Logistics sector enjoys better growth prospects this year due to several favorable factors including increasingly stabilizing world economy and rising productivity of the manufacturing sector.
In Korea, logistics industry seems to have bright prospects in 2010. As per a survey conducted by the Korea Chamber of Commerce (KCCI) and Industry, the logistics industry is anticipated to register a growth of around 12% in 2010 as compared to 3% in 2009, i.e. up 9%, as reported by
The Chosun IIbo.
Business in shipping industry is particularly expected to make big leaps forward this year, having suffered severely in 2009 on account of global economic turmoil. This expected increase is accredited to a comparatively stable world economy, manufacturing sector’s increasing productivity, strengthening consumer confidence and a recovery in the country’s imports & exports, stated KCCI.
At present, rapid transformations are being introduced into the logistics sector, both at home and overseas, particularly in areas like demand and supply of logistics as well as logistics-related technology. Expansion of specialized logistics services is being made to meet varied demands. In addition to this, means of transportation are being extended to make deliveries more efficient.
Development in cargo handling technology has brought significant reduction in logistics cost as well as loading and unloading time. On the other hand, increased focus is being laid on managing supply chains for handling intricate logistics services.
As far as domestic logistics industry is concerned, government support is leading it to grow. Supplier-oriented policies of the government in recent years have stressed on the expansion of logistics infrastructure, like constructing more roads and expanding airports and ports. Augmentation of airport and seaport facilities has been an opportunity for the logistics industry.
On the back of this expansion, logistics companies are looking forward to set up international networks by means of positive strategic association so as to boost both scale and specialized business.
According to a Research Analyst at
RNCOS, “As a rapidly surging industry, logistics sector in Korea is a lucrative investment destination for worldwide investors. The country’s major logistics complexes are located in the areas near its major international ports and airports. These complexes constitute free trade zones, which offer several advantages to foreign-invested firms. Further, the growth of industry is also fueling the development of related sectors, such as logistics real estate, logistics financing, logistics consulting.”
Related Market Research Reports:
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Chinese Logistics Market Forecast to 2012 
