BOJ Signals Faster Rate Hikes as Inflation Risks Grow 
India Manufacturing Growth Hits Seven-Month High in September 
US Alcohol Ban Exposes Canada’s Internal Trade Barriers 
Nasdaq Futures Jump as Micron Earnings Boost AI Trade 
Asian Stocks Mixed as Markets Await U.S. Jobs Data 
Oil Prices Surge as U.S.-Iran Tensions Fuel Supply Fears 
Zcash Awards $8 Million in Grants After Orchard Bug Crisis 
Australia Inflation Accelerates to 4% After RBA Rate Hike 
Malaysia Aviation Group to Buy Airbus SAE Unit 
California AG Subpoenas OpenAI Over AI Cybersecurity Incidents 
US Stocks Slip as Treasury Yields Ease, AI Trade Rebounds 
Lynas Shares Slide on A$968 Million Meteoric Resources Deal 
Japan Factory Output Unexpectedly Falls 1.7% in August 
South Korea Exports Surge 83.5% on AI Chip Boom 
Oil Prices Steady as Middle East Crude Flows Recover 
Yen Strengthens on Tokyo Inflation as Dollar Awaits US Jobs Data 
Add as a preferred source on Google
CJ Logistics is set to construct three new logistic hubs in the United States. The logistics arm of South Korea’s CJ Group revealed an investment of KRW600 billion or about $416 million for the facilities.
The company joined forces with the state-owned Korea Ocean Business Corporation (KOBC) to build the said logistic centers with a combined size of about 50 soccer fields. This is a notable cooperation because this will be the first time that a local private and public company has teamed up to build such facilities outside of the country.
Korea Joongang Daily reported that the construction of the three logistics centers is set to begin within the first quarter of 2024, and some phases of the buildings are expected to be completed between the first half of 2026 and 2027. The construction sites are on lands owned by CJ Logistics America in Des Plaines and Elwood, both in the state of Illinois. The third location is in Secaucus in New Jersey.
The sites cover a total of 360,000 square meters or 88.6 acres and sit close to other major logistics and distribution centers in New York and Chicago. The opening of these logistics centers will also help expand the global reach of CJ Logistics in the supply chain.
"We are committed to supporting our North America customer base, South Korean companies and e-commerce sellers as they enter the U.S. market,” Kang Sin Ho, the chief executive officer of CJ Logistics, said in a press release. “By utilizing our cutting-edge logistics infrastructure and operational capabilities, we aim to increase customer value, serve as a strategic partner to our customers who can benefit from global and multimodal solutions, and expand the 'K-Wave' into the business sector."
KOBC’s chief, Kim Yang Soo, also commented, "The construction of logistics hubs in the U.S. will enhance the competitiveness of South Korea's global supply chain and create value-added supply chain services through integration with maritime logistics."
Photo by: CJ Logistics Newsroom
