According to the Malaysian Investment Development Authority (MIDA), Malaysia aims to become a shipbuilding and ship repair center (SBSR) in Asia.
In its recent statement, MIDA said the SBSR industry is being built and developed in a dynamic ecosystem where diverse stakeholders work together to design, build, maintain and modernize ships.
This interconnected network lays the foundation for resilience and growth, using smart solutions, seamless technologies and advances in Industry 4.0 to build modern and environmentally friendly ships.
With the government’s announced extension of tax incentives and import duty exemptions until December 31, 2027, the SBSR industry is poised to attract more investment and improve its capacity and capabilities, it said.
These measures reflect the government’s commitment to support the maritime industry and establish Malaysia as a leading SBSR hub, MIDA added.
According to MIDA, the SBSR industry attracted RM363 million (US$78.7 million) in investment from five projects in 2022, up 451.7% year-on-year. These projects are expected to create more job opportunities, further consolidate the growth of the industry and boost Malaysia’s economy.
MIDA said the Langkawi International Maritime and Aerospace Exhibition (LIMA’23) serves as a platform to promote growth and development in Malaysia’s SBSR industries while showcasing the country’s competitiveness, resilience and commitment to innovation and sustainability in these sectors.