The new industry transformation map aims to boost employment and sector growth.
Minister for Trade and Industry S. Iswaran yesterday launched the Marine & Offshore Engineering Industry Transformation Map (ITM), which will serve as a guide to help the sector further grow.
Through the ITM, M&OE sector aims to contribute $5.8b to Singapore’s gross domestic product and open around 1,500 new jobs by 2025.
M&OE sector performed weakly in Q4 2017 declining by 11% due to low levels in rig-building, shipbuilding and repair activities, according to MTI. The weak demand for oil rigs also weighed on employment in the M&OE segment.
As such, the new ITM aims to help M&OE firms invest in advanced manufacturing, develop new solutions, and explore business opportunities in new growth areas.
First, a $3.2b billion budget was allocated under the Research, Innovation and Enterprise 2020 plan to support research and development in advanced manufacturing and engineering.
Second, the Technology Centre for Offshore and Marine Singapore (TCOMS) will integrate public research and industry expertise to develop concepts and infrastructure for marine & offshore operations.
Lastly, the government will connect local M&OE firms partner with other companies abroad to help take advantage of new growth areas, such as Liquefied Natural Gas (LNG) and offshore renewables.
Global expenditure on LNG is seen to surpass US$280b by 2021, whilst global offshore wind market is expected to exceed US$130b by 2023.
Besides the map, Iswaran also unveiled the establishment of the M&OE ITM Programme Office, which will be led by the Association of Singapore Marine Industries. The office will execute the initiatives outlined in the blueprint.
The ITM is developed by the M&OE Industry Tripartite Committee, which is comprised of government agencies, trade associations and chambers (TACs), unions and industry leaders.
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