What: Chairman Shin Dong-bin suggests that Lotte Group will continue its capital expenditures despite inflation, rising interest rates, a global slump, and other challenges for the Korean conglomerate.

Why it is important: Earlier this year, Lotte Group pledged 37 trillion won investment over the next five years.

Chairman Shin emphasized that Lotte must transform its business portfolio by incorporating bio, healthcare & wellness, as well as mobility into its existing business lines of logistics, chemical, food, and hotels. Plans were discussed for the group to build up infrastructure, create a healthcare platform, and migrate the chemical business into hydrogen energy and battery materials.

Apart from business plans, Lotte discussed ways to help Busan’s bid to host the World Expo in 2030. It formed a group-wide task force led by Co-Vice Chairmen Song Yong-dok and Lee Dong-woo.

Lotte committed to capex investments despite challenges