(LEAD) Lotte opens new food R&D center in eastern Seoul

All News 16:29 June 01, 2017

(ATTN: UPDATES throughout; ADDS photo)

SEOUL, June 1 (Yonhap) -- Lotte Group, South Korea's food and retail giant, unveiled Thursday its new research and development (R&D) center in eastern Seoul, vowing to strengthen its food and bio sectors.

The conglomerate has spent a total of 225 billion won (US$201 million) in constructing the new eight-story building on 83,000 square meters.

(LEAD) Lotte opens new food R&D center in eastern Seoul - 2

"(The research center) will be the base for the food affiliates' leap toward global markets and a mecca that realizes the future of our food industry," Lotte Group Chairman Shin said in the opening remark.

The new R&D center will bring synergy for the food and retail conglomerate as it plans to focus on developing key technologies that it hopes will serve to enhance its competitiveness in the food and bio businesses in the future, Lotte said.

The center is Lotte's second R&D establishment on home turf, which is five times bigger than the existing one also located in an eastern district of Seoul. Lotte currently has overseas research units in China, Indonesia and Vietnam.