(Lotte Duty Free)

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South Korea’s Lotte Duty Free said Thursday that it held discussions with executives from China Duty Free Group (CDFG) and its parent company China Tourism Group on ways to revitalize the duty-free industry.

Founded in 1984, CDFG is China’s largest duty-free distributor and operates the world’s largest duty-free shopping complex in Hainan.

The meeting was held amid rising hopes for improved Korea-China relations under the new administration and aimed at establishing a stronger basis for mutual cooperation.

The two sides exchanged experiences in duty-free store operations and explored ways to enhance tourism-related collaboration.

CDFG executives also plan to tour Lotte’s flagship store in Myeongdong, central Seoul, and other locations later in the day.

Lotte Duty Free expressed expectations that cross-border exchanges would intensify as ties improve.

The company is preparing diverse marketing campaigns in anticipation of a surge in Chinese tourists if Korea temporarily waives visa requirements for group travelers in the third quarter.

It also plans to develop combined travel and shopping packages with local inbound travel agencies and offer experiential content in major commercial districts frequented by international visitors.