Yang Ming Marine Transport Corp. (Yang Ming) has inaugurated a joint venture depot company at Port Klang, with Taiwan Foundation International and local Malaysian investors.
The joint venture, named Jambatan Merah Formosa Depot, will provide inland empty container depot and container maintenance and repair services at Port Klang, a main port of call for Yang Ming.
The opening ceremony was held on October 1st, 2020.
The harbour business is one of the most important sectors for development in Malaysia. Yang Ming said it 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," Yang Ming said.
In keeping with the rapid growth of the Southeast Asian market and the government’s “New Southbound Policy”, Yang Ming said it 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 will continue to look for cross-sector collaboration opportunities to enhance its competitiveness and service quality in the Southeast Asia market," Yang Ming said.
Malaysia is one of the largest economies in the ASEAN. According to an International Monetary Fund (IMF) report released in June, despite Malaysia’s GDP is projected to contract by 3.8% this year due to COVID-19, however, its GDP growth is expected to resume pre-COVID-19 growth levels in 2021 at 6.3% and the steady economic growth in the country will accelerate local industrial development and further stimulate local demand.