SEOUL, KOREA, August 31, 2006 - FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, today launched a dedicated direct flight between Seoul, Korea and the United States.
FedEx will fly a wide-body MD-11 freighter five times per week point-to-point between Incheon International Airport in Seoul, Korea, and Anchorage, U.S. The flights will provide an additional capacity of 800,000 pounds per week.
“Growth of the high-tech industries in Korea has resulted in an increased market demand for reliable and time-definite express transportation services,” said Mr. Masamichi Ujiie, Vice President, North Pacific, FedEx Express. “The new transpacific flight allows FedEx to increase its capacity to this important market. Customers will enjoy greater flexibility and access to the U.S., Korea’s third largest trading partner1, as a result of the enhanced network connectivity.”
Korea is the 10th largest economy in the world and third largest economy in Asia2.
Korea’s national output has expanded more than 600 times to US$787.5 billion since 1953, when it opened up its economy and engaged in more international and cross-border trade3.
“For Korea to sustain its economic growth and realize its vision to be the North Eastern Asia logistics hub, it is essential that it continues to establish strong links to the economies of the U.S. and the rest of the world. FedEx is working to make that vision possible by linking two of the world’s largest economies with a new direct point-to-point connection. This is one of the many ways that FedEx contributes to local communities and facilitates global trade,” said Mr. David L. Cunningham, Jr., President, Asia Pacific, FedEx Express.
Korea has played an increasingly important role in the FedEx business since 1988. The FedEx Korean network includes 210 delivery vehicles, 12 Stations, 12 World Service Centers and 23 FedEx Kinko’s outlets. FedEx today offers 20 flights per week from Korea to the U.S. and Asian destinations.
About FedEx Express
FedEx Express is the world’s largest express transportation company, providing fast and reliable delivery to every U.S. address and to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, usually in one to two business days with the delivery time guaranteed.
1 The Proposed South Korea-U.S. Free Trade Agreement, Congressional Research Service, May 2006.
2 United States Trade Representative, 2006.
3 Korea National Statistical Office’s “Statistics on Economic and Social Changes in Korea since National Liberation”, August 2006.