Korean firm in Pakist­an had sought commer­ce minist­ry’s permis­sion for paraxy­lene import­ISLAMABAD: Amid a trade standoff with the neighbouring country, the government has refused to allow South Korean firm Lotte Chemical Pakistan import of raw material from India. Lotte Chemical is the only manufacturer and supplier of PTA in Pakistan. Major shareholding in the company is held by Lotte Chemical Corp (75%), followed by individuals and others (15%), local mutual funds/companies (6%) and foreign mutual funds/companies (4%). Owing to the suspension of trade with India, a summary was sent to the prime minister, seeking his approval to allow Lotte Chemical import of paraxylene from India as the Import Policy Order 2016 empowered him to permit imports by easing any restriction. Therefore, the summary for import of 40,000 tons of paraxylene from India was not submitted to the cabinet.

Source: The Express Tribune February 21, 2020 03:22 UTC