by Xinhua writer Tu Yifan

The Boao Forum for Asia (BFA), functioning as an effective platform of cross-regional collaborations, will become more crucial in the post-pandemic era, said Yousef Al-Benyan, vice chairman and CEO of Saudi Arabia's SABIC, one of the world's largest chemical companies.

"The COVID-19 pandemic has revealed how deep economic globalization has become and the degree of interdependence that exists among economies," Al-Benyan told Xinhua in a recent interview.

He said when the world enters the post-pandemic era, BFA will become "more crucial to China, Asia and beyond."

Attending as an honorary strategic partner, SABIC has manifested its confidence in BFA's progress since its inception.

"Following the Asian financial crisis, a platform was needed to meet such unexpected challenges. Two decades later, BFA has shown its steadfast role as a facilitator of strengthened economic ties and dialogue between Asia and the world," Al-Benyan said.

He noted that China has effectively coped with the pandemic, and became the only major economy with positive growth in 2020.

"The stability and development of China's economy mean a lot to the world," he said, adding that as the world's second largest economy, China has been confronting trends of decentralized global industrial chains, and impressing the world through its well-established position as the world factory and achievement in economic transformation.

Speaking of SABIC's strategy for the Chinese market, Al-Benyan said that China is SABIC's fastest-growing market, making up approximately 20 percent of SABIC's revenues, and he expects more fruitful results.

"As the engine of global chemical demand, China is a key strategic market and is central to driving our growth strategy and sustained investment. We are firmly committed to the Chinese market," he remarked.

About how businesses should confront changes under the new circumstances, Al-Benyan said that what has happened since last year has changed the way the world works and fueled innovation for dynamic businesses while accelerating failure for those unwilling or unable to adapt.

"From SABIC's perspective, the winners that emerge from this period of great change will be those who can swiftly embrace the need for transformation, the digital revolution, and the advantages of collaboration," he said.

Al-Benyan noted that under the new normal, in a promising industry such as chemicals, players who are knowledge-based, high-tech-driven and sustainable will stand out.

"As a solution provider, SABIC is going to continuously invest, sharpen our competitiveness and forge more connections with customers and partners around the world, especially in China," he said.

Al-Benyan also stressed the ever-increasing necessity for green development as the world strives to tackle the global challenge of climate change, adding that SABIC is in a prime and leading position to elevate the discussion of sustainability and to influence positive change.

"SABIC has embedded sustainable solutions and climate resilience into our operations and has begun the process of formulating a holistic new climate strategy that will put us on the path to carbon neutrality near the middle of this century," he said.

Al-Benyan said he was greatly encouraged by the sustainable agendas from both Saudi Arabia and China. "SABIC believes the chemical industry is presenting itself as a key opportunity for cooperation between China and Saudi Arabia to fulfill their shared commitment towards a sustainable and inclusive future," he added.