Salem Radio Network News Saturday, February 24, 2024

Business

Maersk to invest more than $500 million to boost South-East Asia supply chain

COPENHAGEN (Reuters) – Danish shipping company Maersk on Monday said it will invest more than $500 million to expand its supply chain infrastructure in South-East Asia.

Maersk intends to scale up its warehousing and distribution in the region by up to 50% and expects to add nearly 480,000 square metres of capacity across Singapore, Malaysia, Indonesia and the Philippines by 2026, it said.

The planned three-year investment aims to strengthen supply chain resilience and lower the cost of trade, which tends to be two to three times higher in certain Asian markets, Maersk added.

(Reporting by Louise Breusch Rasmussen; Editing by Terje Solsvik and David Goodman)

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