KUALA LUMPUR: The Malaysian Maritime Industry contributes about 40% of the country’s gross domestic product (GDP), says Datuk Seri Dr Wee Ka Siong.
The Transport Minister also said 90% of Malaysia’s trade is seaborne, given the country’s central position on the Straits of Malacca and the South China Sea.
“It is difficult to overstate the importance of the Malaysian Maritime industry,” said Dr Wee in a Facebook post after launching the 19th Asean Ports and Shipping Exhibition and Conference ‘Cultivating Adaptability and Resilience here on Tuesday (March 1).
“We have to continually support Malaysian ports’ average trade growth of 3% over the last decade in compounded cargo throughput.
To do this, Dr Wee said Port Klang would increase its capacity by 60% to 32 million twenty-foot equivalent units (TEU) annually by 2040 while Tanjung Pelepas Port in Johor would increase its current capacity by 3.5 million TEU by 2025.
“The rest of Malaysia’s ports have to invest in new expansions and technologies to meet the rise of online commerce which has been increased and enhanced by changing consumer shopping habits and spending patterns all over the world.
Dr Wee said the conference underscores the excellent performance by Westports and Northport in Port Klang and Port of Tanjung Pelepas in shoring up the economy.
“This is in spite of Covid-19’s multi-year disruptions to shipping services, cargo volume, connectivity and port and landside operations.
“Participants should pay close attention to strengthening financial resilience, sustainable or green initiatives and look at larger horizons in terms of investment strategies to build up our ports and logistic industries.
Dr Wee added that under the National Transport Policy 2019-2030, the government will play a stronger facilitating role to create a conducive, intelligent and safe ecosystem for the transport industry.
“This will help the industry thrive and ensure seamless movement of goods to boost trading activities while gradually reducing carbon footprints.