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Launches TFT to promote Busan Expo bid
For promotional purpose, Value Creation Meeting held in Busan
Calls for support at World Economic Forum

Lotte has a long history with Busan. Lotte Confectionery opened its Busan branch in 1968, and professional baseball team Lotte Giants was founded based in Busan in 1982, and Lotte Department Store opened its Busan location in 1995. Lotte has set up Lotte Group TFT to support the expo bid and is mobilizing the group’s capabilities to provide support for the World Expo 2030 Busan as the city holds deep meaning to the group.

Chairperson Shin Dong-bin held a Valuation Creation Meeting (VCM) unusually in Busan in July last year. This was the first time that the meeting, which is usually hosted in Seoul, was held in Busan. “We are holding a VCM in Busan to support the World Expo 2030 Busan,” said Chairperson Shin to the presidents of the group’s affiliates. “I ask for support and efforts from all of you to help Busan win the expo bid,” Shin said, calling for the attendees’ full support for the national event.

Lotte, which operates hotels, department stores, and other businesses in Busan, is expected to enjoy the win-win effect if Busan hosts the World Expo 2030, which is projected to bring 43 trillion won of production inducement effect and 18 trillion won of added value.
Chairperson Shin is utilizing the group’s global business networks to support the bid for the expo. He met with the leaders of the political and business circles from many countries at the World Economic Forum held in Davos, Switzerland in early January this year and asked for support and interest in Busan as a host country. Lotte Hotel served over 30 kinds of Korean food to over 300 global leaders during the Korea Night event hosted by the Korea Chamber of Commerce and Industry during the forum, delivering the group’s wish for hosting the expo.

The Lotte chairperson also introduced the capabilities of Busan as a host country at the CGF Global Summit held in Dublin, Ireland in June last year. He also called for support for Busan from Phan Van Mai, the chairman of the Ho Chi Minh City People’s Committee, at a groundbreaking ceremony for the Thu Theim Eco-Smart City project held in Ho Chi Minh City, Vietnam in September.

The management teams of Lotte Group’s affiliates are also working together to win the expo bid. Lotte Chemical met with Speaker of the People’s Representative Council of Indonesia Puan Maharani, Lotte Hotel with the Japanese Ambassador to South Korea Koichi Aiboshi, and Lotte Confectionery with Ghanaian Minister for Trade and Industry Alan John Kyerematen, calling for their support for Busan. Lotte Institute of Economy & Business Strategy met with Kazakhstani Ambassador to South Korea Bakyt Dyussenbayev in November last year and Romanian Prime Minister Nicolae Ciuca during his visit to South Korea in December last year to promote the expo. Lotte Chilsung had meetings with Ambassadors to South Korea from 10 ASEAN countries, including Thailand, Cambodia, and the Philippines, at the end of last year, pleading for their support for Busan.
Lotte is also utilizing overseas forums and exhibitions as venues to promote the World Expo 2030 Busan. Lotte’s six retail companies – Lotte Home Shopping, Department Store, Mart, Duty Free, Hi-Mart, and Korea Seven – held Lotte-Korea Brand Expo in Germany and the U.S. in September last year to pioneer new overseas markets for small- and medium-sized enterprises along with activities to promote the World Expo 2030 Busan. In September last year, Lotte also presented promotional videos for the Expo 2030 on a large screen in the front of its booth at the IFA 2022, a home appliance exhibition held in Berlin, Germany.

Lotte plans to engage in various activities to promote people’s interest in the World Expo 2030 in South Korea during the Bureau International des Expositions’ on-site inspection. A billboard will be set up for Lotte Department Store’s main store in Jung-gu, Seoul and the exterior walls of Lotte Outlet’s Seoul Station location will be wrapped with images to promote the expo. Lotte Home Shopping and Lotte World will utilize the characters representing them – Bellygom, Loti, and Lori – to hold events to promote the expo bid in Gwanghwamun Square in Seoul. All locations of Lotte Hotel, Lotte Department Store, and Lotteria in Busan will have large banners promoting the expo, and all staff will wear official expo badges.
??? ?? shine@donga.com
Shin Dong-Jin Shine@donga.com