Lotte Duty Free Signs Business Agreement with Busan City... "Committed to Fostering Youth Enterprises"

Lotte Duty Free signed a business agreement with Busan Metropolitan City to promote the youth support social contribution project 'LDF Startups'.

[Asia Economy Reporter Lim Chun-han] Lotte Duty Free announced on the 5th that it has signed a Memorandum of Understanding (MOU) with Busan Metropolitan City to promote the youth support social contribution project ‘LDF Startups.’ LDF Startups is Lotte Duty Free’s flagship social contribution project, launched in 2019, aimed at contributing to job creation and economic revitalization in the region by fostering local young entrepreneurs.

Through this agreement, Lotte Duty Free will take the lead in supporting young entrepreneurs in Busan for the next five years, starting with the currently ongoing LDF Startups 3rd project in collaboration with Busan City. The 3rd LDF Startups project targets young companies based in Busan that operate businesses in harmony with the local community. During the approximately one-month application period starting in May, 62 young companies applied for this 3rd project. Lotte Duty Free and Busan City plan to select a total of five companies through the first round of face-to-face evaluations and the second round of presentation assessments in July.

The selected young companies will receive up to 40 million KRW in project funding and a 12-week one-on-one customized coaching and mentoring program. Additionally, they will have the opportunity to participate in Lotte Ventures’ startup incubating program, ‘L-Camp.’ Based on the agreement, Busan City will cooperate by providing local networks and administrative support to facilitate the recruitment of young companies and collaboration with related organizations, while Lotte Duty Free will contribute by providing project funding and promoting the Busan region using its infrastructure and capabilities.

Lee Gap, CEO of Lotte Duty Free, said, “Through this MOU, we have become able to systematically nurture young companies and provide support to youth in collaboration with Busan City,” adding, “We will continue to work closely with Busan City to contribute to the revitalization of tourism and regional development in Busan.”

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