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Lotte Group Chairman Shin Dong-bin (right) and South Korean Prime Minister Lee Nak-yeon at a ceremony celebrating the completion of a chemical plant in Lake Charles, Louisiana, on May 9. Shin is seen carrying a yellow envelope containing a message from US President Donald Trump. (Yonhap News)
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Shin Dong-bin attends dedication ceremony for chemical plant in Louisiana
Lotte Group Chairman Shin Dong-bin plans to visit the White House in the near future, sources reported. Reporters covering the completion ceremony for a Lotte Chemical complex in Lake Charles, Louisiana, on May 9 confirmed that Shin plans to head to Washington after the event. South Korean Ambassador to the US Cho Yoon-je also asked Shin the same day how his “schedule for May 13” was proceeding. Another attendee at the event that day said, “My understanding is that Chairman Shin is going to the White House, but it has not yet been decided whom he will be meeting.” Lotte Chemical held a ceremony that day celebrating the completion of a chemical complex in the southern US city of Lake Charles at a cost of US$3.1 billion. Its goal is to achieve sales of 800 billion won (US$674.22 million) or more a year through the production of ethylene (one million tons per year) and other petrochemical products with North American shale gas. The use of shale gas and job creation are both areas of interest to US President Donald Trump. On his behalf, Trump sent White House Deputy Policy Coordinator Sylvia May Davis to attend the dedication and share a message of congratulations with the Lotte Group. In his message, Trump noted that the amount was the largest invested by a South Korean company in a US chemical plant, referring to the investment as a victory for the US and South Korea and evidence of their alliance’s strength. He also applauded the Lotte Group for its wise decision to invest in the US and shared his hopes for a memorable ceremony. After reading the message, Davis delivered a copy to Shin, who carried around the yellow envelope containing Trump’s message throughout the event. The Lotte Group previously encountered serious setbacks with its China efforts following the deployment of a Terminal High Altitude Area Defense (THAAD) system in South Korea. Lotte Group decided to relinquish its Skyhill Country Club in Seongju County, North Gyeongsang Province, in 2016, for THAAD’s deployment. In response, the Chinese government halted construction on Lotte shopping malls that were then being built in Shenyang and Chengdu, and Lotte supermarkets struggled with their operations in China. By Lee Wan, staff reporter Please direct comments or questions to [english@hani.co.kr]
