Malaysia aims to become Asia’s shipbuilding, ship repair hub
Malaysia has set a goal to become a shipbuilding and ship repair (SBSR) hub in Asia, according to the Malaysian Investment Development Authority (MIDA).
Kuala Lumpur (VNA) – Malaysia has set a goal to become a shipbuilding and ship repair (SBSR) hub in Asia, according to the Malaysian Investment Development Authority (MIDA).
In its recent statement, MIDA said the SBSR industry will be built and developed within adynamic ecosystem where diverse stakeholders collaborate to design, construct,maintain, and upgrade vessels.
This interconnected network forms the foundation for resilience and growth byleveraging smart solutions, seamless technologies and industry 4.0 advancementsto construct modern and eco-friendly vessels.
With the extension of tax incentives and import duty exemptions until December31, 2027, as announced by the government, the SBSR industry is poised toattract more investments and enhance its capacity and capabilities, itnoted.
These measures reflect the government’s commitment to supporting the maritimeindustry and establishing Malaysia as the premier SBSR hub, MIDA added.
According to MIDA, the SBSR industry attracted 363 million RM (78.7 million USD) ininvestments from five projects in 2022, up 451.7% from the previous year. Theseprojects are expected to generate more employment opportunities, further solidifyingthe industry’s growth and promoting Malaysia’s economy.
♓ MIDA said the Langkawi International Maritime and Aerospace Exhibition(LIMA’23) serves as a platform to foster growth and development in Malaysia’sSBSR industries while showcasing the country’s competitiveness, resilience, andcommitment to innovation and sustainability in these sectors./.
The Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023 which will take place from May 23-27 is expected to be able to generate business pledges worth up to 18 billion RM (3.96 billion USD).
Malaysia, with 62.7% of Asia-Pacific’s total Islamic banking assets, continues to be the largest Islamic banking market in the region; and is likely to maintain its position in the next two years, according to S&P Global Ratings.
Ship 20 of the Naval Region 3’s Brigade 172 on May 23 joined ships from 11 other countries in activities in the framework of the 16th Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023.
Malaysian Prime Minister Datuk Seri Anwar Ibrahim has said that the 2023 Langkawi International Maritime and Aerospace (LIMA ’23) exhibition will reinforce Malaysia as a regional hub for the aerospace and maritime industries.
Malaysia's Defence Ministry announced on May 26 that it has signed 43 agreements worth 10.1 billion RM (2.2 billion USD) with partner during this year’s 16th Langkawi International Maritime and Aerospace Exhibition (LIMA).
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Illustrative image (Photo: Bernama) 
