Malaysia’s Transport Minister, Anthony Loke, has emphasized the imperative need for ongoing initiatives to strengthen the country’s competitive edge in ports and logistics services. With a focus on attracting increased trade flow into Malaysia, Minister Loke highlighted the importance of continuous improvement in these services to allure larger investments, especially in the face of regional competition.
Acknowledging the role of private investments in this endeavor, Minister Loke specifically noted the contribution of Westports, emphasizing the strategic significance of their involvement not only for the port but also for the entire nation.
“We are facilitating private investments, including by Westports. This is an important investment not just for the port but also for the country,” stated Minister Loke after witnessing the signing of a third supplemental agreement for the privatisation of Westports on Friday (Dec 8), according to The Star .
The agreement, signed by the government, Port Klang Authority, and Westports Malaysia Sdn Bhd, extends the concession period over 58 years, from 2024 to 2082. The comprehensive agreement encompasses existing port facilities in Westports and new facilities to be developed during the concession period, involving a substantial investment of RM39.6 billion.
The expansion initiative, specifically targeting Westports terminal (CT10 to CT17), is poised to significantly increase its capacity from 14 million TEUs to 27 million TEUs, based on projections until 2082.
Minister Loke affirmed that fortifying port services and logistics facilities would not only support Malaysia’s economic growth but also position the country as a prominent player in the global trade landscape. He reasserted the government’s commitment to transforming Malaysia into a regional logistics hub, thereby creating ample business potentials and fostering growth across diverse industries.
In response to inquiries about potential competition with Thailand’s proposed land bridge project, Minister Loke emphasized Malaysia’s commitment to strengthening its competitiveness and expanding its potential, regardless of regional developments.
