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Lotte chief meets Israeli minister for startup investment

Aug. 12, 2019 - 16:39 By Cho Chung-un
Lotte Group Chairman Shin Dong-bin met Israel’s Economy Minister Eli Cohen to discuss ways to strengthen partnership with tech companies and startups in the Middle Eastern country, the South Korean food and retail giant said Monday.

During a meeting in Jerusalem on Sunday, the chairman told the minister that Lotte plans to invest in Israel’s innovative companies in the areas of agriculture, robots and artificial intelligence for the group’s future growth.

Lotte Group Chairman Shin Dong-bin (right) and Economy and Industry Minister of Israel Eli Cohen shake hands during their meeting in Jerusalem on Sunday. (Lotte Group)

Minister Cohen, in response, vowed “sufficient support” for Lotte, adding that global companies have already set up research and development units in Israel in search of startups developing breakthrough technologies.

Shin and Cohen also shared views on growing expectations for bilateral economic ties between Korea and Israel as the two countries have been speeding up efforts to finalize negotiations for a free trade agreement.

Shin is on his first trip to Israel to visit startups and research institutes, officials said, adding that Lotte has keen interest in artificial intelligence and robots to create new service platforms.

By Cho Chung-un (