Brazil: Chemical sector foresees almost US$360 million in investments until 2024

RIO DE JANEIRO, BRAZIL – The Brazilian Chemical Industry Association (Abiquim) informed that the sector intends to invest, until 2024, about R$1.9 billion (US$360 million) in “actions that should result in the generation of jobs and technological innovations”.

The announcement was made on June 23 in Brasilia, during the event Dialogues with Chemistry, organized by the entity in partnership with the Secretariat for Strategic Affairs (SAE) of the Presidency.

The meeting gathered representatives from the public and private sectors. Abiquim’s president, Ciro Marino, said that the Brazilian chemical industry is the sixth-largest in the world but could jump to the fourth position.

“Few countries have the potential that Brazil has,” said Marino, when presenting numbers of the sector, which generates 2 million direct and indirect jobs, has revenues around US$190 billion – and accounts for 11% of the Brazilian industrial GDP (Gross Domestic Product).

According to Abiquim, the demand for chemicals in Brazil had an average annual growth of 3.1% from 1990 to 2021. Imports played “a big role in this phase of economic recovery that Brazil is going through,” detailed the entity, informing that the imports of chemicals will occupy, in 2021, 46% of the domestic market.

“Considering what chemistry does, starting from natural inputs, with Brazil’s wealth, being in sixth place is far below our possibility. We imagine a fourth position would be very reasonable,” added the Abiquim leader.

With information from Agência Brasil