A new US$45bn port project will be developed over the course of 20 years on Carey Island, Malaysia, local media reported.
The project, which will cover an area of over 100 sq km, is expected to include the construction of integrated port and related infrastructure, industrial parks, free trade zones, as well as commercial and residential buildings.
The new facility will reportedly have an annual capacity of 30m TEU, being able to handle more cargo than the existing Northport and Westport combined.
The Port Klang Authority (PKA) board reportedly approved in November 2016 a study on the development of the project.
The project, which is expected to provide services including bunkering, ship repairing and maintenance, will reportedly provide handling of containers, bulk, liquid, grains, minerals and vehicles.
The first phase of the project is thought to take approximately six to seven years if the project is launched in 2017.
Tan Sri Kong Cho Ha, chairman of PKA and Malacca Port Authority, told The Star that the construction of a new deep-sea port and new capacity is needed to meet future growth as Port Klang is currently very congested.
Upon completion of the project, the total gross development value (GDV) of the new port could reportedly exceed US$223bn.
Kong also told The Star that the port authorities are open to interest from port operators, shipping lines and infrastructure developers to fund the project.