Petrochemical products in this region are produced from hydrocarbons derived from crude oil and natural gas, which are abundant resources in many countries within West Asia. West Asia has abundant reserves of crude oil, and countries like Saudi Arabia, Iraq, Iran, Kuwait, and the United Arab Emirates are among the largest producers in the world. Petrochemical polymers and plastics offer a wide range of properties and can be tailored to meet specific requirements. Petrochemical products serve as vital raw materials for numerous industries. Colombia's economy is classified as a middle-income, emerging market economy that has seen steady growth over the past decades. Its key sectors include oil, mining (notably coal and gold), agriculture (with coffee, bananas, and flowers being major exports), manufacturing, and services. Colombia has adopted open-market policies, implementing free trade agreements (FTAs) with numerous countries and regions, including the U. S. , the EU, and countries in Latin America. Colombia's fiscal policy is geared towards encouraging foreign direct investment (FDI), promoting exports, and diversifying its economy beyond dependence on natural resources.
