Lotte Duty Free to Support Korean Companies and Citizens Expanding Overseas

MOU Signed with the Asian Korean Associations Federation on the 29th

[Asia Economy Reporter Cha Min-young] Lotte Duty Free will sign a Memorandum of Understanding (MOU) with the Asia Korean Association Federation on the 29th to promote the international activities of Koreans residing in Asia.

The signing ceremony, held in the Dream Hall of the Education Center in Jung-gu, Seoul, will be attended by key officials from both organizations, including Lee Gap, CEO of Lotte Duty Free, Park Seong-hoon, Head of Promotion Division at Lotte Duty Free, and Shim Sang-man, President of the Asia Korean Association Federation.

The Korean Association Federation represents Korean associations in 22 Asian countries and supports the expansion of domestic small and medium-sized enterprises into Asia.

CEO Lee Gap stated, “We are pleased to sign an MOU with the Asia Korean Association Federation, which represents Korean associations in the Asian region. Through this agreement, Lotte Duty Free will help activate the international activities of overseas Koreans and further strengthen Lotte Duty Free’s global competitiveness as Asia’s number one duty-free brand.”

Lotte Duty Free, which will celebrate its 40th anniversary on the 14th of next month, currently operates a total of 12 stores in 7 countries overseas. In January last year, it became the first domestic duty-free shop to operate five locations in the Oceania region, and in July, it opened a store at Hanoi Airport in Vietnam, expanding its overseas business. It has acquired the operating rights for the Singapore Changi Airport store, scheduled to open in June this year, and aims for overseas business sales of 1 trillion won this year.

This content was produced with the assistance of AI translation services.