A.P. Moller – Maersk, in its continued efforts to pursue new ways to expand its local footprint, reveals of its plans to explore various sites for the deployment of its logistics hub in Malaysia.
This move, which comes just over a year after it signed a collaborative agreement with the Malaysia Investment Development Authority (MIDA) late last year, will see strategic smart logistics infrastructure projects being developed.
According to the Malaysia Ministry of Invenstment, Trade, and Industry (MITI), these initiatives will consist of over 10 locations and will act as the driving force behind the logistics hub network for Maersk.
Details of this ongoing venture for Maersk, who already had a long running relationship with Malaysia — 50 years by 2024, have been revealed during the high-level meeting that the MOF arranged for its Minister, Tengku Zafrul Abdul Aziz. This had been a part of a larger and more extensive trade mission to Singapore.
The larger investment mission to Singapore saw MITI securing a total of RM7 billion (~USD1.42 billion) in committed investments from Singapore. This raises the total amount of Singaporean investment to RM20 billion (~USD4.2 billion).
Besides Maersk, MITI is also engaged with INV New Material Technology, Agrocorp, and SIA Engineering Company and have already committed to expanding their regional operations in Malaysia.
“(With the warm reception from our neighbour,) it is clear that this support is a testament to Malaysia’s attraction as a preferred destination for Big Tech investment. (As is,) we’re always focus on being pro-trade, pro-business, and pro-investment. As such, we are committed to refining our investment processes so as to ensure all investors — be it current or upcoming — have a seamless experience when they opt to operate in Malaysia,” he said.
For Tengku Zafrul, it is all about simplifying current and upcoming procedures, offering attractive incentives, and providing a stable and transparent regulatory environment.