Korean plans to invest $ 500mn in Pakistan

KARACHI: A South Korean conglomerate, Lotte, plans to invest up to dollars 500 million in Pakistan.This was stated by Executive Director of Lotte Pakistan PTA Limited Jung Neon Kim.The firm Lotte is the producer of pure terephthalic acid-a chemical widely used in the manufacture of synthetic especially polyester.Kim further stated that Lotte Pakistan had acquired the plant from ICI Pakistan about a decade ago with a sum of dollars 80 million.He said that now there is a proposal for expansion with the proposed new plant with a sum of dollars 400 to 500 millions, intended to double the current production capacity of 500,000 metric tons per year of Lotte Pakistan PTA Limited- 60 percent would be for consumption in the domestic market and the remaining would be for exports especially to the Middle East.Kim said that new investment in Pakistan would be undertaken because of the expectation of growth of the Pakistani market in the future.He was of the view that the government here should extend some investment incentives to the Lotte Group for its investment in Pakistan.Kim said that the Korean investors also intend to contribute towards development of this society.He further stated that the Lotte Korean is also interested in the construction of a hydro power project in Pakistan.Kim pointed out that the Korean Chilsung would consider launching its beverage (Pepsi in Korea) in the Pakistan market as well as the mango processing. – Brecorder