 Cooperation in the Logistics Industry between Korea and ChinaC.K. Kim ()
No 19-30, Industrial Economic Review from Korea Institute for Industrial Economics and Trade Abstract: Technological innovation and hyper connectivity enabling communication among machines or between machines and humans via the use and evolution of Information and Communication Technologies (ICT) is increasingly changing not only industry but also society. These changes in the industrial sector are occasionally referred to as Industry 4.0 or the fourth industrial revolution. In general, these technologies promote the emergence of digital manufacturing, or “smart” factories and new services in the adoption of innovative business models. Many governments are trying to prepare development strategies for the new Industry era. “Logistics 4.0”, also called “smart logistics”, refers to similar changes in the logistics industry, which is also experiencing a digital transformation thanks to innovative technologies and applications. It concerns the various aspects of end-to-end logistics to improve the efficiency of supply chain management and the level of customer service in the context of the Internet of Things (IoT), advanced big data analytics enabled by artificial intelligence (AI). Logistics 4.0 utilizing the state of the art of the technology will enhance flexibility, versatility, and productivity. Thus changes in logistics are expected to be highly autonomous, flexible and predictive across various components including supply chain logistics, inbound logistics, warehouse management, intralogistics or line feeding, outbound logistics and logistics routing. Korea and China are very close geographically and have a long cultural and economic relationship. The two countries are cooperating and/or competing with each other in many industrial sectors since China is Korea’s largest market for exports and the second-largest foreign investment destination. The main purpose of this article is to discuss paths for cooperation between Korea and China in logistics industry facing a rapid digital transformation. If the two countries can adapt to and manage the industrial changes in modern logistics, they will secure significant competitiveness in the global logistics industry. Keywords: logistics; smart logistics; Korea; China; logistics 4.0 (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ris:kieter:2019_030 Access Statistics for this paper More papers in Industrial Economic Review from Korea Institute for Industrial Economics and Trade Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea. Contact information at EDIRC. |
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