Smarter Ports And Vibrant Local Enterprise Ecosystem To Fuel Growth For Singapore
Singapore is all set to write a new story of growth fuel by a vibrant local enterprise system and smarter ports. By 2025, the sea transport sector will be creating 13,000 new jobs in the city-state. Josephine Teo, Senior Minister for State for Transport presented this data before the Parliament this Wednesday suggesting that a bustling local enterprise system. It will help in creating growth opportunities for the Singaporeans.
Making ports smarter
With 250,000 jobs, the aviation and maritime sector is the most productive sector of the Singaporean economy. It is contributes about 10% to the GDP. This is going with the tremendous potential in aviation as well as sea hubs. The government is now focusing on development of sea-ports. Teo said that they need to create bigger and smarter ports in Singapore which offer ‘super connectivity, efficiency, and reliability’. Big ports will no longer make Singapore get better opportunities via the sea. The country needs to use technology to create smart ports to get an edge over the competition. These smart ports will likely be developing by the Changi Airport Group (CAG) and the PSA Corporation.
The government is looking forward for automation solutions designed. After carefully studying data about flow of vessels and volume of containers moving through the Singaporean ports. The Tuas Terminal, being planned after taking these optimized automation solutions in mind will be bigger and better than the other existing terminals combined. That is including Pasir Panjang and Kepper, Tanjong Pagar and Brani. The Changi Airport will have another Terminal 5 which will also outperform the other terminals in terms of scale. Terminal 4 is currently being used as a ‘test-bed’ to check these automated solutions which will save about 10% manpower.
Strengthening local enterprises
Singaporean government intends to make the city-state an attractive place to set up and scale business. The primary focus here will be aviation and maritime players to set up services in Singapore. Teo said that companies like to work in Singapore because of enhanced value and a bustling business network which allows testing . Addition is use of market intelligence. Even though the costs are high. An enterprise ecosystem that mutually helps and supports the growth of different businesses is will be the key to Singapore’s progress.
Two such companies showing interest in Singaporean business are West of England Protection and Indemnity Insurance Club and the LH Shipping Company from Switzerland. The city-state is also looking forward to create a unique niche in this industry by creating the first business cluster in Asia to get certified for handling pharmaceutical products sensitive to time and temperature by the International Air Transport Association.
By creating unique and advanced niche in the maritime and aviation business it’s helping the country’s human resource get ready for knowledge intensive jobs. The government is trying to place Singapore on the world map as a technologically advanced knowledge economy with long-term sustainable growth prospects.
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