Lotte to stay committed to its capex schemes regardless of challenges

[Source: Lotte Group]

Lotte Group Chairman Shin Dong-bin suggested South Korea’s fifth largest conglomerate would stay committed to its investments despite multiple challenges from rising interest rates, inflation, and global slump.

“We could invite a greater crisis if we set our eyes only on near-term top and bottom line. We must do the right thing at the right time,” he said on Thursday as he chaired a CEO-level meeting.

Lotte Group in May pledged 37 trillion won investment over the next five years.

[Source: Lotte Group]

Shin emphasized that Lotte must transform its business portfolio to incorporate bio, healthcare & wellness, and mobility to its existing business lines of logistics, chemical, food, and hotels.

The group will build up EV charging infrastructure and groom healthcare platform.

The chemical business would migrate to hydrogen energy and battery materials.

Apart from business plans, Lotte discussed ways to help Busan’s bid to host the World Expo in 2030. It formed a group-wide task force led Co-Vice Chairmen Song Yong-dok and Lee Dong-woo.

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