Wednesday, July 17, 2019
Lotte Corp. Considering Making Additional Investment in Pakistan
High Growth Potential for Food & Beverage Business
Lotte Corp. Considering Making Additional Investment in Pakistan
  • By Jung Min-hee
  • May 13, 2019, 09:04
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Lotte Corp. vice chairman Hwang Kag-gyu (right) poses for a photo with Lotte Chilsung Beverage CEO Lee Young-goo (left), and Lotte Akhtar Beverage CEO Abdul Latif during his visit to Pakistan from May 8 to 12.

Lotte Corp. vice chairman Hwang Kag-gyu visited the firm’s local subsidiaries in Pakistan from May 8 to 12.

Pakistan is a large market with a 200 million population, which is the sixth largest in the world. Those who are under the age of 14 years account for 30 percent of the total population so the country has a high growth potential for the food and beverage business.

Lotte Corp entered the Pakistani market for the first time in 2009 after acquiring Lotte Chemical Pakistan Ltd. and it also acquired Pakistani confectionery firm Kolson in 2011 and Pakistani beverage firm Akhtar Beverage in 2018, according to Lotte Corp. on May 12.

The company posted 700 billion won (US$595.74 million) in sales from a total of nine local subsidiaries as of last year.