Malaysia Unveils Plan to Boost Shipbuilding, Create 55,000 Jobs

Malaysia plans to boost its shipbuilding and repair industry through regulatory intervention and incentive packages for investment and human capital development, Prime Minister Najib Razak said.

The government has developed a plan in conjunction with the Association of Marine Industries of Malaysia which aims to generate 6.4 billion ringgit ($2 billion) of gross national income and 55,000 jobs by 2020, Najib said in a statement today. Key contributions will come from an expected uptrend in building and repairing oil and gas support vessels for energy exploration and replacing state-owned Petroliam Nasional Bhd.’s ageing vessels, he said.

To contact the reporter on this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net.

To contact the editor responsible for this story: Chris Collins in Hong Kong at collinsc@bloomberg.net.

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