KUALA LUMPUR: The Malaysia Shipowners' Association (MASA) has lauded the government's approach to propose a fund mechanism for the domestic shipping industry.
This follows the announcement by Transport Ministry Anthony Loke Siew Fook during a roundtable session organised by the Malaysia National Shippers' Council and the Malaysia Productivity Council (MPC).
The proposal is set to be tabled in the 2024 Budget next month.
MASA said in a statement that the new approach will facilitate the shipping industry to transition to greener and cleaner shipping.
"The fund hopefully can benefit shipping companies as stricter regulations are being implemented worldwide, such as the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII), which entered into force earlier in January," it said.
The organisation emphasised that the goal must receive support from governments around the world.
Malaysia must set reasonable policies and facilitate domestic players to transition to maintain competitiveness in the region and globally.
"While the industry is excited by this news, MASA hopes that this good news is not the only initiative catered to the industry,"it said.
The organisation will continue to assist the government in setting policies and initiatives through multiple platforms such as the National Shipping and Port Council and direct engagement with government agencies.
