KUALA LUMPUR: Malaysia’s transport sector represents a critical enabler for its socioeconomic development said the National Transport Policy 2019-2030 (NTP).
The transport policy adds the efficiency of a nation’s transportation system directly correlates to trade and economic growth.
“In 2017, the transportation and the storage sub-sector contributed 3.6 per cent to gross domestic product with a value of RM48.8 billion, and 6.6 per cent to the services sector value-added.
“This sub-sector grew at an average rate of 5.6 per cent per annum between 2005-2017 and is projected to grow at 8.9 per cent or more going forward”.
The NTP said Malaysia has continuously built and upgraded its transport network by developing the road and rail arteries to support the mobility of people and goods.
It adds that world class ports and airports such as Kuala Lumpur International Airport and Port Klang had been built to support business and trade activities.
Malaysia occupies a vital position along the Straits of Malacca, one of the most important shipping lanes in the world linking major Asian economies such as India, Indonesia, Malaysia, Singapore, China, Japan, Taiwan and South Korea, the NTP said.
“It is estimated that close to 100,000 vessels pass through the strait each year making it the busiest strait in the world, carrying an estimated 25 per cent of the world’s traded goods”.
In addition, the NTP said Malaysia’s geographical position and strength in infrastructure make it a natural gateway to South East Asia.
“In 2016, Malaysia is ranked 18th out of 140 countries in the World Economic Forum’s
Global Competitiveness Report, the highest of all developing economies in Asia.
“Similarly, Port Klang ranked 11th in the world in terms of TEU handling in 2016 whereas PTP is ranked 19th whilst KLIA ranked 24th in the world in 2016 in terms of total passenger handled, with 52.6 million passengers”.