Consumption an indicator to measure development:

Growing demand for Sri Lanka's plastic material

There is a growing demand for plastic material in Sri Lanka for the use of industries such as tea and spices. Plastic consumption is an indicator to measure development and we consume 8-9 tons of plastic annually, said Managing Director Liberty Group (Pvt) Ltd M. Loganathan.

Liberty Group (Pvt) Ltd. pioneer in supplying basic plastic raw materials to the local market is the sole representative of Sumitomo Chemicals Asia (SCA), one of the leading petrochemical manufacturers in the world, he said.

Managing Director Sumitomo Chemicals Asia Ishikawa Hiromichi will be in Sri Lanka today.

"We are happy to welcome him on his landmark visit to our country. He had tremendous experience in petrochemicals and by-products and will ascertain first hand, certain parameters of our local markets and industries.

Sri Lanka with its expected post-war development is considered as one of the most lucrative emerging markets for the plastic industry, he said. The Liberty Group, which supplies plastics for household and personal use has its head office and stores complexes in Wattala. It has been in operation for 45 years and supplies petrochemical products to the country.

Sumitomo Chemical Asia (SCA) which markets petrochemical products across the globe, is a wholly owned marketing arm of Sumitomo Chemicals Co. Ltd. Japan.

The company has a rich history spanning almost 100 years in chemicals as a part of Sumitomo Corporation which has its roots dating back three centuries. Its initial value had remained as a corporation that sets an example to society and sets benchmarks in every aspect of service and product.

Sumitomo Chemical Asia which entered into new venture called "Petrorabigh", a US $ 10 billion investment supplies 1.6 million tons annually. It is an integrated complex of oil refining and petrochemicals with Saudi Aramco as a joint venture partner.

The project, one of the largest petrochemical complexes in the Middle East launched three years ago will deliver its first products to Sri Lanka market.

SCA in their latest venture will supply petrochemicals by-products from Saudi Arabia to customers in Sri Lanka. These include polyethylene and polypropylene raw materials of various types used to manufacture plastic products for every day use.

Plastics have become part and parcel of our daily lives and in analyzing several indicators we know that the demand for plastics in Sri Lanka for its domestic and exports will grow rapidly in the years to come, he said.