Penang Port To Tap Into Bay Of Bengal Market

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Penang Port Sdn Bhd says it intends to tap into the Bay of Bengal market for transshipment of containers. (Penang port govt pic)GEORGE TOWN: The operators of Penang Port are to capitalise on the North Butterworth Container Terminal’s new status as a free commercial zone (FCZ) to tap into the Bay of Bengal market.
Penang Port Sdn Bhd said the creation of the free commercial zone would allow the port to undertake transshipment of 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,” the company 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, relabelling, 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. - FMT

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