Lotte Chemical inks a memorandum of understanding (MOU) with Indonesian government officials for the LINE project on Jan. 7, 2022. The project aims to construct a $3.9 billion petrochemical complex by 2025 in Indonesia. Courtesy of Lotte Chemical

Lotte is taking measures to strengthen its future competitiveness through long-term investments and pursuing new businesses. Lotte Group Chairman Shin Dong-bin emphasized in his New Year's address the importance of investments for future growth, saying, "It is meaningless to only produce short-term results without investing in brands, design, and IT."

"The achievements we have made so far have been possible through numerous successes and failures," he added "Attempts to innovate are essential for future growth, but the chances of failure are high."

Last year, the company declared a new brand slogan, "New today, better tomorrow," proclaiming its drive to discover new growth engines for the future.

Lotte is preparing to enter the urban air mobility (UAM) business and build an integrated mobility platform that connects air and ground to provide differentiated transportation services.

Lotte aims to link the group's ground transportation, tourism and shopping infrastructure with air UAM. Lotte's diverse ground infrastructure such as department stores, large marts, and hotels are to be used as UAM vertiports or airports for vertical takeoff and landing aircraft.

In November, Lotte Holdings and Lotte Rental signed a business agreement with Skyworks Aeronautics, Mobius Energy, and Incheon Metropolitan City, aiming to commercialize UAM flights in 2024.

Lotte Rental is focusing on operating a mobility platform that connects air and ground, and is reviewing the establishment infrastructure including vertiports, charging stations and terminals. Lotte Holdings plans to support the successful implementation of the flight project by utilizing the group's networks.

Lotte Data Communication, together with its subsidiary, Calibus, will implement a new concept metaverse that maximizes reality and an ultra-realistic metaverse platform that links economic activities. Lotte Data Communication participated in the Consumer Electronics Show (CES) held in Las Vegas from January 5 to 8, and introduced an HMD-based metaverse that combines online and offline based live-action content. (advertorial)

Lotte's new company slogan which reads "New today, better tomorrow". / Courtesy of Lotte Holdings