Singapore: part of Asean network (file image/pixabay)
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.