April 27, 2024

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[THE INVESTOR] The chief executive of retail giant Lotte’s holding company met with Indonesian President Joko Widodo discuss ways to strengthen their bilateral ties, the company said on Sept. 10.

Lotte Group Vice Chairman Hwang Kag-gyu, who co-represents Lotte Corp., met the Indonesian leader in Seoul to brief the conglomerate’s businesses in the Southeast Asian country and seek further support, according to the company.

Widodo arrived in Seoul for a three-day state visit that reciprocated Korean President Moon Jae-in’s state visit to Indonesia last year.

“Lotte Group has built a partnership with Indonesia through continued investment and cooperation. We hope the Indonesian government actively supports our businesses as we are pushing for cooperation in a wide range of sectors, from the expansion of the country’s social infrastructure to culture businesses and startups.”

Lotte is Korea’s fifth-largest conglomerate with sprawling businesses ranging from retail to construction and chemicals. The business group tapped Indonesia in 2008 with its discount store chain Lotte Mart and now has 11 affiliates with some 9,000 employees, it said.

Lotte Chemical is pushing to spend 4 trillion won (US$3.55 billion) to build a complex in the Southeast Asian country, according to the holding company.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)