Malaysian shipowners will be helped to grow their fleets with a new fund and tax breaks.
The Malaysia Shipowners’ Association (MASA) welcomed the moves, the Bernama news agency said.
Companies will benefit from goods and services tax (GST) relief for the import of ships, as well as an MYR 3bn ($709m) allocation from the transportation development fund.
But domestic shipyards worry that the plans will cause owners to head overseas for newbuildings.
