German airfreight carrier Lufthansa Cargo plans to expand its presence in Korea and China, since it expects over 50 per cent of its business will soon be generated in Asia, reports The Korea Herald.
The firm plans to increase its capacity from Germany to Korea this summer, Lufthansa chairman and CEO Karl Ulkrich Garnadt told the paper.
In 2011 Lufthansa reported a 23 per cent growth in cargo volumes from Germany to Korea, and became the top non-Asian carrier in the country.
Korea is forecasting growth of 3.8 per cent in air cargo demand in 2012 due to new hi-tech products, exports from the automotive and pharmaceutical industries, free trade agreements and the London Olympics.
"Forty-seven per cent of our business is in Asia and growing," Garnadt is quoted as saying. "Very soon it will be 50 per cent. China is the most important market at 20 per cent out of the total 100 per cent."
He added: "We will see air cargo traffic grow by 4.5 per cent worldwide in the next decade. For developed countries who depend on exports and imports, air cargo is indispensable. Here in Korea, it's even more significant."