18 May 2012 03:49 [Source: ICIS news]
KUALA LUMPUR (ICIS)--Global economic conditions will be subdued in the near term but the rise of the middle class in Asia will spur demand for quality consumer products, an industry expert said on Friday.
“Because of the rapid growth trend on urbanisation and the rise of Asia’s middle class population, needs for higher quality products and advanced consumer products will increase dramatically,” said Tay Kin Bee, chairman of the Singapore Chemical Industry Council (SCIC).
He was speaking at the 34th annual Asia Petrochemical Industry Conference (APIC) 2012, held in Kuala Lumpur, Malaysia, on 17-18 May.
“This growth will generate greater demand for transportation fuels, petroleum, and petrochemicals both as fuel and intermediate chemicals raw material,” Tay said.
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