The Maritime and Port Authority of Singapore will launch new initiatives to drive maritime research and development, productivity improvements and manpower development to strengthen the nation’s maritime sector.
The new initiatives were announced by Tharman Shanmugaratnam, Singapore’s deputy prime minister and minister for finance, at the opening of the Sea Asia Exhibition and Conference, held in conjunction with Singapore Maritime Week 2013.
To support Singapore’s maritime research and development capabilities, the Maritime and Port Authority will extend the validity of the Maritime Innovation and Technology Fund by five years and provide another S$50 million (about US$40.4 million) in funding.
For the industry’s productivity efforts, the agency will introduce a new $20.2 million program under the Maritime Cluster Fund to provide co-funding for initiatives such as business process re-engineering, automation and adoption of other productivity tools or practices.
Additionally, the Maritime and Port Authority will continue to work with institutes of higher learning to promote maritime careers. it will set aside $1.6 million from the Manpower Development Program under the Maritime Cluster Fund for a new global internship award over the next five years.