KARACHI - The PPTA is brining in the single largest foreign direct investment of approximately US$ 500 million in Pakistans petrochemical industry after becoming an official member of the LOTTE group. Built with an initial investment of US$ 500 million, Pakistan PTA produces and supplies Pure Terepthalic Acid, the main raw material used for the manufacture of Polyester Staple Fibre, filament Yarn as well as PET packaging. The plants, at Port Qasim, local production has helped the country save almost $ 100 million in foreign exchange every year and easy access to the major raw material has helped enhance industrial capacities in downstream sectors, stated Asif Saad, CEO Pakistan PTA limited. Nak Yong Lee, Chairman PPTA, expressed his goodwill on this new affiliation by saying that 'we see very impressive passion and expertise in our Pakistani colleagues and its a great source of pride for KP Chemical to have new members of such quality by this transaction. In consideration of such potential, and KP Chemicals desire to transform from a leading Korean entity to a globally reputed one, this merge would be a meaningful stride for KP Chemical. KP Chemical Corporation, a subsidiary of the South Korean conglomerate LOTTE, recently completed its acquisition of the majority shareholding in Pakistan PT A Ltd (PPT A), making it an official member of the LOTTE Group. Soo Young Huh, CEO & President KP Chemical, further added, The revenue of LOTTE in 2008 was US$ 43 billion and in line with LOTTEs vision 2018, target revenue is US$ 160 billion, out of which petrochemical business should cover US$ 32 billion. In this regard, Pakistan PTA has good meaning and is good foothold for New Vision Implementation. The success of Pakistan PTA investment shall affect LOTTEs further investment in this promising country. Answering a media query, Asif Saad, CEO PPTA stated, PPTA has been a trendsetter in industrial investment in Pakistan. We at PPT A expect to gain much from KP Chemical in terms of capacity building, technology transfer and sharing of industrial knowledge and expertise. As a Pakistani, I am proud of our management team, which has attracted LOTTE to invest in our country. As you all know, Pakistan needs foreign direct investment (FOI) and LOTTEs entry at this point should be seen as evidence of their commitment to our country. Hopefully this will help market our country for more FDI. Founded in June 1948, the LOTTE Group has made rapid strides across the global stage as a manufacturer of superior confectionery products, fast food chains, electronic products, hotels, retail stores, construction, financial services, chemicals and professional baseball. Recognized by consumers across 70 countries globally, the group has achieved prestige in markets worldwide as the largest overseas South Korean group. It is currently ranked amongst the top 5 companies in Korea.