10th GPCA Fertilizer Convention concludes that GCC Agri-Nutrients Industry Needs to Innovate to Overcome Challenges
The agri-nutrients industry in the Arabian Gulf and internationally is entering another phase portrayed by lower market development, economic log jam and expanded consolidation, and so as to upgrade its competitive advantage the industry must work towards making an incentive through advancement and creating improved and maintainable agri-nutrient items, agreed speakers at the 10th Fertilizer Convention held by the Gulf Petrochemicals and Chemicals Association (GPCA) in Muscat, Oman today.
Manure request is anticipated to develop at CAGR 1.4% between now and 2023, falling behind worldwide GDP and other industries development. Industry consolidation is at an all-time high led by an ascent in mega-mergers and acquisitions over the recent 10 years, with the best ten fertilizer manufacturers presently controlling 45% of the market share. Speakers at the show focused on this profoundly aggressive and consolidated industry environment presents new difficulties and chances for agri-nutrient manufacturers in the GCC who must seek after value creation through innovation and vital reconciliation if they are to stay effective in these undeniably dubious occasions.
H.E. Dr. Hamed Said Al Oufi, Minister of Agriculture and Fisheries Wealth, Oman launched the exhibition and went to the convention, which was held under his support, while the introductory statements by Dr. Abdulrahman Jawahery, President, GPIC and Vice Chairman, GPCA followed by a greeting address by Eng. Isam bin Saud Al Zadjali, CEO, Oman Oil Company, and Chairman, Oman India Fertiliser Company (OMIFCO).
The keynote address on the very first moment was offered by Samir Al-Abdrabbuh, EVP Agri-Nutrients, SABIC, and Vice Chairman, Fertilizers Committee, GPCA, while John Baffes, Senior Economist, World Bank (Development Prospects Group), delivered the keynote address on the following day 26 September.
In his greeting address, Eng.Al Zadjali highlighted the requirement for vital association just as the trading of experiences among producers in the GCC so as to beat the difficulties confronting the agri-nutrients industry, which is essential to guaranteeing worldwide food security. As the worldwide populace is relied upon to reach 9.6 billion by 2050, the role of agri-nutrients producers in addressing higher demand for food will be especially significant, as will improving yields and water management through balanced and compelling fertilizer utilization, he included.
Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA, remarked: The agri-nutrients industry in the GCC must keep on upgrading its aggressive position and remain versatile even with future difficulties and interruptions, which must be accomplished through building home-grown advancement capacities, putting resources into vital incorporation, using forefront innovations, and training and creating young indigenous ability our regions most prominent resource.
For over 10 years, the GPCA Fertilizer Convention has filled in as a basic platform for the exchange of knowledge, best practice and networking among worldwide and provincial pioneers from government, industry and academia to address some of the most pressing issues facing the industry and give durable solutions to the provokes that keep on developing in this perpetually powerful and complex industry environment, he included.
The 10thGPCA Fertilizer Convention gets wind up on, 26 September, covering a wide assortment of topics incorporating food security in the Arabian Gulf, technology trends and disruptions, strategies for growth, market trends and delivering upgraded quality agri-nutrients. In accordance with GPCAs pledge for building local human capital in the region, the show has hosted an exclusive student seminar facilitated by senior industry experts as well as a virtual visit to OMIFCOs facilities in Oman as a component of the 12th edition of GPCAs Leaders of Tomorrow program, offered by SABIC.
