South Korea's Lotte Group to invest $6 billion in Indonesia

2011-02-23 07:30:06 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- Lotte Group, South Korea's retail giant, on Tuesday announced that it is planning to invest $6 billion in Indonesia during the upcoming 4 years.

In its effort to expand its business in one of Southeast Asia's fastest growing economies, Lotte Group said that they are looking to increase their retail business by opening 60 Lotte Marts by 2015, the Jakarta Post reported.

In addition, the group could explore other sectors such as the petrochemical, which alone, could reach a $5 billion investment. Other possibilities include the property and electricity sectors.

Indonesian Industry Minister MS Hidayat on Tuesday said government officials were in favor of the investment and would support Lotte Group's business efforts.

-- © BNO News All rights reserved 2011-02-23

Great - a country minimally concerned with the environment investing bazillions in a country minimally concerned with the environment.