Lotte believes that Pakistan has lot of potential, and if the government extends some facilitation, Lotte will make a commitment to invest another $400 million in the country. This was said by Executive Director Jung Neon Kim of Lotte Pakistan PTA Limited while speaking informally to the media.
He said the Lotte Chairman who recently visited Pakistan, and keen to acquire more business in Pakistan, and expand the PTA by investing a further $500m. Lotte acquired the PTA plant in September 2009 and renamed Lotte PTA Pakistan Limited. Jung Neon Kim said Lotte was also in the process of acquiring Kolson so that it could enter the confectionery and food business in the country.
He added that Lotte also wanted to concentrate on the beverage industry, as well as expand into the chemical and construction sectors. He said the Pakistan was a big market and the government could help encourage foreign investment if it backed persistency in tariff rates and offered lower taxes and tax breaks.
The Lotte Executive Director said that his company was the tenth largest taxpayer in Pakistan contributing about Rs 20 billion to the exchequer in the form of taxes. He said in his opinion the tax rates in this country were among the highest in the region and should be reduced to attract more investment.
He said Lotte Pakistan took CSR (Corporate Social Responsibility) very seriously and had spent Rs 400 million on CSR activities last year besides contributing to the relief efforts for flood victims. Giving further details, he said Lotte was intensely involved in education in and around Port Qasim where the Lotte Pakistan PTA plant is located. Lotte, he added was committed to spending Rs 60 million annually on education in the area.
Jung Neon Kim said that to attract more foreign investment and foreigners to the country, Lotte wanted to develop and build residential projects exclusively for foreigners where they could live and enjoy sports and cultural facilities along with full security.-PR