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PENANG PORT TO TAP INTO BAY OF BENGAL TRANSSHIPMENT MARKET

Penang Port to tap into Bay of Bengal transshipment market

 

GEORGE TOWN, Feb 8 - Penang Port Sdn Bhd (Penang Port) aims to capitalise on the North Butterworth Container Terminal’s (NBCT) new status as a Free Commercial Zone (FCZ) to tap into the Bay of Bengal market.

Penang Port said the gazettement of the NCBT as an FCZ will allow it to tap into the Bay of Bengal market by undertaking transhipment activities for containers between the Bay of Bengal and the far-East.

"In the near future, Penang Port’s plan is to link-up feeder operators in the Bay of Bengal with mainline operators,” it said in a statement today.

It said that not only the new FCZ status could attract more traffic to NBCT and increase job opportunities, it could also be used to entice investors worldwide to conduct value-added activities such as break-bulking, grading, repackaging, relabeling, transit and re-export.

Penang Port also said that foreign companies would be able to use NBCT’s facilities before exporting their products overseas, which would also benefit Penang Port in the long run with the exemption of customs’ and excise duties, as well the Sales and Services Tax (except for certain goods).

"The FCZ’s operations will commence in March 2021 and this will put Penang on the world map as NBCT will be able to cater to activities such as high-tech warehousing and logistics facilities, thus spearheading the positive economic growth in the northern region of Malaysia," it added.

-- BERNAMA

Source: https://www.bernama.com/en/news.php?id=1929564

 

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