The LOTTE Group, one of the five largest corporations in South Korea, with a turnover of about $ 80 billion a year and a profit of about $ 5 billion a year, is looking for investments in Israel.
The owner and chairman of the fifth largest corporation in South Korea, is currently visiting the country and meets with Minister of Economy and Industry Eli Cohen.
Minister of Economy and Industry Eli Cohen: "I welcome the arrival of the LOTTE company in Israel. The arrival of this company is indicative of the strength and quality of the Israeli market that continues to attract large companies from around the world to invest in Israel, emphasizing the field of innovation led by the State of Israel. The first swallow among other South Korean companies to consider investing in Israel "
The visit, organized by the Economic Annex of the Ministry of Economy and Industry in South Korea, will meet with its chairman, Shin Dong-bin, with senior executives in Israel's venture capital and industry, Israeli companies, research organizations and more, and will receive advanced technological demonstrations.
The visit began with a meeting with the Minister of Economy and Industry at his office in Jerusalem, and will continue in the coming days on visits by the group's representatives to leading companies and organizations in the Israeli industry.
LOTTE Group is one of the five largest and most important corporations in South Korea, with food, agriculture, tourism, retail, chemicals, construction, finance and more. The group has a $ 80 billion sales turnover in 2018. The LOTTE Group has firm control of the Korean market in a large number of sectors and segments and, according to the company's forecasts, is expected to become one of the 10 largest food companies in the world in the next decade.
South Korea's economy ranks 11th in the world, according to IMF data. Negotiations between the two governments for a free trade agreement are expected to end soon.
Since 2016, the volume of trade between Israel and South Korea has grown and by the end of 2018 was about $ 2.5 billion, an increase of almost twenty-five percent compared to 2017, of which Israeli exports in 2018 stood at close to $ 1 billion, an increase of about 10 percent compared to 2017, most Optical, medical, communications, software and chemicals and various software services.
Israel and South Korea together lead the entire world in the percentage of investment in civilian research and development out of GDP, which in 2016 stood at 4.2 percent for both. This is according to World Bank data.
Economic Appendix to the Ministry of Economy and Industry in South Korea, Yaniv Goldberg, noted that "The visit of LOTTE Chairman for the first time in Israel is a real landmark that we intend to leverage later, both for the various technological industries in the agriculture, food, manufacturing and retail sectors of interest to LOTTE. And for the benefit of the Israeli food and wine industries, whose products we hope to see on the shelves of LOTTE's marketing networks in South Korea and elsewhere. "