 |
| Lotte Group Chairman Shin Dong-bin pays tribute to his father, Lotte founder Shin Kyuk-ho, at the third-anniversary memorial for his death held at Lotte World Tower in Seoul, Thursday. Courtesy of Lotte Group |
Chairman calls for strengthening corporate competitiveness
By Kim Hyun-bin
Lotte Group Chairman Shin Dong-bin is seeking ways to strengthen corporate competitiveness amid the global economic downturn, according to the company, Thursday.
The company held the 2023 Lotte Value Creation Meeting, at Lotte World Tower in Seoul, Thursday, and discussed group management plans and medium- to long-term strategies as global market volatility and uncertainty are on the rise.
This meeting was held in person for the first time since January 2020. About 70 people attended, including Shin and the CEOs of each affiliate.
Lotte will focus discussions on sustainable growth amid the global economic downturn under the theme of how to overcome global crises. Last year, concerns over Lotte E&C's financial difficulties arose as the main topic of discussions due to the real estate project financing crisis related to the development of Legoland in Gangwon Province.
In addition, discussions to advance the group's business portfolio and financial and HR strategies for sustainable management were included. Last year, Lotte selected health and wellness, mobility and sustainability as new growth engines.
Lotte Biologics decided to invest a total of $3 trillion won ($2.4 billion) by 2030 to build Lotte Bio Campus, including three super-large plants that will produce antibody drugs in Korea. In addition, Lotte Chemical acquired Iljin Materials, a global company that manufactures copper foil, a key material for secondary batteries.
Prior to the meeting, Shin paid tribute to his father, Lotte founder Shin Kyuk-ho, on the third anniversary of his death at a memorial located on the first floor of Lotte World Tower in Seoul, with other executives.
In his New Year address, Shin quoted his father, "Self-innovation is indispensable for survival, and the key to growing a company is also the courage to innovate."
![[INTERVIEW] Can art become stable investment source?](https://img.koreatimes.co.kr/upload/thumbnailV2/d9b4b117e5b74f4c931de724ebd2ee68.jpg/dims/resize/178/optimize)
![[INTERVIEW] Choi Min-sik, Lee Dong-hwi on creating Korean-style noir with 'Big Bet'](https://img.koreatimes.co.kr/upload/thumbnailV2/8b795a8f6b42492db4e8fdc47e9abd8d.jpg/dims/resize/178/optimize)
![[INTERVIEW] Ahn Jae-hong on playing underdog basketball coach in 'Rebound'](https://img.koreatimes.co.kr/upload/thumbnailV2/fe381342632c46bfa6d3245cb475676e.jpg/dims/resize/178/optimize)
