Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Lotte chair receives honorary doctorate from KAIST
Lotte Group Chairman Shin Dong-bin, front row left, poses with KAIST President Lee Kwang-hyung after receiving an honorary doctorate in business administration from the institute in Daejeon, Wednesday. Courtesy of Lotte Group
By Nam Hyun-woo
Shin Dong-bin, chairman of Lotte Group, received an honorary doctorate in business administration from the Korea Advanced Institute of Science and Technology (KAIST) in recognition of his contributions to science and technology-based industrial innovation and the creation of sustainable social value, the conglomerate said Thursday.
“The convergence of technology and management through industry-academia cooperation is no longer an option but a survival strategy,” Shin said at the conferment ceremony held Wednesday at KAIST in Daejeon.
“As innovation partners designing the future together, Lotte and KAIST hope that our journey will lead to innovations that make the world a better place.”
KAIST President Lee Kwang-hyung said Shin has presented a new role for corporations by connecting science and technology, industry and social value through responsible management.
“The honorary degree recognizes his contributions to expanding research infrastructure and establishing a foundation for interdisciplinary research through cooperation with KAIST,” Lee said.
KAIST cited Shin’s emphasis on environmental, social and corporate governance (ESG) principles as a core pillar of group management as a key reason for the award, noting his efforts to practice responsible management.
The institute also praised his role in promoting sustainable corporate growth by institutionalizing industrial transformation and social value creation based on science and technology.
In 2022, Lotte donated 14 billion won ($10.5 million) to KAIST, which is being used to build the Lotte-KAIST R&D Center, focused on bio-sustainability and energy research, and the Lotte-KAIST Design Center, dedicated to artificial intelligence-based design studies.
The two centers are scheduled for completion in May and September this year, respectively.