LANGKAWI, May 26 (Bernama) — Malaysia aims to strengthen its position as Asia’s shipbuilding and ship repair (SBSR) hub through collaboration and innovation to shape a vibrant future for the industry, said the Malaysian Investment Development Authority (MIDA).
In a statement today, it said the SBSR industry thrives within a dynamic ecosystem where diverse stakeholders collaborate to design, construct, maintain, and upgrade vessels.
“This interconnected network forms the foundation for resilience and growth, while their expertise contributes to a robust and competitive shipbuilding and ship repair sector,” MIDA said.
Its chairman Tan Sri Dr Sulaiman Mahbob said the industry is poised for continued evolution and growth as Malaysia aspires to become Asia’s premier SBSR hub by leveraging smart solutions, seamless technologies and industry 4.0 advancements to construct modern and eco-friendly vessels.
“With the extension of tax incentives and import duty exemptions until Dec 31, 2027, as announced by the government, the SBSR industry is poised to attract more investments and enhance its capacity and capabilities,” he said.
Sulaiman noted that these measures reflect the government’s commitment to supporting the maritime industry and establishing Malaysia as the premier SBSR hub.
According to MIDA, the SBSR industry attracted RM363 million in investments from five projects in 2022, marking a significant increase of 451.7 per cent from the previous year’s RM65.8 million investment figure.
“These projects are expected to generate 183 employment opportunities, further solidifying the industry’s growth and impact on Malaysia’s economy,” it said.
Furthermore, MIDA said the Langkawi International Maritime and Aerospace exhibition (LIMA’23) serves as a platform to foster growth and development in Malaysia’s SBSR industries while showcasing the country’s competitiveness, resilience, and commitment to innovation and sustainability in these sectors.
Meanwhile, MIDA chief executive officer Datuk Arham Abdul Rahman said Malaysia has approved a total of 131 projects in the aerospace industry, attracting investments worth RM16.7 billion from 1985 to 2022.
“This remarkable track record highlights Malaysia’s success in attracting significant investments and fostering continuous growth in the aerospace sector,” he said.
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