SEOUL, June 17 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. said Thursday it will invest 220 billion won (US$195 million) to launch a new distribution center in the southeastern port city of Busan to spur its global capacities.
Coupang said it will set up a new distribution center on a 170,000-square-meter tract of land in Gangseo District in Busan, according to the memorandum of understanding signed with Busan Metropolitan City and the Busan-Jinhae Free Economic Zone Authority (BJFEZ).
According to the project, the Busan center will be completed by 2024 and operate on a cutting-edge information technology system.
After its listing on the New York Stock Exchange in March, Coupang announced that it will set up four new distribution centers across South Korea.
Prior to the Busan project, Coupang said it will establish distribution facilities in North Jeolla Province, South Gyeongsang Province and North Chungcheong Province.
Coupang said it will invest a combined 1.02 trillion won in launching these four operations, which are estimated to create about 9,500 new jobs.