Cho Hyun-min, CEO of Hanjin, a leading global logistics company in South Korea, expressed strong confidence during the recent “Unboxing Day” event held at the Dragon City Convention Center in Seoul. Marking her third anniversary in office, Cho outlined the company’s ambitious “Vision 2025,” which aims to achieve an annual revenue of approximately $2.6 billion by increasing sales from $1.9 billion in 2021 over the next four years.
Since her promotion to CEO in January 2022, following a restructuring within the Hanjin Group, Cho has been overseeing the company’s future growth strategies and marketing initiatives.
Focus on Global Expansion in Africa and Eastern Europe
This year, coinciding with Hanjin’s 80th anniversary, Cho has designated it as a pivotal year for global expansion. The company plans to grow its international network from 22 countries and 42 locations to 27 countries and 48 locations by the end of the year. Following its expansion into Asia last year, Hanjin is now establishing a foothold in Africa and Eastern Europe, with preparations for local subsidiaries well underway. Furthermore, Cho aims to increase the number of European bases to 12 by 2027, including locations in France, Italy, and the UK.
Cho believes the logistics market in Africa and Eastern Europe is ripe for growth, driven by industrial development and increasing logistical significance in these regions. Hanjin’s strategy encompasses not only exports but also raw material imports and connections between overseas production bases, enhancing its integrated logistics capabilities.
Aggressive Global Network Expansion
Under Cho’s leadership, Hanjin is aggressively expanding its global logistics network. The company established subsidiaries in Thailand and Singapore in 2022 and formed a joint venture with the Chinese logistics firm, A-Watt Global Corporation, in September. Additionally, Hanjin has expanded into Bangladesh, Morocco, and Hungary, and has set up a base in Mexico to facilitate entry into the South American market.
Cho stated, “We are not only activating our overseas subsidiaries but are also preparing new ones.” She emphasizes the goal of building a strong global network, aiming to empower clients to become leaders in wider and new markets through logistics.
Promising Market Prospects
The outlook for the African and Eastern European markets is bright. According to Mordor Intelligence, the logistics market in Africa and the Middle East is expected to reach $236.8 billion by 2029, fueled by factors such as the growth of the local automotive industry and the rise of online shopping trends.
In Eastern Europe, countries like Poland, Czech Republic, Hungary, and Slovakia are emerging as critical economic and logistical hubs connecting Asia and Europe, particularly in the automotive, battery, and electronics sectors. Trade between South Korea and these four nations reached a record $26.1 billion in 2023, indicating a significant increase in bilateral exchanges.
Enhancing Digital Competitiveness Through Diverse Solutions
In addition to expanding its global logistics network, Cho is focusing on enhancing Hanjin’s global logistics solutions. The company is set to launch a one-click fulfillment service, aimed at providing more efficient integrated logistics services for domestic brands and sellers.
The digital platform business led by Cho is being recognized as a key growth driver, aiming to strengthen the global competitiveness of major domestic brands and e-commerce sellers. Hanjin plans to facilitate easier entry into international markets for e-commerce sellers through its overseas bases and the Incheon Global Logistics Center (GDC).
Since the launch of its one-click delivery service in 2019, Hanjin has seen a significant increase in new customers, with total membership surpassing 70,000 and annual revenue growing by 76% compared to the previous year.
As Hanjin gears up for its ambitious goals, Cho Hyun-min’s leadership signals a transformative period for the company in the global logistics landscape.
