SOUTH KOREA. Lotte Duty Free has pledged support for small business owners in Korea after signing a Memorandum of Understanding with the Korea Commission for Corporate Partnership this week.
The company said it would support regional business development through partnerships with small firms and help stimulate tourism expansion in the country. Lotte Duty Free CEO Kap Lee signed the agreement with commission Chairman Ki Hong Kwon.
Activities that the retailer will support through its network include translation of restaurant menus into foreign languages, restaurant renovations and consulting on management, among others.
Investment through the Commission will be an initial KW250 million (US$220,000), said Lotte Duty Free.
Kwon said that the agreement would improve convenience for foreign tourists and help increase incomes for small business owners.