BAKU, Azerbaijan, September 15. South Korea's Hotel Lotte Co. Ltd and Kazakhstan's Sensata Invest exchanged memorandums of understanding on the construction of Lotte hotels in Almaty and Alatau City, Kazakhstan.
According to the press service of the Kazakh president, the memorandums were exchanged following a meeting between President of Kazakhstan Kassym-Jomart Tokayev and Lotte Group Chairman Shin Dong-bin in Seoul.
Tokayev emphasized that Lotte is one of Kazakhstan's long-standing partners and has made a significant contribution to the development of economic cooperation between the two countries.
The president highly appreciated the Korean company's activities in Kazakhstan's food industry, noting the successful project to develop the Rakhat brand and modernize production facilities in Almaty and Shymkent.
Tokayev also highlighted Lotte Global Logistics' plans to expand transport and logistics infrastructure, with further expansion of access to regional and international markets.
Particular attention during the meeting was paid to the development of the hospitality business. The president welcomed the signing of an agreement on the construction of the first Lotte-branded hotel in Almaty, noting the prospects for further expanding the company's presence in Kazakhstan.
In turn, Shin Dong-bin confirmed plans to invest in Kazakhstan's food industry, logistics services and hospitality sector.
He also said that the company intends to participate in Alatau City development projects, including the creation of the Iconic Complex.
On September 13, President of Kazakhstan Kassym-Jomart Tokayev arrived in the Republic of Korea on a state visit at the invitation of President Lee Jae Myung. He will participate in the first Korea-Central Asia Summit.
