Malaysian Shipbuilding / Ship Repair Industry Strategic Plan 2020 has been prepared for submission to the Government of Malaysia as a proposal from the industry.
The plan which will set the national agenda for the industry in the coming decade, targets to capture 80% of the local market and 2% of the global new build market, up from 50% and 1.0%, respectively. For ship repair, the plan has set its sights on capturing 3% vessel plying the Strait of Malacca and 80% of the South China Sea offshore repair market.
It is worth to note that the impact by 2020 can be very significant. Based on the current uptrend and gross output, the estimated industry growth rate and employment growth rate for the next 10 years are 10% and 6%respectively. This will contribute to revenue of RM19.09 billion (USD 6.04 billion) and 55,500 in job creation.
The recommendations in the plan are expected to boost the Malaysian industrial competitiveness in the maritime industry, which has come under increased competition from regional players such as Singapore, the Philippines, Vietnam and Indonesia. It is targeted that by year 2020, the Malaysian shipbuilding and ship repair industry will be a major player in the small to medium-sized shipbuilding markets renowned for quality and value of its high technology products and services, substantially contributing to the national economy.