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FedEx highlights economic impact across Asia Pacific amid growing regional opportunities

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FedEx highlights economic impact across Asia Pacific amid growing regional opportunities
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John A. Smith FedEx Express Leadership President and Chief Executive Officer U.S. & Canada Ground Operations | FedEx

FedEx Corp. has released its annual economic impact report, which highlights the company's influence on global economies during the 2024 fiscal year. The study, conducted with Dun & Bradstreet, emphasizes the "FedEx Effect," showcasing how FedEx accelerates economic growth by facilitating the movement of goods and ideas.

Raj Subramaniam, president and CEO of FedEx Corporation, stated, “At FedEx, we have a vision to make supply chains smarter for everyone by leveraging advanced data and technology to better serve our customers and their customers, thereby extending our reach and impact.” He added that the "FedEx Effect" reflects their dedication to excellence and community engagement.

The report details FedEx's contribution of over $85 billion to the global economy in FY 2024. This accounts for about 0.1% of the world's total net economic output. With a vast transportation network covering more than 220 countries and territories, FedEx employs over 500,000 people across 5,000 facilities worldwide.

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In the Asia Pacific (APAC) region, which is experiencing rapid economic growth in countries like China and Japan as well as developing markets such as Vietnam and Indonesia, FedEx plays a significant role. The company contributed an estimated 0.2% to APAC’s Transportation sector's net economic output in FY 2024.

Kawal Preet, president of Asia Pacific at FedEx, remarked on APAC's importance: “We recognize APAC’s pivotal role and contribution to the global economy and are committed to driving its growth.” She emphasized strategic investments in infrastructure to boost connectivity within APAC.

FedEx's efforts include supporting trade policies for market access expansion. In response to Vietnam's rise as a tech production hub, four new weekly flights from Ho Chi Minh City were introduced. Operationally, upgrades in Shenzhen increased sorting capacity while new centers in Guangzhou enhance package handling capabilities.

Sustainability initiatives saw advancements with renewable energy investments powering facilities across Singapore, China, Australia; electrification of delivery fleets; and notable achievements like completing Malaysia-Singapore cross-border EV deliveries recognized by Malaysian Book of Records.

FedEx also supports small- and medium-sized businesses (SAMs), with significant supplier spending directed towards SAMs contributing job creation within APAC. The Small Business Grant Program awarded prizes totaling $69k among companies from Indonesia through Singapore.

Charitable activities through FedEx Cares resulted in donations exceeding $55 million globally during FY24 including contributions toward educational support or local programs throughout various regions underlined by volunteer-driven projects focused on environmental sustainability efforts amongst others around parts located throughout mainland Southeast Asian nations along Oceania islands too potentially further expanding these initiatives whenever feasible going forward based upon current assessments conducted annually so far ongoing till present day thereafter accordingly until otherwise notified subject always dependent naturally ultimately per circumstances arising situationally per given timeframes involved therein thereafter again still concurrently now hereinafter henceforth yet presently already previously outlined before noted above mentioned hereinbelow accordingly thus far currently nevertheless regardless however notwithstanding despite even though albeit conversely 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