ICI Australia Welcomes Chemical Industry Study

17th June, 1997

The Plastics and Chemicals Industries Association (PACIA) recently commissioned Access Economics to examine the impact on the Australian economy of significant investment in Australia's chemical industry.

Access Economics has completed its report and has today released its findings at an official launch attended by Mr John Moore, the Minister for Industry, Science and Tourism.

PACIA has released a statement summarising the report findings.

ICI Australia welcomes the findings of the study, particularly the very positive economic indicators which identify the overall impact on Australia's economy.

ICI Australia's executive director and general manager of Plastics, Mr Bob Hunt agreed that Australia was in danger of losing significant manufacturing investment opportunities to Asian countries which offer very attractive investment incentives. Such incentives "divert investment away from countries well endowed with raw materials and deprive Australia from major value-adding opportunities in rnanufacturing" he said.

Mr Hunt said "Local manufacturers are increasingly seeking to invest offshore. The recent uncertainty associated with the lack of a long-term industry policy vision is compounding the problem". He further stated "an integrated approach to addressing the impediments nominated in the Access Economics study will return an element of confidence to long term investment in Australian manufacturing".