Singapore MPA reveals new plan to grow local maritime economy by S$4.5bn

Singapore’s maritime and Port Authority has signed a range of new Memorandums of Understanding as it ushes forward its plans to drive transformation in shipping. The goal is to grow the sector by S$4.5bn and create 5,000 jobs by 2025.

The news includes an announcement of what the MPA calls its Sea Transport Industry Transformation Map, a new maritime hub for connectivity innovation and talent, that the country hopes will create the most dynamic maritime cluster.

There were five MoU’s signed at a special reception in Singapore with various companies and organisations in the island nation. The MoU’s covered a maritime technology acceleration programme, the development of robotic ship agency services, the development of the skills needed in a future workforce in a next generation multipurpose port, and a similar MoU for container terminals, and the digitalisation of trade and documentation in the maritime and shipping sectors.

The shipping sector is an important economy for SIngapore. It accounts for 7% of the country’s GDP and employs about 170,000 people. Container throughput in Singapore in 2017 grew by 9% to 33.7 million TEUs, from 30.9 million TEUs in 2016.

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Craig Eason

Craig Eason is the owner and editorial director of Fathom.World. He has a background in the shipping industry having started his career as a cadet on oil tankers and gas carriers before becoming a navigating officer on a range of vessel types. A change in career, with ensuing university studies, and he has now gained 20 years experience in written and broadcast journalism. He now is in demand as a knowledgeable and competent editor and event host and moderator, both for in-house events and ones for the public.