CJ Logistics to invest 2.5 trillion won by 2023

Industry

CJ Logistics to invest 2.5 trillion won by 2023

Published: 14 Nov. 2021, 17:15

CJ Logistics CEO Kang Sin-ho, second from left, observes a demonstration of a robot hand that can pick up and place packages on a conveyor belt at the company’s innovation center in Dongtan, Gyeonggi. [CJ LOGISTICS]

CJ Logistics announced Sunday plans to invest 2.5 trillion won ($2.3 billion) by 2023 to transform into an “innovative technology company.”

The largest logistics company in Korea made the pledge ahead of its 91st anniversary on Monday.

CJ Logistics, 42.07 percent owned by CJ Group Chairman Lee Jay-hyun, said it will expand the infrastructure of its fulfillment centers by eightfold by 2023.

The plan follows Lee’s announcement made early November to invest 10 trillion won in the fields of new growth engines over the next three years. Those three growth engines were culture, platforms, wellness and sustainability.

“We need to transform into an innovative technology company along with our customers based on the cutting-edge logistics technologies,” said Kang Sin-ho, CJ Logistics CEO, in a press statement Sunday.

The company said robots, artificial intelligence and data are some of the technological areas it will focus on for future growth.

CJ Logistics also plans to invest in last mile delivery, or the movement of goods from a transportation hub to the final delivery destination. The goal is to offer fulfillment services to more online sellers, it said.

BY JIN MIN-JI [jin.minji@joongang.co.kr]