South Korea investing in logistics centres in USA
South Korea-based provider CJ Logistics and Korea Ocean Business (KOBC), a South Korean government entity, are partnering to construct large-scale logistics centres in USA.
With a total investment of USD 457 million, these hubs will prioritise the handling of import and export cargo of global and South Korean companies, facilitating their overseas expansion and trade activation.
The venture, known as the “North American Project,” entails the construction of large-scale logistics centres in three sites owned by CJ Logistics America, located in key logistics and distribution hubs such as Chicago and New Jersey and totalling 360,000 sqm.
While CJ Logistics plans to contribute the land, KOBC will secure funding for the construction. CJ Logistics will assume responsibility for the operation of the hubs. Building is scheduled to commence in Q1/2024, with a phased completion targeted from the first half of 2026 to 2027. (ben)