Asia/Pacific News
Ports' Network in Southeast Asian Set to Grow
Southeast Asian ports could see increased investment as member states of the Association of Southeast Asian Nations (Asean) seek to develop the region's maritime infrastructure.
Asean member states saw a 9% year-on-year rise in the value of the maritime infrastructure market in 2016 to about $3.23 billion, according to the Korea Trade-Investment Promotion Agency as reported by maritime news provider Lloyd's List.
A similar growth rate, of 8.5%, is expected to 2020 with Malaysian growth in maritime infrastructure put at 13%.
Behind the high growth rates is the move to introduce ro-ro transportation networks into the region while cargo capacity and operational efficient is being developed at 47 regional ports, according to the agency.
Other initiatives include a single market for aviation and shipping (Asean Single Aviation and Shipping Market) aimed at cutting costs in the 47 designated ports while boosting intra-Asean trade.
