Penang punch: MASkargo may be growing on transit cargo, but little Transmile is the Malaysian carrier looking across the Pacific.(Pacific)

Growth and expansion are the order of the day for cargo carriers in the Asian manufacturing stronghold of Malaysia. MASkargo, the freight arm of Malaysian Airlines, recently added two 747 freighters to its fleet and launched services to several European and Asian destinations. And smaller cargo airline Transmile, which mostly operates regional services, is preparing to launch trans-Pacific flights to the U.S.

A recently-signed air services pact between Malaysia and Hong Kong opens new freight possibilities for the nation's airlines. The agreement includes coveted fifth freedom rights allowing airlines from both economic centers to operate beyond flights from each other's home turf, and …