A.P. Moller-Maersk has entered into an agreement to divest its investment in Russia’s largest container terminal operator, five months after announcing its planned withdrawal from the business after the Russian invasion of Ukraine.
In a report recently, industry magazine The Maritime Executive said Maersk had previously ended container operations in and out of Russia while reporting that it was seeking to divest its minority interest in Global Ports Investments, which runs seven container terminals, cargo, bulk, and roll-on/roll-off operations primarily in the Baltic.
The report added that Maersk had signed a memorandum of understanding with the Malaysian Investment Development Authority (MIDA) to drive investments into the country to establish it as one of the logistics hubs of Southeast Asia.
It cited MIDA deputy CEO Sivasuriyamoorthy Sundara Raja as saying that logistics is a cornerstone of Malaysia’s economy.
“By connecting suppliers to manufacturers, and consumers to businesses, we support the growth of various industries.
“By leveraging Maersk’s capabilities in integrated logistics, we can transform Malaysia into a regional logistics hub in Asean, further boosting infrastructure development and free trade,” he said.
Meanwhile, Maersk said it will work with MIDA to attract high-tech and high-impact investments in sectors including automotive, electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy, and consumer technology in Malaysia.
By enhancing its logistics strength in Malaysia, where it has operated since 1975, Maersk said it will contribute to the growth and development of the Malaysian supply chain sector.
Source: The Edge Markets