Monday, February 23, 2009

Volume at ports on downtrend

THE Penang Importers and Exporters Association has forecast a continued downtrend in the ports industry this year, with the volume decrease said to stand between 10% and 15%.

President Datuk Tan Choo Hin attributed the negative growth to the global economic crisis.

He said the import and export trade was affected last year as ports throughput registered a negligible growth instead of the anticipated 8% expansion.

Datuk Tan Choo Hin (left) presenting a souvenir to Penang Chief Minister Lim Guan Eng at the dinner.

“This only showed how severe it would be for our economy this year.

“The worrisome fact is that the crisis in the United States has not reached rock bottom,” he said at the 64th Penang Importers and Exporters Association dinner recently.

Tan said the stimulus package announced by the Government must benefit the people in terms of its validity and effectiveness.

He also urged the Government to immediately carry out infrastructure works and activities planned under the Ninth Malaysian Plan.

“Apart from reducing base lending rates, local and foreign banks should continuously assist the business sector by offering more flexible payment and less stringent borrowing conditions,” he said.

Source: Star Online

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