[Independence Day Pardon] Chairman Shin Dong-bin Pardoned... Lotte to Increase Domestic and Overseas Business Investments

Lotte Chairman Shin Dong-bin (left) is meeting with Lionel Lionel Sku Rebe (REWE) Chairman to request support for hosting the 2030 Busan World Expo, followed by a commemorative photo.

[Asia Economy Reporter Yuri Kim] With Shin Dong-bin, Chairman of Lotte, included in the first special pardon list of the new government, Lotte's domestic and overseas business activities are expected to accelerate. After Chairman Shin's pardon, Lotte is anticipated to actively invest in overcoming the economic crisis by consolidating the group's capabilities. Through the implementation of the KRW 37 trillion domestic investment plan announced last May for the next five years, efforts will also be made to revitalize the industrial ecosystem.

According to the business community on the 12th, Lotte plans to use Chairman Shin's pardon as a stepping stone to expand investments not only in new growth themes such as health and wellness, mobility, and sustainability but also in core industries like chemicals, food, and infrastructure.

The implementation of domestic investment plans is also expected to proceed smoothly. Lotte Biologics is reviewing candidate sites for a domestic factory worth KRW 1 trillion and is preparing to fully launch its contract development and manufacturing organization (CDMO) business for biopharmaceuticals. Once the factory site is decided, it is expected to have positive effects on regional economic revitalization and job creation.

Lotte's distribution business group is also actively considering large-scale complex mall projects that have high employment inducement and regional commercial revitalization effects. On the 5th, Lotte Shopping submitted landscape review documents for the 'Lotte Mall Songdo (tentative name)' to the Incheon Free Economic Zone Authority and is pushing forward with the project aiming for completion in 2025. The 'Lotte Mall Sangam (tentative name)' is also undergoing design work targeting a landmark shopping mall in the northwestern Seoul commercial area.

Lotte plans to contribute to the expansion of the domestic electric vehicle charging infrastructure ecosystem through Jungang Control, a subsidiary of Lotte Information & Communication with an annual production capacity of 10,000 units. Starting at the end of this month, Lotte will actively utilize electric vehicle charging stations at business sites with good accessibility such as department stores and large marts.

With restrictions on global management activities lifted, overseas business is also expected to accelerate. Lotte Chemical has established a joint venture with the U.S. lithium metal anode startup 'SOELECT,' and Lotte Aluminum is doubling its production scale through investment in a cathode foil plant in Europe, strengthening its entry into battery material markets in the U.S., Europe, and other regions.

Lotte Hotel, which acquired the 'Kimpton Hotel Monaco' in Chicago, U.S., plans to strengthen its brand power and further expand its global franchise hotel operations. Southeast Asian projects are also expected to be actively promoted, including Lotte Chemical's large-scale petrochemical complex project in Indonesia called the 'LINE Project' and Lotte Construction's new city development project in Ho Chi Minh City, Vietnam, called the 'Thu Thiem Eco Smart City Project.'

Support activities for the 2030 Busan World Expo bid, centered around Chairman Shin, are also expected to gain more momentum. Lotte has formed a company-wide organization called the 'Lotte Group Bid Support TFT,' led by Song Yong-deok and Lee Dong-woo, representatives of Lotte Holdings. Within the TFT, the food and distribution groups focus on domestic activities, while the hotel and chemical groups concentrate on overseas activities.

In June, Chairman Shin promoted the Busan Expo bid to global consumer goods executives and forum attendees at the Lotte booth during the CGF (The Consumer Goods Forum) Global Summit held in Dublin, Ireland. He also sought support for the international city of Busan during business meetings with CEOs of global groups such as PepsiCo and P&G, contributing to the bid support efforts. Chairman Shin is expected to further intensify his promotional activities for the Busan Expo bid in line with his expanding global engagements.