DUBAI, UAE: POIC Sabah Sdn Bhd joins the World Logistics Passport (WLP), the world’s first freight program designed to increase trading opportunities between markets and accelerate the flow of global trade. The joining will enhance Malaysia’s access to global markets and strengthen the program in the country and across Asia, offering key businesses unmatched opportunities and direct benefits.
Malaysia is a leading trade hub and a strategic ally to many trading destinations. In 2019, Malaysia recorded $237 bn in exported goods, while imports reached a staggering $207bn. As the POIC joins the WLP as Hub, traders and freight forwarders in Malaysia who join the WLP will have access to benefits offered by the program and its partners, including Johor Port and POIC Sabah Sdn Bhd, which will significantly contribute to reducing time and costs, unlocking potential to facilitate faster flow of trade.
The MoU was signed by Mahmood Al Bastaki, General Manager, WLP and Rose Pun, Head of Marketing and Sales Division, POIC Sabah Sdn Bhd and in the presence of the Honorable Datuk Dr Joachim Gunsalam, Deputy Chief Minister III and Minister of Industrial Development of Sabah, Thomas Logijin, Permanent Secretary, Ministry of Industrial Development (MID) at the Malaysian Pavilion in Expo 2020.
POIC Sabah Sdn Bhd owns and operates POIC Port Lahad Datu which covers the advanced and integrated port facilities and supply chain and logistics infrastructure in the Lombok-Makassar Straits. It comprises a Container Terminal with a capacity to handle 250,000 TEU’s per annum, Dry Bulk Terminal, Liquid Bulk Terminal and a Barge Berth.
Mahmood Al Bastaki, General Manager of the WLP said: “Malaysia is a strategic partner that brings unmatched benefits to the WLP program. Our previous efforts to bolster the program – such as welcoming the Johor Port – a core part of the Johor Straight shipping infrastructure and today, with POIC Sabah Sdn Bhd, are a testament to the potential to further enhance the WLP offering, bringing true value to businesses, other WLP Partners and Members. POIC’s joining of the WLP is a milestone achievement that reiterates our efforts to enable increased access to trade routes.”
POIC’s recent joining of the World Logistics Passport will go beyond deepening the close trade relations that connects Malaysia to key geographies, but will also provide increased accessibility to international markets, such as Mexico; Malaysia’s fastest growing export market and a WLP Gateway, as well as China, Singapore and the USA.
POIC Sabah Chief Executive Officer Datuk Fredian Gan (rpt: Fredian) said: "WLP’s intentions in increasing trade between emerging markets is the kind of global alliance that fits into our plan of developing POIC Lahad Datu as a regional processing and logistics hub in the eastern region. The WLP hopes to supercharge supply chain development and bridge the gaps between manufacturing hubs that are expanding across emerging markets, particularly in Southeast Asia and Africa,"
Malaysian traders and freight forwarders will also have the opportunity to boost trade activity across the country, support local companies and create employment opportunities by getting access to a benefit that include fast-tracking of cargo movement, reducing administrative costs, advancing cargo information, and facilitating trade across borders.
The WLP is a global private sector-led initiative designed to smooth the flow of world trade. It operates as an incentive-based loyalty program that rewards traders and freight forwarders for high levels of trade by unlocking market access to new and existing trading routes.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
