IN A move aimed at stemming the outflow of capital for the acquisition of marine transport products, especially ships, the Government will seek to strengthen the capacity and capability of the shipbuilding and ship repair sector in the country under the recently-launched Third Industrial Master Plan (2006-2020) (IMP3). Giving the push to the shipbuilding and ship repair sector is among the five strategic thrusts for the long-term growth and viability of the marine transport subsector.
Last year, Malaysia imported RM3.2 billion worth of various marine transport products and it has been estimated that the outflow of the capital for this sector increased by an annual rate of 3.6 per cent during the 1996-2005 period.