The first Korean conglomerate leader at White House
The U.S. President Donald Trump met with Chairman of Lotte Group Shin Dong-bin
at the White House on Monday. He became the first Korean conglomerate leader hosted
at White House.
Shin went to the U.S. to attend a ceremony for the completion of ethylene plant built by Lotte's chemicals arm in Louisiana, which worths a US$3.1 billion.
Lotte holds a 88 percent stake in project, with Westlake Chemical Corp., a U.S. partner.
"Great to welcome Chairman Shin from Lotte Group to the WH," Trump tweeted about
the meeting. "They just invested $3.1 BILLION into Louisiana-biggest investment in U.S. EVER from a South Korean company, & thousands more jobs for Americans."
He added: "Great partners like ROK know the U.S. economy is running stronger than
ever!" Shin refused to discuss his meeting with Trump when asked by Yonhap, saying
only that they talked about "various things."
In a video message for the ceremony, Trump hailed the investment as a victory for both nations and a testament to the strength of their alliance. He also noted that the plant is one of the biggest investments in the U.S. since the launch of his administration in
early 2017. Lotte Chemical plans to produce one million tons of ethylene per year at its Lake Charles, Louisiana, plant, bringing its ethylene production capacity to a total of 4.5 million
tons a year. Ethylene is a core ingredient in the plastics industry. The company said it
expects to cut its manufacturing costs by using locally produced shale gas. (Yonhap)