Dutch cargo company, TNT, has said it will invest €100 million ($157.9 million) over the next five years to expand its Europe-Asia express cargo services. It said it will use the money to "strengthen its network coverage, connectivity and infrastructure" in response to "soaring demand for freight express services between Southeast Asia, China and Europe. . . driven by customers in the high-tech, equipment and machinery and health-care sectors that are increasingly moving large volumes of high-value goods."

According to TNT Express COO, James McCormac, the "strategic objective is to build a leadership position in domestic, intra-regional and selected intercontinental express flows in the emerging Asian region" using Singapore as its Southeast Asia air hub. Last week TNT made its first scheduled flight to Singapore Changi, to become the tenth all-cargo airline to operate from the airport.

McCormac also said that the cargo carrier's volumes between China and Europe have grown more than 20 per cent this year.