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Published on : Mar 17, 2015

Lotte Group turned out to be the latest Korean company to join the creative economy drive on Monday initiated by President Park Geun-hye’s by initiating a research and development center in the city Busan.

Busan is commonly known to be the home of the food and beverage and retail businesses. Lotte comes to Busan, a city where the company also owns a baseball club, the Lotte Giants, known to have the most enthusiastic fan club in Korea.

Lotte’s newly formed center for Creative Economy and Innovation in Busan will be dedicated to developing new growth engines such as movie businesses and the online retail world.

The launch ceremony was held in the city convention center and was attended by nearly 150 guests, also including Korean Prime Minister Park Geun-hye, Lotte’s Chiarman Shin Dong-bin, and country’s minster of trade Yoon Sang-jick.

The center, located in Centum Green Tower of Haeundae, is also the seventh center of its kind to join the President’s push towards a creative economy for Korea, which emphasizes the convergence of science, technology and innovative ideas for developing a growth engine. So far, major businesses such as Hyundai Motor and Samsung have opened their research centers in Korea.

The Busan business center’s main role is in helping small vendors in gaining access to more retail channels, by offering them a medium through which they can make promotional content for marketing their products on television home shopping networks.

The center is also said to start a certification system from June this year. Once a specific product is labeled under a certain classification, it can be launched at Lotte Mart and Lotte Department Stores. The main idea is to break down the conventional division between online malls and brick and mortar shops so that consumers will have a seamless hopping experience.