Top South Korean Lotte Company could invest another $400 million in Pakistan

Communication and IT

Karachi –– Top South Korean Company Lotte believes Pakistan has lot of potential, and if the government extends some facilitation, it will make commitment to invest another $400 million in the country, said Executive Director Lotte Pakistan PTA Limited Jung Neon Kim.

Talking to newsmen here Tuesday, he said Lotte Chairman who recently visited Pakistan was keen to acquire more business in Pakistan and expand PTA by investing a further $400 million. PTA plant at Port Qasim, Karachi was acquired by Lotte in September 2009 and renamed Lotte PTA Pakistan Limited.

Kim said Lotte was also in process of acquiring Kolson to enter confectionary and food business in Pakistan. “We also want to concentrate on beverage industry, expand into chemical and construction sectors. Pakistan is a big market and government could help encourage foreign investment if it backed persistency in tariff rates and offered lower taxes and tax breaks.”

He said Lotte was 10th largest taxpayer in Pakistan contributing about Rs20 billion to the exchequer in form of taxes. He felt Pakistan’s tax rates were among highest in the region and should be reduced to attract more investment.

“We took CSR (Corporate Social Responsibility) very seriously and spent Rs400 million on CSR activities last year and contributed to relief efforts for flood victims. In and around Port Qasim where Lotte Pakistan PTA plant is located we are committed to spend Rs 60 million annually on education.” Kim said to attract more foreign investment and foreigners, Lotte wants to build residential projects exclusively for foreigners where they could live with full security.

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