New Delhi, Mar 8 (UNI) The Cabinet Commitee on Economic Affairs ((CCEA) today approved the long-awaited Policy Resolution for Petroleum, Chemicals, and Petrochemical Investment Regions (PCPIRs) which aim to promote investment in this sector and make the country an important hub for both domestic and international markets.

Briefing newspersons on the outcome of the CCEA decisions, Finance Minister P Chidambaram said this approach will attract major investments, both domestic and foreign, by creating investment regions, which will have excellent infrastructure that will provide conducive and competitive environment for setting up businesses.

These include integrated Petroleum, Chemical and Petrochemical complexes which would reap the benefits of co-siting, networking and greater efficiency through use of common infrastructure and support services.

Mr Chidambaram said such a complex will boost manufacturing, augment exports, and generate employment.

He, however, said not more than five Regions would be able to set up such complexes. He said such integrated chemical regions are propelling the growth of this segment of industry in various parts of the world.

The Finance Minister said it has taken nearly two years for the policy, which was referred to a GoM, to be formalised.

UNI