Yousef Abdullah Al-Benyan, SABIC vice chairman and CEO, is currently one of the board members of the BFA.

“The Boao Forum for Asia is dedicated to facilitating regional exchanges, cooperation and economic integration. This is greatly aligned with SABIC’s mission to promote sustainable development and inclusive growth.We are very proud of our decade-long partnership with the Boao Forum for Asia,” said Lei.

SABIC, which was inaugurated in 1976, was one of the earliest multinationals to build a presence in China and participate in the country’s reform and opening-up, greatly contributing to China’s sustainable and inclusive growth. In the past few years, SABIC has been enabling China’s vision and sustained growth, while rapidly expanding its footprint in the country.

Today, SABIC has a state-of-art SABIC Technology Center in Shanghai, three plants in Shanghai, Guangzhou and Chongqing respectively, a joint venture with Sinopec running a world-class petrochemical complex in Tianjin and operates in 14 cities across Greater China. In September 2018, SABIC signed an investment MoU with the Fujian Provincial Government for a mega petrochemical project in China’s Fujian Province.

SABIC’s rapidly growing footprint in China, well-aligned with China’s Belt and Road Initiative, as well as the long-term blueprint formulated by the Arab states of the Persian Gulf such as Saudi Arabia’s Vision 2030, has given a boost to the growing momentum of expanding cooperation in the region.

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