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

Dec. 6 (Bloomberg) -- 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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