Malaysia is challenging its neighbour Singapore’s dominance as Asia’s commodity trading hub, luring traders based in the city-state with low tax rates in a bid to get them to relocate to Kuala Lumpur.
The move, spearheaded by a unit in the office of Najib Razak, the prime minister, is part of an ambitious Malaysian push to position the country as south-east Asia’s centre for oil, gas and petrochemicals.
The initiative comes as Singapore, Asia’s biggest centre for petrochemicals refining and the region’s largest bunkering port, is running out of land to provide facilities such as oil storage.
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