THE region’s thriving process industry could be in for further growth after two partnerships were struck to help tap into the Indian chemical sector, predicted to be worth $200bn (£136bn) within ten years.

The Memorandum of Understanding agreements with the Indian Chemical Council and worldleading Vapi Centre of Excellence have taken more than a year to develop, and could see significant Indian investment into the North- East’s process industry, as well as offering opportunities for the region’s firms overseas.

The partnerships, brokered by the North-East Process Industry Cluster (Nepic), come as India is revealed as one of the future global leaders of the chemical industry, which is set to rise from being 12th in the world to second within the next few years.

By 2020, its sector is set to be worth $200bn US (£136bn).

The 500 North-East chemical, pharmaceutical, biotechnology and support companies - which together contribute £10bn to the regional economy each year and employ 34,000 people directly, indirectly supporting a further 280,000 jobs – could all be set to benefit from the newly-formed agreements.

Dr Stan Higgins, chief executive of Nepic, said the existing strong bonds between the North-East and India are being extended.

“I am confident we will attract more investment from India and we are also encouraging our members to invest and do business with the Indian chemical industry,” he said.

“Chemical business in India is projected to grow at more than nine per cent per annum up to 2020, and this is despite the current recession.

“India will rapidly move from being the 12th largest chemical industry in the world to second or third.

“We want our Indian colleagues to regard the North-East as their first choice as the place to do business in Europe.

“The Indian chemical industry is now a high-tech globally competitive business and we in Nepic are ready to do business with them.”

HS Karangle, chief executive of the Indian Chemical Council, said the relationship with the North- East can be significant in growing India’s industry.

“We understand that business is a two-way process and the projected growth of the chemical industry in India means that we will be a major global player going forward.

“We aim to grow the business of Indian chemical companies and expect our industry to be a $200bn industry by 2020,” he said.

“We cannot achieve growth without proactive partners, customers and suppliers from around the world.

“Our partnership with Nepic will help identify business opportunities for the members of both organisations.”

Spencer Mahoney, First Secretary of the British High Commission in Mumbai, pledged his support.

“We are looking forward to seeing the new business benefits from this agreement.

“We are here to support Stan and his Nepic team in their future work with companies in India,” he said.