The Malaysian Shipping Masterplan draft, which seeks to identify issues and make recommendations on the criticality of the shipping industry, will be ready by 2015-end, Bernama reported as Transport Minister Datuk Seri Liow Tiong Lai saying.
“The masterplan would elaborate and recommend appropriate strategies and measures to revitalise the shipping industry in particular and the supporting industry in general and it would change the entire spectrum of Malaysian shipping and propel the shipping industry to greater heights,” Tiong Lai said.
Liow said shipping is crucial to Malaysia as it is the means of connectivity and a lifeline to the country's economy since more than 95 per cent of the country's trade is seaborne.
"But we know that Malaysia's shipping industry has been impacted by the global economic slowdown and financial crisis, and at present, Malaysia's shipping industry is facing many challenges," he said.
Liow outlined other measures that could cushion the impact of the economic downturn, namely a comprehensive assessment of all aspects of shipping, including finance, operations, fleet, services, and personnel to ascertain areas of strengths, weaknesses, opportunities and threats before adjusting strategies.