MARKET DEVELOPMENT
Sabah's palm oil industrial group links up with world's biggest port operator
Sabah's palm oil industrial group links up with world's biggest port operator
13.04.2022 (www.dailyexpress.com.my) - Kota Kinabalu: Sabah’s ambition to become the region’s logistics hub took a huge step forward with a link- up with China’s Shandong Port Overseas Development Group, the biggest port operator in the world.
With the signing of a strategic collaboration agreement on Wednesday, here, state-owned POIC Sabah Sdn Bhd and its industrial park and ports in Lahad Datu are now in the company of a global logistics player that marks a major step towards realising its vision as resources amalgamation and manufacturing in the BIMP-EAGA region, according to a statement.
Notable in the context of POIC Lahad Datu's vision for global logistics connectivity is the fact it is now linked to Shandong Port Group's 313 shipping routes of which 173 are international, 113 Regional Comprehensive Economic Partnership's (RCEP) national port routes and 84 Belt and Road member port routes.
The signing was the second for POIC Sabah since last Friday when it signed a similar collaboration agreement in Kuala Lumpur with the China Construction Bank Corporation (Malaysia) Berhad.
Shandong Port Group has under its wings four sizable port groups along China’s eastern seaboard. They combine for an annual cargo throughput of 1.9 billion metric tonnes and 30 million TEUs. (Sabah’s annual cargo throughput for 2021 was 31 million tonnes and under four million TEUs).