KUALA LUMPUR, Sept 5 — The Ministry of Transport (MOT) has proposed that the loan fund provided to domestic shipping company operators be continued in Budget 2024, which will be...
KUALA LUMPUR, Sept 5 — The Ministry of Transport has proposed that the loan fund provided to domestic shipping company operators be continued in Budget 2024, which will be tabled next month.
“Local vessels must reduce greenhouse gas emissions to achieve carbon neutrality and to move in that direction, they need funds to carry out modifications of existing ship engines, requiring large capital investment,” he told reporters after launching the Global Shippers Roundtable today. The Federation of Malaysian Manufacturers president Tan Sri Soh Thian Lai said the requirement to compete in the international markets has changed significantly over the past few years and buyers no longer base their decisions solely on price.
He said shippers would need relevant certifications, standards, labelling and global endorsement in order to compete on a global scale, especially in high-value markets. In Budget 2023, the government provided the Maritime and Logistics Financing Scheme Incentive worth RM1 billion to bolster the growth of the country’s maritime industry which needed a lot of support.
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