CIMC Wetrans, the logistics unit of Shenzhen-based energy and chemical equipment maker China International Marine Containers (Group) Co Ltd, has set up its Asia headquarters in Singapore as part of its efforts to expand its global footprint.
The company has been striving to strengthen its presence in Asia over recent years, especially in Southeast Asia, hoping to grasp the emerging logistics opportunities brought by the fast growth of the market.
So far, it has built up sea, air and container services in countries including Thailand, Vietnam, Malaysia and Indonesia.
"The establishment of our Asia headquarters in Singapore is an important milestone for CIMC Wetrans in the exploration of international markets," Hu Pengfei, president of the company, said.
This development will help the company better tap into the global industrial chain, and enhance its service capacity and branding by taking advantage of Singapore's status as an international finance, trade, sea transportation and regional shipping hub, he said.
The COVID-19 pandemic has caused a heavy toll on the logistics industry over the past years, with the global supply chain being disrupted and countries imposing curbs to contain the coronavirus.
As the world gradually returns to normal, the industry is expected to see a bounce back in the coming years. According to global consultancy FTI Consulting, the global logistics market is forecast to grow by 6.8 percent annually from 2022 to 2030.
The Asia-Pacific region is projected to become the world's largest logistics market, accounting for roughly 45 percent of the total market share, it said.
Source: China Daily
Source: China Daily
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