BANK Pembangunan Malaysia Bhd today relaunched the RM1.5 billion Maritime Fund 2.0 to assist firms seeking opportunities in the sector.

Finance Minister Lim Guan Eng, who announced the matter, said the maritime sector is crucial in Malaysia’s efforts to attain developed-nation status.

“The Maritime Fund 2.0, along with the Tourism Infrastructure Fund, RM3 billion Industry Digitalisation Transformation Fund and RM1 billion sustainable development managed by Bank Pembangunan, are all part of Budget 2019 initiatives to provide Malaysian businesses with the opportunity to properly equip themselves and adapt to the changing economy, whether caused by trade uncertainties or digital disruption.

“The fund can be tapped to partly finance the acquisition of vessels or aircraft, purchase of land, and construction of ships, hangars or the related infrastructure,” he said during the fund’s relaunch in Kota Kinabalu.

Present was Bank Pembangunan group CEO Arshad Mohamed Ismail.

Today’s event follows Prime Minister Dr Mahathir Mohamad’s Malaysia Day announcement on plans to enhance security in Malaysian waters, to transform the country into a maritime nation.

Lim said Malaysia’s rise to become an upper-middle-income nation would not have been possible if it did not have access to the world’s busiest shipping routes, such as the Straits of Malacca, South China Sea and Sulu Sea.

Focus on the importance of maritime trade increased after the US and China became embroiled in a trade war. – September 17, 2019.