WORLD LOGISTICS PASSPORT BOOSTS MALAYSIA HUB AS POIC JOINS THE PROGRAM
DUBAI, UAE – 29 December, 2021: 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.