Lotte Group Eyes Support for Israeli Startup Companies

Lotte Group Logo
Lotte Group Logo

Lotte Group Chairman Shin Dong-bin pushes through with his planned meeting with Israel’s Economy Minister Eli Cohen. The meeting was in regards to the Lotte Group of companies intentions to fund growing companies in Israel. During the meeting, Chairman Shin communicated their particular interest in businesses in the agriculture, robotics, and artificial intelligence industry.

The meeting was held on a Sunday at Jerusalem last August 11, 2019. Minister Cohen applauded and at the same time vowed his support on the company’s efforts. The minister also related the agreement on the warming ties between South Korea and Israel. He also mentioned the ongoing negotiations for a free trade agreement between the two nations.

“Shin will explore Israeli innovation from all angles and search for ways to create new areas of synergy and cooperation between the company and startups,” a Lotte Group official said before the meeting.

The Lotte Group, through its newly set up Lotte Accelerator, is boosting its efforts to shift to a more direct investment method in building ties with startups and new growth engines. Lotte Accelerator was established in 2016 to help nurture young entrepreneurs and innovative startups.

Other activities Chairman Shin is expected to participate in during his stay in Israel include a meeting with the chairman of the Israel Export and International Cooperation Institute, Adib Barcuh.

He also plans to meet startups such as Tevel Aerobotics Technologies, and The Kitchen. Tevel Aerobotics is an agriculture and robotics business firm. On the other hand, The Kitchen is a food-tech startup established by the country’s largest food company, Strauss.

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