- Lotte Duty Free signed MOU with Busan Metropolitan Government for "LDF Starups," a youth supporting CSR project
- 62 young entrepreneurs in Busan applied for the 3rd LDF Starups project; offered acceleration training to give finalists
Lotte Duty Free (CEO Lee Kap) entered into a memorandum of understanding (MOU) with the Busan Metropolitan Government to foster young entrepreneurs in Busan and revitalize local tourism.
Lotte Duty Free agreed on July 5th to carry out "LDF Starups" project and engage in mutual cooperation for the development of Busan. Due to the COVID-19 situation, the ceremony was held non-face-to-face under the lead of CEO Lee Kap of Lotte Duty Free and Mayor Park Hyung-jun of the Busan Metropolitan Government. LDF Starups is one of Lotte Duty Free's major corporate social responsibility (CSR) projects conducted since 2019 that contributes to job creation and revitalization of the local economy by fostering young entrepreneurs in the region.
Through the agreement made this day, Lotte Duty Free will take the lead in supporting young entrepreneurs in Busan for the next five years, starting with the 3rd LDF Starups, which is currently under the selection process. The third batch of the project targets young entrepreneurs that run businesses in Busan that strive for coexistence with the region. During the recruitment for about a month starting May, 62 young entrepreneurs applied to enter the third project. Lotte Duty Free and the Busan Metropolitan Government plan to select a total of five companies in July through the first face-to-face interview and the second presentation screening.
The finalists will be financially aided with up to KRW 40 million for operational expenses and provided with one-on-one coaching and mentoring programs. They will also earn the opportunity to partake in "L-Camp," a start-up incubation program of Lotte Ventures. The Busan Metropolitan Government will provide local networks and administrative support to recruit the selected finalists and cooperate with relevant agencies, while Lotte Duty Free will contribute to promoting the Busan region through financial support and by utilizing its infrastructure and capabilities.
Since 2019, Lotte Duty Free has supported 20 companies in total, including young entrepreneurs in Busan (1st batch) and in Jeju (2nd batch). These young entrepreneurs successfully increased their sales up to four times and created 80 jobs in the region. LDF Starups is also well-received in terms of returning to the community by developing experiential tourism products and improving traveler convenience services by linking regional characteristics with the business fields of young entrepreneurs.
CEO Lee Kap said, “Through our agreement with the Busan Metropolitan Government, we can now foster young entrepreneurs in a more systematic manner. Our partnership will continue to contribute to revitalizing the tourism industry and developing the region.”