Singapore to grow sea transport industry by $4.5b

It also wants to create 5,000 jobs by 2025.

Singapore aims to grow the sea transport industry's value by $4.5b and add 5,000 jobs by 2025, according to the Sea Transport Industry Transformation Map (ITM).

According to a press release, the ITM was developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies.

During the launch of the ITM, five Memorandums of Understanding (MOUs) were signed between MPA and various tripartite partners to develop innovation, productivity, and human capital.

MPA and NUS Enterprise signed a three-year MOU to jointly execute the Maritime Technology Acceleration Programme (MTAP) for tech startups.

The collaboration will include a residency partnership at Block 71 within the JTC Launchpad @ one-north, and both parties will jointly organise three core activities that include competitions, mentorship, and ecosystem-building activities.

Other MOUs include the digitalisation of trade and maritime documentation, robotic process automation in the ship agency sector, and port workers' skill upgrade.

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