SHIPPING & MARINE | Staff Reporter, Singapore

Maritime Cluster Fund to be boosted by $100m

It will be used to co-fund proof of concept (POC) for conceptualisation of new maritime products and services.

The Maritime and Port Authority of Singapore (MPA) will increase its Maritime Cluster Fund (MCF) by $100m to help implement its plans under the Next Generation Port 2030, the International Maritime Centre 2030 and the Sea Transport Industry Transformation Map.

The MCF was set up to support manpower and business development efforts, as well as drive productivity in the maritime sector.

With the $100m top up, the MCF will now be used to co-fund proof-of-concept projects for the conceptualisation of new maritime products and services. It is also expected to support about 30 new projects and benefit some 5000 people annually.

Besides that, the MPA will also roll out a Global Talent Programme (GTP) in 2019 to help maritime talents take up leadership and management roles in the future.

Under the GTP, the MPA will co-fund 70% of eligible expenses by maritime companies who will commit to train talents through structured rotations and overseas attachments. The MPA aims to partner up to 20 maritime companies, which focus on human capital development, under GTP over the next seven years.

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