KARACHI (APP) - KP Chemical Corporation, a subsidiary of the South Korean conglomerate LOTTE, recently completed its acquisition of the majority shareholding in Pakistan PTA Ltd (PPTA), making it an official member of the LOTTE Group. An announcement here on Saturday said that this acquisition represents a significant step for PPTA to benefit from KP Chemicals strategy of seeking new markets and accelerating growth in one of its core businesses. It said that the PPTA is the single largest foreign direct investment (approximately US$ 500 million) in Pakistans petrochemical industry. Chairman PPTA, Nak Yong Lee, expressed his goodwill on this new affiliation and said, 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 merger would be a meaningful stride for KP Chemical. CEO and President KP Chemical, Soo Young Huh, further said that the revenue of LOTTE in 2008 was US$ 43 billion and in line with LOTTEs vision-2018, the 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 a good foothold for New Vision Implementation. The success of Pakistan PTA investment shall affect LOTTEs further investment in this promising country. CEO PPTA Asif Saad, stated that PPTA has been a trendsetter in industrial investment in Pakistan. We at PPTA expect to gain much from KP Chemical in terms of capacity building, technology transfer and sharing of industrial knowledge and expertise. As a Pakistani, he said he was proud of our management team, which has attracted LOTTE to invest in our country. Pakistan needs foreign direct investment (FDI) and LOTTEs entry at this point should be seen as evidence of their commitment to our country, he said adding that hopefully this will help market our country for more FDI.