Wednesday, November 5, 2008

Malaysian Logistics no longer just a supporting industry

KUALA LUMPUR: The logistics industry plays a key role in facilitating Malaysia's external trade and can no longer be considered just a supporting industry, Minister of International Trade and Industry Tan Sri Muhyiddin Yassin said yesterday.

In the first half of 2008, the industry, comprising transport and storage services, contributed 11.3% to the country's gross domestic product (GDP) compared with 10.1% a year ago, he said.
The air-cargo sector was an important component of the logistics industry, said Muhyiddin, and air-cargo volume in Malaysia rose by 5.6% to 416,070 tonnes during the first six months.

"This involved a 44.6% increase in the total value of exports, imports and transshipments handled, to RM1.1 billion from RM760 million in the corresponding period of 2007," he said when opening the 24th International Air Cargo Forum & Exhibition 2008 (ACF 2008).

Muhyiddin called upon Malaysian logistics providers to enhance the quality of their services to prepare themselves to face competition both globally and regionally. He noted that Asean member states would be undertaking equity liberalisation to allow up to 70% Asean equity by 2013.

"This Asean initiative complements the ongoing work in Malaysia, through the Malaysia Services Development Council, which aims to strengthen and promote the services sector in Malaysia," he said.

Source: Edge Daily

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