Ministry of Science and ICT Grants 5-Year Reapproval to Lotte Home Shopping

[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT announced on the 14th that, as a result of the TV home shopping re-approval review committee's evaluation, it has decided to re-approve Woori Home Shopping Co., Ltd. (channel name: Lotte Home Shopping). The approval validity period is five years, from May 28, 2021, to May 27, 2026.

To ensure expertise and fairness in this review, the Ministry of Science and ICT formed the 'TV Home Shopping (Lotte) Re-approval Review Committee' composed of external experts in six fields: broadcasting, law, economics & management, technology, accounting, and viewers & consumers. The review was conducted privately from the 11th until this day.

As a result of the evaluation, Woori Home Shopping Co., Ltd. scored 724.42 points out of 1000 and met the re-approval criteria (650 points or higher) by achieving above the standard score in the fail-safe category of 'Establishment of Fair Trade Practices and Contribution to Revitalization of Small and Medium Enterprises' (scoring 197.43 points, which is over 50% of the 260-point allocation).

In this review, key evaluation items included the establishment of fair trade practices, protection and support of small suppliers, and the protection of viewers' and consumers' rights related to the public responsibilities of home shopping. The review committee proposed re-approval conditions for Woori Home Shopping to secure its public functions, such as contributing to public interest projects and regional community development, and preparing measures to prevent misconduct by executives and employees.

The Ministry of Science and ICT plans to finalize the re-approval conditions by comprehensively considering the policy directions, including support for small and medium enterprises' market access, and the establishment purposes of home shopping operators, including the proposals made by the review committee. A ministry official stated, "We will issue the approval certificate with re-approval conditions imposed within May and regularly conduct compliance inspections to ensure the conditions are faithfully observed."