The Importance Of Logistics In Business Management

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Introduction With the rise of Asia economic power, there is an investment trend from the West to the Asian region. Organisations are looking for the appropriate region to expand their business. In order to fulfil the requirements of customers or corporations. Logistics is one of the main aspects of the global economy. It is the management of flow and storage goods between the point of origin and the point of consumption. It is defined as a business planning framework for the management of material, service, information and capital flows. It includes the increasingly complex information, communication and control systems required in today's business environment (Helsinki, FI, 1996). However, logistics is interconnected to supply chain. It is…show more content…
The industry of Singapore has provided over 180,000 job opportunities which is occupied 9% of the labour force. Port of Singapore is the world's second-busiest port and more than a fifth of the world's trans-shipping containers go through it. It attracts 140,000 vessel on average annually On the other hand, Port of Singapore involves cruise ships section. It also brings huge sum contribution per year and promotes local tourism. For the future requirement of logistics, Government has been announced the planning of airport and seaport expansion in 2013 that will create more job…show more content…
Maintains the growth rate of 4.7% annually within the past 15 years that achievement is supported by Singapore’s extensive network of Free Trade Agreements. Singapore’s air transport has a well-planned domestic network make sure that organizations are better to serve their customers and manage their operating while the companies based in Singapore. In order to complete a comprehensive logistics and supply chain management hub, IT infrastructure and network are the support services in businesses and across industries in Singapore. In recent years, the global centre of economic and manufacturing industrial has slowly migrated to Asia. Singapore is benefited from its trade and investment field with another Asian countries such as China, India and Indonesia. Greatly promoted the free trade market based on those extraordinary conditions that established the state of the top logistics hubs in the world. Logistics and supply chain management are still being Singapore’s economic advantage and continuous leading the

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