Yang Ming Marine Transport Corp. (Yang Ming) has cooperated with Taiwan Foundation International Pte, Ltd and Malaysian investors to set up a joint venture depot company named Jambatan Merah Formosa Depot Sdn. Bhd at Port Klang, Malaysia.
The carrier said the new company will provide inland empty container depot and container maintenance and repair services.
Malaysia is the one of largest economies in ASEAN, the carrier continued. According to an International Monetary Fund (IMF) report released in June, Malaysia’s GDP is projected to contract by 3.8% this year due to COVID-19, however, but return to pre-COVID-19 growth levels of 6.3% in 2021.
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The steady economic growth in the country will accelerate local industrial development and further stimulate local demand, it claimed.
The maritime industry is one of the most important sectors for development in Malaysia. Port Klang, the largest port in Malaysia, is also a main calling port of Yang Ming.
In light of this, Yang Ming has set up wholly-owned subsidiaries in the country to position itself in the Malaysian transport and logistics market. The setup of Jambatan Merah Formosa Depot Sdn. Bhd, coupled with Yang Ming’s flexible service deployment and cooperative partners’ strengths, will enable the company to further integrate midstream and downstream businesses, and enjoy the advantage of cost reduction and profitability increase.
In keeping with the rapid growth of Southeast Asian market and the Taiwanese government’s ‘New Southbound Policy’, Yang Ming set up a joint venture depot company named PT. Formosa Sejati Logistics in Surabaya, Indonesia in 2018, and continued to extend its investment territory in Southeast Asia by establishing Jambatan Merah Formosa Depot Sdn. Bhd this year.
Looking into the future, Yang Ming said it will continue to look for cross-sector collaboration opportunities to enhance its competitiveness and service quality in the Southeast Asia market.
