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).

Illustrative image (Photo: Bernama)

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 a dynamic ecosystem where diverse stakeholders collaborate to design, construct, maintain, and upgrade vessels.

This interconnected network forms the foundation for resilience and growth 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 December 31, 2027, as announced by the government, the SBSR industry is poised to attract more investments and enhance its capacity and capabilities, it noted.

These measures reflect the government’s commitment to supporting the maritime industry and establishing Malaysia as the premier SBSR hub, MIDA added.

According to MIDA, the SBSR industry attracted 363 million RM (78.7 million USD) in investments from five projects in 2022, up 451.7% from the previous year. These projects are expected to generate more employment opportunities, further solidifying the 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’s SBSR industries while showcasing the country’s competitiveness, resilience, and commitment to innovation and sustainability in these sectors./.