Lotte Chairman Shin Dong-bin met with U.S. President Donald Trump at the White House in Washington D.C. on May 13 (local time) to discuss ways to expand investment and cooperate.
It is the first time for a South Korean business leader to have a meeting with U.S. President Donald Trump at the White House.
The meeting was also attended by Matthew Pottinger, senior advisor for Asian affairs at the National Security Council, Ambassador to the United States Cho Yoon-je, Lotte Chemical BU chief Kim Kyo-hyun and Yoon Jong-min, head of the management strategy office at Lotte Holdings.
Shin reportedly explained to Trump about the Ethane Cracker plant in Louisiana, southern U.S. that was completed on April 9, and Trump responded by saying, "I appreciate Lotte's large investment."
When Chairman Shin explained about Lotte Group's business status and Lotte New York Palace Hotel project, President Trump said, "It was a good investment. It is a great building with tradition, so please preserve it."
They also reportedly discussed ways of mutual cooperation to strengthen relations between the two countries.
Lotte's Ethane Cracker plant in Louisiana, southern U.S., which was completed on May 9 is worth 3.1 billion U.S. dollars, the largest investment in the U.S. since the inauguration of the Trump administration.
Lotte plans to produce an additional 400,000 tons of ethylene in consideration of the local situation. It also plans to expand investment in hotel business outside of the chemical sector.
