Delivering innovation-based growth is at the heart of the Chemistry Council’s new strategy for the chemicals sector, to be launched today.
The new landmark strategy, ‘Sustainable Innovation for a better world’, was developed by the UK Chemistry Council with the significant contributions of SCI and the Chemical Industries Association (CIA).
Jointly chaired by Steve Foots, the Chief Executive of Croda International plc and Business & Industry Minister Richard Harrington, the Chemistry Council will launch the strategy at the CIA today. Drawing on unique UK strengths in the field of innovation and linking it to the Industrial Strategy, the chemical industry sets out in the strategy a series of proposals to form the basis of an agreement with government on the way forward.
The strategy targets a 50% increase in production, increases in turnover, in exports and annual investment climbing by 68%. On top of this the industry sees a 35% climb in jobs, ensuring a great future for this vital sector.
Driving innovation in industry will play a key role in the strategy, as the chemistry-using industries aim to accelerate the rate of innovation and support commercialisation in the UK through four innovation themes:
- Delivering advanced materials and molecules
- Creating a pipeline of green supply chains
- Facilitating new energy storage and distribution
- Increasing productivity though digitisation and big data
Business & Industry Minister Richard Harrington said ‘This is a great example of our modern Industrial Strategy in action. Chemicals is one of the largest manufacturing sectors in the UK, generating billions for our economy and we are determined put the sector on course for growth.’
Croda International plc Chief Executive Steve Foots said ‘I passionately believe in the UK’s innovation strength. As we look to capitalise on our knowledge based economy , we will deliver a world class “create and make” culture.’
SCI Executive Director Sharon Todd said ‘This is a key development at a crucial time for the chemical making and using community in the UK. SCI has been instrumental in the development of this strategy and we look forward to hosting the SCI/CGP Innovation Conference: Communicating the Strategy and Developing the Sector Deal, on 20 November.’