Lotte Group chief to visit Israel in search of new growth engine

By Kwak Yeon-soo

Lotte Group Chairman Shin Dong-bin / Korea Times file

Lotte Group Chairman Shin Dong-bin will visit Israel on Aug. 11 to seek business opportunities in high-tech sectors and learn about the country's advanced startup ecosystem, the company said Friday.

Shin will meet several Israeli political and business leaders, including Minister of Economy and Industry Eli Cohen. They will discuss plans to boost ties, according to Lotte.

“Shin will explore Israeli innovation from all angles and search for ways to create new areas of synergy and cooperation between the company and startups,” a Lotte Group official said.

The move is in line with the company's shift to more direct investments in supporting startups and developing new growth engines.

In 2016, the company established Lotte Accelerator, an investment arm, to incubate startups and nurture young entrepreneurs.

Shin is expected to discuss ways to cooperate in areas like artificial intelligence, big data and logistics to reinforce Lotte's competitiveness in the e-commerce retail industry.

Lotte Accelerator and Lotte Data Communication management officials will accompany Shin.

On Aug. 12, Shin will meet Adib Barcuh, chairman of the Israel Export and International Cooperation Institute.

He also plans to visit the nation's startups, including Tevel Aerobotics Technologies, an agriculture and robotics business firm, and The Kitchen, a food tech startup established by the country's largest food company, Strauss.

At a series of events, Shin will open the door for Israeli startups to pitch their ventures.