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<p>The chemical industry is the UK’s leading manufacturing exporter and has significant growth potential. The chemical industries growth strategy published on 22 October sets out a trajectory for gross value added (GVA) to increase by more than 50% by 2030 (from £195 billion to £300 billion), providing priority issues can be addressed. When the strategy was published, I and the Secretary of State for Business, Innovation and Skills, the right hon. Member for Twickenham (Vince Cable), met industry leaders who have formed the Chemical Growth Partnership to discuss these prospects, and how the issues can be addressed by the industry, working with government where needed. A copy of the industry-led growth strategy can be found at the Chemical Industries website:</p><p>http://www.cia.org.uk/Portals/0/Documents/Growth%20 Strategy%20FINAL.PDF</p><p>I am delighted that INEOS announced on Friday 25 October that their Grangemouth petro-chemical plant would remain open, following assurances given by the Unite union, and that major new investment will go ahead. This is a very positive outcome. Grangemouth is important to the Scottish economy and the UK economy, and closure would have been a huge blow for the local community. Some 800 jobs at risk in the plant have been saved and significant potential knock-on effects averted for jobs in the local economy and wider supply chain.</p> |