Lotte Global Logistics, KOBC to partner for global logistics

South Korea's Lotte Global Logistics announced on Monday that it signed a memorandum of understanding (MOU) with the Korea Ocean Business Corporation (KOBC) to bolster global logistics supply chains and introduce eco-friendly shipping solutions.

The MOU was signed at the Lotte Hotel Saigon in Ho Chi Minh City, Vietnam, on May 10, with Lotte Global Logistics CEO Kang Byong-ku and KOBC CEO Kim Yang-Soo attending the ceremony.

The partnership focuses on exchanging information, identifying business opportunities in global logistics infrastructure and eco-friendly shipping projects, evaluating project viability, seeking competitive financial structures, and creating support programs for domestic importers and exporters.

To enhance its global logistics capabilities, Lotte Global Logistics plans to invest approximately 500 billion won ($364 million) in various initiatives over the next few years.

These initiatives include constructing a cold chain logistics center in Vietnam, setting up logistics hubs in Hungary and other Eastern European locations, deploying ammonia-fueled ships for sustainable maritime transport, and investing in specialized containers.

Write to Jae-Kwang Ahn at ahnji@hankyung.com