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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