MPA to invest SGD100 million into maritime sector

The Maritime and Port Authority of Singapore has announced plans to invest SGD 100 million in the maritime sector in 30 new projects amid growing global competition.The funds will be utilised to support business development plans, productivity measures and training requirements. The investment will allow Singapore to handle about 65 million TEUs of cargo per year, which is almost double the capacity in 2017.

In 2017, container throughput grew significantly by 8.9 per cent to 33.7 million TEUs while cargo volumes rose 5.5 per cent year on year to 626.2 million tonnes. The maritime sector accounts for about 7 per cent of Singapore’s gross domestic product (GDP) and must continue to innovate and look for new growth opportunities.