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Biz News Korea(Eng)

Lotte Group eyes Africa as the next overseas market target

Collected: 2017.06.13

Distributed: 2017.06.15

Source: Go Direct

South Korea’s Lotte Group is eyeing Africa as the next overseas market for revenue with long-term goal of establishing food factory and following it up with resort and other manufacturing facilities.

Lotte Group said on Monday that Lotte Academy, an internal training center for Lotte employees, has been engaged in research on the African market with representatives from all 13 Lotte affiliates taking part since last year.

Its key unit Lotte Confectionary Co. last year opened an office in Kenya. “Lotte traditionally has made inroads into a new market with the safest confectionary business,” a group official said.

The office would begin marketing activities this year. The company plans to launch snacks and beverage business in Kenya and gradually branch out to other African countries.

In the longer run, the company plans to establish a factory in Africa starting with production of chewing gums. Once it raises brand awareness and makes connections, the group plans to look into other businesses like resort and petrochemical in the resource-rich region.

By Sohn Il-seon

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