The Maritime and Port Authority of Singapore (MPA) has established the International Maritime Centre 2030 (IMC 2030) Advisory Committee to chart the future directions of Singapore’s international maritime industry amidst a rapidly changing economic setting.
The committee—comprised of 22 global business leaders and experts—is tasked to review Singapore’s IMC development strategy and identify new growth areas to enhance the republic’s long-term competitiveness and value proposition as an international maritime hub, MPA said.
Singapore, known as one of the world’s busiest ports and a top bunkering port, has been ranked a leading IMC by international studies. The latest Xinhua-Baltic Exchange Shipping Centre Development Index published in 2016 ranked Singapore as the top shipping center among 43 global maritime hubs. Singapore was also ranked first place as the world’s leading maritime capital in the last study conducted in 2015 by Norwegian consulting firm, Menon Economics, which benchmarked the top maritime cities around the world.
Singapore’s international maritime center, which consists of the shipping and maritime services sectors, has grown considerably over the years, said the authority. From hosting only about 20 international shipping groups in 2000, Singapore today is home to more than 130 international shipping groups as well as leading players in ship management, finance, broking, insurance, law, and arbitration.
But the international maritime industry is also being driven in new directions by “the increasing interconnectedness of the economy and closer integration of global supply chains,” said MPA.
“The rapidly evolving global economic environment poses both opportunities and challenges for Singapore’s development as an IMC. Emerging trends in the maritime and logistics sectors such as smart ships and ports, data analytics, digital platforms and other new technologies are disrupting traditional business models and creating new value chains.”
To be better positioned for future growth, MPA said Singapore needs to stay nimble and adapt to new industry paradigms.
“The IMC 2030 Advisory Committee will focus on these new developments and identify cross-sector growth opportunities to strengthen Singapore’s position as a leading IMC,” it said.
The newly established IMC 2030 Advisory Committee counts as members global business leaders and experts in maritime and related sectors such as global logistics, finance, and technology.
Committee chairman Andreas Sohmen-Pao said they will leverage the group’s diverse expertise and knowledge to come up with proposed strategies “for a more vibrant and competitive Singapore IMC.”
The IMC 2030 Advisory Committee members convened their first meeting September 14, 2016.
The MPA was established on February 2, 1996 with the mission to develop Singapore as a premier global hub port and international maritime center, and to advance and safeguard Singapore’s strategic maritime interests.
Photo: CEphoto, Uwe Aranas
