Logistics Comprises over 10% of Europe’s GDP

The logistics industry is a main driving force of the economy with a share of over 10% of Europe’s GDP, according to Bulgaria’s Transport Minister Danail Papazov.

Speaking Thursday at the opening of a conference titled “Technological Trends in Logistics: Products and Solutions,” Papazov noted that the development of freight logistics and the creation of a favorable environment for the efficient functioning of logistics systems was a priority in the work of the Ministry of Transport, Information Technology and Communications.

He claimed that the modernization of transport infrastructure was a guiding factor in that process.

Papazov, as cited by the press office of the Transport Ministry, informed that a major portion of the efforts of the Ministry was directed at the development of infrastructure servicing priority trans-European destinations and the construction of intermodal nodes at key points on the territory of the country.

“In parallel, we strive to introduce new technologies in the different types of transport. Apart from cost cuts, intelligent transport systems also allow improving service quality and a more efficient functioning of the transport-logistics system,” he declared.