Sydney, Australia - March 27, 2012
The Dow Chemical Company (Dow) today announced the launch of its Advanced Manufacturing Plan (AMP) for Australia. Dow Chairman and Chief Executive Officer Andrew Liveris introduced the plan at an event held at the University of Technology in Sydney. The Advanced Manufacturing Plan is a comprehensive set of policies designed to stimulate domestic and foreign investment and growth in Australia’s manufacturing sector.
"Over the past the past 50 years, Australia’s manufacturing sector has shrunk from nearly a third of the overall economy to just 8.6 percent. We have seen factories—and the jobs in them—shipped overseas as other countries become more competitive - and we become less," said Liveris.
"This, in my opinion, is a big reason we are seeing troubling signs for our economy at large—maybe even signs of a coming downturn. We have the capacity, however, to drive fundamental change in the Australian economy. Change that will make the country as a whole more globally competitive, drive economic growth and create good jobs."
AMP Australia proposes that the country take advantage of its vast natural resources to create a global competitive advantage in manufacturing. The plan lays out a five part strategy for Australia to significantly grow "advanced manufacturing" in the country:
- Invest more in Innovation;
- Maximize value add from energy feedstocks;
- Enhance education and skills, and attract talent;
- Increase access to global markets;
- Create public private partnerships.
"AMP Australia is intended to serve as a guide for policy makers to encourage them to pursue a range of policies to grow high-value manufacturing, including a "fair go" for local energy consumers, an end to subsidies to uncompetitive industries and a greater emphasis on linking science and education to investment goals.
"Dow is committed to sustaining and growing its long-standing operations in Australia, which is why we have developed AMP Australia and are presenting it to the Australian Government. I hope it can serve as a blueprint for economic sustainability.
"Australia has all the building blocks of a global leader; a vast array of natural resources, a highly talented workforce and a strong commitment to the rule of law," said Liveris. "We cannot afford to squander these benefits."
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2011, Dow had annual sales of $60 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 197 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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