Lankan Ranger
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South Korean group invests $800 million in Pakistan
KARACHI: South Korean business giant Lotte Group has so far invested $800 million in Pakistan and is planning to make new investments in energy, food, tourism and other areas.
This was stated by the President of Lotte Pakistan PTA Ltd, Asif Saad, while addressing a press conference along with Chairman Board of Investment (BoI) Salim H Mandviwala at the PTA plant at Port Qasim on Wednesday.
BoI Secretary Muhammad Saleem Khan, President Lotte Group Dong Bin Shin and top executives of the Group were also present on the occasion. He said Lotte Pakistan was installing a 40 megawatts power plant at a cost of $45 million. Lotte Pak PTA will use 30 MW of power from this plant and provide the surplus 10 MW to the Karachi Electric Supply Company (KESC), he added.
Saad said the PTA plant will save foreign exchange for Pakistan in the shape of import substitution. The annual production of the plant is 500,000 tons of purified terephthalic acid (PTA), an essential raw material for the textile industry, he added.
BoI chairman said the visit of Lotte delegation, comprising its president and six CEOs of various subsidiaries, gave a message to the world that Pakistan was a safe place for investment. He hoped that more such business groups will make investments in Pakistan in the future.
Mandviwala pointed out that the Lotte Group was ready to make substantial investment in food, beverages, hotel, tourism, power and oil and gas sectors in Pakistan.
The BoI chief said the government will motivate the group to make further investments in Pakistan. He said serious efforts were being made to attract investment for Thar coal to generate power.
Pakistan News Service - PakTribune
KARACHI: South Korean business giant Lotte Group has so far invested $800 million in Pakistan and is planning to make new investments in energy, food, tourism and other areas.
This was stated by the President of Lotte Pakistan PTA Ltd, Asif Saad, while addressing a press conference along with Chairman Board of Investment (BoI) Salim H Mandviwala at the PTA plant at Port Qasim on Wednesday.
BoI Secretary Muhammad Saleem Khan, President Lotte Group Dong Bin Shin and top executives of the Group were also present on the occasion. He said Lotte Pakistan was installing a 40 megawatts power plant at a cost of $45 million. Lotte Pak PTA will use 30 MW of power from this plant and provide the surplus 10 MW to the Karachi Electric Supply Company (KESC), he added.
Saad said the PTA plant will save foreign exchange for Pakistan in the shape of import substitution. The annual production of the plant is 500,000 tons of purified terephthalic acid (PTA), an essential raw material for the textile industry, he added.
BoI chairman said the visit of Lotte delegation, comprising its president and six CEOs of various subsidiaries, gave a message to the world that Pakistan was a safe place for investment. He hoped that more such business groups will make investments in Pakistan in the future.
Mandviwala pointed out that the Lotte Group was ready to make substantial investment in food, beverages, hotel, tourism, power and oil and gas sectors in Pakistan.
The BoI chief said the government will motivate the group to make further investments in Pakistan. He said serious efforts were being made to attract investment for Thar coal to generate power.
Pakistan News Service - PakTribune
