Korea

Korean gov’t to nurture new logistics businesses

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[THE INVESTOR] The South Korean government will put emphasis on new areas of logistics sector and let civilians take the initiative, according to a 10-year plan released Aug. 3.

The Ministry of Land, Infrastructure and Transport and Ministry of Oceans and Fisheries announced a mid- to long-term basic scheme for national logistics policies that included plans to establish infrastructure at major airports and seaports aiming to nurture new high added value businesses such as cold chains and O2O.

Research and development for state-of-the-art environment friendly, highly effective technologies -- from logistics robots and hybrid vehicles to high-efficiency system for seaport operation -- will be fully executed.

To further advance South Korean logistics firms’ expansion into overseas markets, the government will set up a roadmap and pursue an open sky with China in phases.

Based on this plan, the government will seek to create 700,000 jobs in the industry, leap to top 10 in the world in terms of logistics competitiveness, and grow the industry to record 15 trillion won (US$13.49 billion) in revenue by 2025.

By Hwang You-mee (glamazon@heraldcorp.com)

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