Saudi- Sustainable development cornerstone of SABIC's growth strategies in Asia 

(MENAFN - Arab News) Saudi Basic Industries Corporation (SABIC) has reiterated its commitment for sustainable development as a priority to socioeconomic stability and growth in Asia.

Against the backdrop of the Boao Forum for Asia (BFA) Annual Conference 2012 themed "Asia in the Changing World: Moving toward Sound and Sustainable Development," SABIC's top leadership team was present to participate in the thought leadership platforms. They included Prince Saud bin Thunayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu and SABIC's chairman, SABIC's Vice Chairman and CEO Mohamed Al-Mady and Executive Vice President- Corporate Strategy & Planning Abdullah Saeed Bazid and Vice President for North Asia Li Lei.

Speaking on the sidelines of the BFA conference, Prince Saud said: "SABIC believes that sustainable development will ensure socioeconomic stability for governments and their people and hence create a conducive environment for businesses to thrive. It takes a close tripartite partnership between government, enterprises and citizens to make this a reality. At SABIC, we remain committed to creating socioeconomic impacts with our innovative and sustainable petrochemical materials, as well as nurturing long-term relationships with our stakeholders in Asia and the world."

Key to sustainable development is the ability of governments and enterprises to secure a sustainable and stable energy future. This is especially so in Asia where economic growth and enhanced quality of life in many cities have created a strain on energy consumption and supply.

Speaking at the "Energy & Resources: A Supply-Demand Dialogue" keynote roundtable in the conference, Al-Mady said: "The vision of a sustainable energy future for all while achieving the goals of long-term emission reductions, and at the same time maintaining our industrial ambitions and quality of life requires significant investment and technological engagement of the highest degree."

In his speech, Al-Mady highlighted a number of topics which are central to the understanding of the energy resource issues that are confronting societies and businesses including SABIC, who is vitally interested in assuring stable energy resources to support its expanding manufacturing presence throughout the world, particularly in Asia.

Innovation is a key driver to securing the future of sustainable energy and SABIC is confident that Asia will become a catalyst toward a long-term sustainable energy development.

"We have witnessed remarkable collaborations with our partners throughout Asia in our efforts to find sustainable energy and manufacturing excellence. Our joint technological and innovative engagement and approach provide sustainable benefits for our society as a whole," Al-Mady added.

SABIC has been an active participant at BFA where Al-Mady is a member of the board and the company has been a four-time sponsor since 2009. The founding of the forum is driven by the commitment to promote regional economic integration and to bring Asian countries even closer to their development goals.