Doosan Group, a South Korean machinery and power equipment conglomerate, said Wednesday that it has decided to submit a bid to win a license for a duty-free store in downtown Seoul, joining a tough race for the lucrative business.
  

Doosan's decision was influenced by the heavy industry-focused business group's drive to diversify its business portfolio, while other contenders are eager to enter the fast growing duty-free market estimated at some 8.3 trillion won last year.
  

Doosan Group currently operates a shopping mall in Seoul, which will be its venue for a duty-free operation.
  

Currently, four companies -- Hotel Lotte, Hotel Shilla, SK Networks and Dongwha Duty Free -- run seven duty-free stores across the country's capital. Hotel Lotte leads the market, operating four of the seven stores.
  

The Korea Customs Service, the country's customs agency, will select new operators for several duty-free stores in downtown Seoul whose licenses are scheduled to expire this year.
  

The country's duty-free market has grown fast in recent years on the back of an influx of foreigners, especially Chinese tourists.
 

Duty-free operators saw their sales grow at an annual average rate of 15 percent over the past five years, with growth accelerating to 22 percent in 2014.
  

Doosan Group has Doosan Heavy Industries & Construction Co., the country's top power equipment maker, and Doosan Infracore Co., the No. 1 construction equipment maker, and several other units under its wing. (Yonhap)