Finance Minister Lim Guan Eng, who relaunched the fund here on Tuesday , said the fund was part of the government’s continuous efforts to support and boost the sector with the expiry of the fund in December last year.
The fund is open for shipping and shipyard companies, as well as marine oil and gas-related activities, where successful applicants would enjoy financing rate subsidy of 1.75% subsidy. “It is highly necessary for Malaysia’s local shipping industry to be afforded the opportunity to develop and expand in order to be competitive and relevant notionally and globally, ” Lim said.
Observing the United States and China trade war, Lim said that there was a positive effect to Malaysia due to trade and investment diversion.
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