Investment in innovation proves a smart move

China has become the largest global market for leading South Korean logistics service provider CJ Logistics, boosted by thriving retail and e-commerce businesses in the country, requiring more high-end and smart logistics services, said a top executive.

Auh Jae-hyuck, CEO of CJ Logistics China, said CJ Logistics, the logistics arm of South Korea's global lifestyle corporation CJ Group, has grown steadily in China thanks to its rising businesses dealing with contract logistics, parcel services, forwarding and international express services, and project logistics.

Revenue in China is expected to reach 9.6 billion yuan ($1.4 billion) this year, or about 13 percent of global revenue, with growth of 31 percent year-on-year on average between 2016 and 2019, said the CEO. Last year, revenue in China reached 7.5 billion yuan, with contract logistics contributing 62 percent.