Korea is at the heart of Northeast Asia, one of the world's top three economic regions.
The Northeast Asia, home to a fourth of the world's population, generates about 25% of the global GDP. Within 2,000 km distance from Korea, a global market with 61 cities and 498 million consumers is located. China, Japan and Korea are the important business hub in Asia for the expansion of business.
Source : UN, CIA's World Factbook, worldatlas.com, World Population Review, Xinbei local government, Quezon City local government
Located between China and Japan, the world’s second and third-largest economies, respectively, Korea is within a 3-hour flight distance from 147 cities with a population of more than 1 million. At Incheon International Airport, 83 airlines operate flights to 175 cities in 54 countries, including 13 Chinese airlines. Incheon International Airport’s total annual passenger traffic reached 68 million in 2018, up 10 percent from a year ago. As the port of Busan, a hub port in Korea, is located at the center of major sea routes, a total of 536 regular routes for container vessels pass through Busan, with 78 to China, 84 to Japan, 148 to Southeast Asia, and 75 to North Ameria. Through its ports in Incheon, Gwangyangman, and Saemanguem, Korea will emerge as the center of logistics for Northeast Asia as its logistics network is connected with that of Japan and the volume of Milk run (a round trip logistics that facilitates distribution or collection) with China increases.
* Source : Incheon International Airport Corporation (March, 2019), Busan Port Authority (January, 2018)
As Arctic shipping routes open up, Korea is poised to become a logistics hub for the greater Eurasia region. The polar route running from Busan through Vladivostok and on to Rotterdam is expected to reduce the travel distance by 7,000 km, shipping time by more than 10 days, and shipping rates by more than 15%.
Source : IMF and EU website of Oceans and Fisherles