At the Petrochemical Investors Conclave , the first-of-its-kind organised to create a new inspiration and a new eco-system for the growth of petrochemicals sector in Odisha, at the same time create employment opportunities for the youth of the state on a large scale. The Indian Oil Corporation Ltd (IOCL) and Industrial Development Corporation of Odisha (IDCO) on Thursday signed two memoranda of understanding (MoUs) to collaborate in the setting up Textiles and Plastic Park at Paradip Refinery in Odisha.

The Petrochemical Investors Conclave to attract investments to eastern India was inaugurated by Union Petroleum Minister Dharmendra Pradhan. Union Petroleum Minister Dharmendra Pradhan while inaugurating the event said that the textiles Park will lead to the formation of synergy of cotton fibre and polyester fibre to promote and popularise synthetic textiles, majorly benefiting Micro, Small and Medium Enterprises (MSMEs) with employment potential of up 22 lakhs.

The minister added that the its golden period for petrochemicals sector with growth rates of 14-15 percent annum and Orissa should utilize the easy availability of raw materials, skilled and low cost man power, port and rail connectivity to create investment opportunities in plastics park and textiles park.

Odisha Micro, Small and Medium Enterprises Minister Prafulla Samal said that the state government’s top priority is development of Paradip, Dhamra and Bhadrak regions.The minister added that Indian Oil's Polypropylene unit coming up at Paradip will help boost the growth of plastics industry in the state and also raise the state's per capita consumption of plastics.

Indian Oil is setting up a 700 KTA (kilo tonnes per annum) Polypropylene unit at Paradip Refinery, to be commissioned in 2018, to serve as a mother plant for downstream polymer or plastics ancillary units.

With the coming up of an MEG (Mono Ethylene Glycol) Unit at Paradip Refinery and availability of PTA (Purified Terephthalic Acid) in the East, the polyester downstream industry can flourish very well in eastern region as well, said Pradhan.

By achieving synergy of cotton fibre with polyester fibre to promote and popularise synthetic textiles, the Textiles Park will majorly benefit Micro, Small and Medium Enterprises (MSMEs), with employment potential of up 22 lakhs.

Odisha, with ready availability of raw material, skilled, low-cost manpower, port infrastructure and rail connectivity and a large regional market, must fully utilise the opportunity to create investment opportunities in the downstream plastics and textiles park being developed in the state.

The conclave was organized with the theme "Purvodaya - The Dawn of New Investment Opportunities in Eastern India", would serve as an effective platform for young investors to interact with business leaders of the petrochemicals industry, government functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place. An exhibition was also set up at the conclave venue.

The exhibition, with over 35 exhibitors, focused on how the petrochemicals sector caters to a number of other sectors, by providing raw material for clothing, housing, construction, furniture, automobiles, household items, toys, agriculture, horticulture, irrigation and packaging to medical appliances.