Lotte Duty Free, Supports Youth Enterprises Fund Through 'LDF Startups'

by Lee Seungjin

Published 10 Dec.2020 09:03(KST)

On the 9th, at the 'LDF Startups Youth Business Support Ceremony,' Lee Gap, CEO of Lotte Duty Free (left), and Kim Donghee, CEO of Yeosim, are posing for a commemorative photo.

[Asia Economy Reporter Seungjin Lee] Lotte Duty Free announced on the 10th that it held the ‘LDF Starups Youth Enterprise Support Ceremony.’

The event, held on the 9th, was organized to deliver a total of 40 million KRW (2 million KRW per team) in support funds and encouraging messages to youth enterprises participating in the ‘LDF Starups Youth Enterprise & Regional Win-Win Project,’ which have been struggling due to the prolonged COVID-19 pandemic.

‘LDF Starups’ is Lotte Duty Free’s representative social contribution activity aimed at fostering local youth enterprises to create jobs and revitalize tourism. It is a social value creation project conducted in the form of ‘100% donation,’ not profit-oriented equity investment or loan-type startup support. It provides up to 40 million KRW in project funds per company, along with customized 1:1 accelerating programs utilizing Lotte Duty Free’s capabilities and marketing know-how.

Following last year’s project in the Busan region, this year’s second phase targeted youth enterprises specializing in Jeju’s tourism industry and local specialties, with a total of 20 youth enterprises supported so far. In fact, through the first and second phases of the support project, participating companies saw sales increase by 250-400%.

The fund delivery ceremony was attended by Lee Gap, CEO of Lotte Duty Free, and Kim Donghee, CEO of ‘Yeosim.’ ‘Yeosim’ is a company assisting Korean SMEs in entering the Vietnamese market and attended the event representing the 20 youth enterprise teams of ‘LDF Starups.’ The ceremony was conducted with minimal personnel in compliance with government quarantine guidelines and social distancing measures.

Lee Gap, CEO of Lotte Duty Free, said, “I hope this support fund will serve as a small encouragement so that young entrepreneurs do not give up but continue their dreams and passion despite the impact of COVID-19,” adding, “Lotte Duty Free will continue to discover and support youth enterprises linked to local tourism resources to contribute to the development of the domestic tourism industry and job creation.”