( Gulf ) - The investment by countries comprising the Gulf Cooperation Council (GCC) in the chemicals and petrochemicals sector is projected to reach $120 billion during the next five years, the latest estimates of the Gulf Organisation for Industrial Consulting (GOIC) show.
In 2006, the GCC investments in the sector were around $70 billion.
"The development in petrochemicals will lead to the growth of energy-intensive and export-oriented industries such as complementary industries and processing industries," said a statement from the organisers of the ongoing 11th GCC Industrialists' Conference in Abu Dhabi.
The two-day conference that began on Sunday is discussing the future of petrochemicals. It aims to draw a wide-ranging strategy for the future of the petrochemical industry, determining a vision that's based on integration and correlation and diagnosing the challenges that might face the industry.
The petrochemical industry is considered amongst the most dynamic industries due to the multiplicity of its uses.