Singapore seeks global maritime hub with $3.4b agenda

Singapore has unveiled a new plan, the Sea Transport Industry Transformation Map (ITM), in an aim to grow the industry’s value-add by SGD 4.5 billion (USD 3.4 billion) by 2025. Specific initiatives have been laid out under the Sea Transport ITM, which was presented on January 12 at the annual Singapore Maritime Foundation New Year Cocktail Reception, to catalyse innovation, drive productivity improvements, as well as enhance the skills of the maritime workforce.

Developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies, the Sea Transport ITM builds on MPA’s strategic long term plans to develop Singapore’s next-generation port and strengthen its international maritime centre (IMC). The aim is to grow the sector’s value-add by SGD 4.5 billion and create more than 5,000 good jobs by 2025. At the ITM launch, five Memorandums of Understanding (MOUs) were signed between MPA and various tripartite partners to underscore the collective commitment of stakeholders to drive innovation, productivity and human capital development in the transformation of Maritime Singapore.

The maritime industry contributes 7% of Singapore’s Gross Domestic Product (GDP) and employs over 170,000 people. In 2017, spurred by improvements in global trade growth and the repositioning of major shipping alliances, Singapore’s container throughput grew by 9% to 33.7 million TEUs, from 30.9 million TEUs in 2016. (Please refer to Annex F for Port of Singapore’s Performance in 2017.)

“The strategies and targets set out by the ITM are undoubtedly ambitious. But with the strong partnership from the industry, the unions and government agencies such as SkillsFuture Singapore and Workforce Singapore, I am confident that we can achieve our vision for Singapore to be a Global Maritime Hub for Connectivity, Innovation and Talent,” Lam Pin Min, Senior Minister of State (SMS) for Ministry of Transport and Ministry of Health, said.