Yang Ming has co-operated with the Taiwan Foundation International and Malaysian investors to set up a joint venture depot company named Jambatan Merah Formosa Depot Sdn. Bhd at Port Klang, Malaysia.
The opening ceremony of the new company, which will provide an inland empty container depot and container maintenance and repair services, was held on 1 October.
Port Klang is the main port of call in Malaysia for the Taiwanese carrier, which has set up wholly-owned subsidiaries in the country to position itself in the local transport and logistics market.
The Keelung-based shipping firm considers Malaysia as one of the largest economies in ASEAN, as its gross domestic product (GDP) sees a continuing uptrend in the last years, according to International Monetary Fund (IMF). In particular, the country's GDP is projected to grow 6.3% in 2021.
The setup of Jambatan Merah Formosa Depot Sdn. Bhd, coupled with Yang Ming’s flexible service deployment and co-operative partners’ strengths, "will enable the company to further integrate midstream and downstream businesses, and enjoy the advantage of cost reduction and profitability increase," according to YM's announcement.
This new investment in the Southeast Asian market follows the setup of a joint venture depot company named PT. Formosa Sejati Logistics in Surabaya, Indonesia in 2018. Yang Ming said it will continue to look for cross-sector collaboration opportunities to enhance its competitiveness and service quality in the region.