Logen Courier to Invest 125.9 Billion KRW to Build 'Yeongnam Region Integrated Logistics Terminal' in Yeongcheon

On the 27th, Yeongcheon City in Gyeongbuk held an investment attraction MOU signing ceremony for the establishment of an integrated logistics terminal in the Yeongnam region at the Yeongcheon High-Tech Park district logistics complex. The event took place in the city hall's main conference room, attended by Yeongcheon City (Mayor Choi Ki-moon), Logen (CEO Choi Jung-ho), Gyeongbuk Province (Deputy Governor for Economy Lee Dal-hee), Daegu-Gyeongbuk Free Economic Zone Authority (Commissioner Kim Byung-sam), Gyeongbuk Provincial Assembly members, and Yeongcheon City Council members.

Logen’s Yeongnam region logistics terminal will invest 125.9 billion KRW from 2024 to 2028 on a site area of 124,791㎡ (approximately 38,000 pyeong). It is expected to play a significant role in revitalizing the local economy by directly creating about 930 jobs and generating approximately 40 billion KRW in annual income for local residents.

Logen Courier is signing a business agreement to invest 125.9 billion KRW to build an integrated logistics terminal for the Yeongnam region in Yeongcheon.

Analyzing the economic ripple effects of Logen’s courier company business investment in the Yeongcheon area using inter-industry analysis, the economic impact within Gyeongbuk Province is estimated to generate 166.9 billion KRW in production inducement, 68.4 billion KRW in value-added inducement, and 1,005 jobs.

At the national level, the economic ripple effects are estimated to generate 252.3 billion KRW in production inducement, 103.2 billion KRW in value-added inducement, and 1,486 jobs.

Logen is a subsidiary of Daemyung Chemical Group, which operates 49 domestic affiliates in sectors such as fashion, electronics, transportation, beauty, real estate, and aviation. In the logistics sector, Logen ranks as the fourth largest courier company in market share.

With this investment, Logen will establish four large-scale Yeongnam region logistics terminals in the Yeongcheon High-Tech Park district, including the Busan SUB, Chilgok-gun Jicheon-Yeongnam region, and Daegu terminals. Construction will begin in January 2024 and be completed by January 2028, establishing a new base for Logen.

Since its founding in 1999, Logen achieved sales of 693.5 billion KRW in 2022. Its 10 nationwide terminals employ about 2,300 workers daily. The company has received continuous recognition, including the Presidential Citation for Logistics in 2018, the Industrial Medal for Logistics in 2021, and being ranked first in the consumer-recommended brand courier service category for six consecutive years.

Additionally, through its parent company Daemyung Chemical Group, which generates over 1.5 trillion KRW annually in the fashion industry, Logen is expanding its logistics distribution business in the apparel sector, positioning itself as a rising powerhouse in the comprehensive logistics industry.

Yeongcheon City is connected to eight highway toll gates: Yeongcheon IC and Kumho Daechang Hi-Pass IC on the Gyeongbu Expressway; Cheongtong Wachon IC, Buk-Yeongcheon IC, and Imgo Hi-Pass IC on the Daegu-Porang Expressway; and Dong-Yeongcheon IC, Sin-nyung IC, and Buk-an Hi-Pass IC on the Yeongcheon-Sangju Expressway. This makes Yeongcheon a transportation hub linking Daegu and Gyeongbuk, as well as the Seoul metropolitan area and all regions nationwide.

Especially with the development of the integrated Gunwi-Uiseong Daegu-Gyeongbuk New Airport nearby, Yeongcheon is evaluated as having optimal conditions for seamless logistics distribution.

Mayor Choi Ki-moon stated, “Logen’s regional investment will not only create employment and income for local residents in Yeongcheon, a city favorable for business, but also serve as a breakthrough opportunity to lead regional development through economic growth, activation of the logistics industry via the national transportation network, and population increase. Along with Hwashin’s investment in the Yeongcheon High-Tech Park district last December, this will act as a catalyst for attracting key anchor companies.”

This content was produced with the assistance of AI translation services.