KOREA (SOUTH): New CEO of LG Chem sticking to investments

At a press conference, Park said: "Despite the continuing economic downturn, LG Chem will keep making investments in facilities and its position as the leader of the Korean petrochemical industry this year,” Park said.

Despite concerns about a deepening crisis in the Korean petrochemical industry due to rising Chinese rivals, Park said even if Chinese businesses become more self-sufficient, the country's imports will not decrease.

"Therefore, Korean companies' exports won't be affected, and I can say that the Korean petrochemical industry is not facing a real crisis,” he said.

Source: Daily "Korea Joongang Daily", Seoul; 6 Feb 2013

(Syed Rashid Ali, Karachi, Pakistan)