EQUATE Petrochemical Company, the first international joint-venture petrochemical company in Kuwait, sponsored the recent 3rd Research & Innovation Summit 2016 in Dubai.
The Gulf Petrochemicals & Chemical Association (GPCA) organized the event, which aims to encourage excellence, specifically in the fields of research and development.
"Innovation has become a critical element for sustainability, not merely an expression or set of guidelines,” EQUATE President and CEO Mohammad Husain said. “Through innovation, our industry can maintain its global competitiveness especially in terms of contributing to economies around the world. Naturally, innovation relies greatly on progressive R&D that realizes milestones for the benefit of humanity through industrial growth. With global spending on petrochemical and chemical R&D reaching nearly $530 million in 2014, progressive open innovation in this field is a strategic objective for our industry."
Experts believe that it is only through research and development that human initiative and innovation can move forward.
"Certainly, any effective initiative, has to be driven by the human capital, at EQUATE and beyond, as they possess untapped capabilities in open innovation," Husain said. "For that, EQUATE is always willing to support open innovation by its employees, as well as other individuals and organizations, provided that such initiatives are relevant to our field of business."
EQUATE shareholders include Petrochemical Industries Company, The Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.