Malaysia-based POIC Sabah Sdn Bhd signed a Memorandum of Understanding (MoU) on Wednesday 29 December to join the World Logistics Passport (WLP), the international private sector freight programme designed to ensure a smooth flow of global trade and enable access to new markets by building new trade routes and offering economic solutions to its members.
The move aims to reinforce Malaysia’s position as a global logistics hub and allow the country access to new markets as well as strengthen WLP’s presence in the country and across Asia.
Under the MoU, traders and freight forwarding members will gain access to numerous benefits offered by the programme and its partners, Johor Port and POIC Sabah Sdn Bhd, among many others, to reduce time, cost and enable smoother and faster trade flow.
A milestone achievement
“Malaysia is a strategic partner that brings unmatched benefits to the WLP programme. Our previous efforts to bolster the programme, 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,” WLP General Manager, Mahmood Al Bastaki said, highlighting that “POIC’s joining of the WLP is a milestone achievement that reiterates our efforts to enable increased access to trade routes.”
Supporting emerging markets
On his part, POIC CEO, Datuk Fredian Gan affirmed that “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,” adding that “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.”
Boosting global trade
The joining is set to deepen Malaysia’s trade relations with key regional markets, as well as enable access to international markets such as Mexico, China, Singapore and the U.S.
Furthermore, it will create job opportunities, fast track cargo movement, reduce administrative costs and expedite cross border trade movement.
POIC Sabah Sdn Bhd is the owner and operator of POIC Port Lahad Datu, covering the integrated port facilities and logistics infrastructure in the Lombak-Makassar Straits.
The hub includes a container terminal with 250,000 TEUs annual capacity, a dry bulk terminal, a liquid bulk terminal and a barge berth.