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Singapore Maritime Lecture: Monetary Authority MD discusses industry transformation

03 Sep 2020

The 14th Singapore Maritime Lecture, the first of a three-part ‘Maritime Perspectives’ webinar series, took place on Wednesday (2 September) with over 420 participants from 22 countries tuned in to the event.

Ravi Menon, Managing Director of the Monetary Authority of Singapore, gave the keynote address titled: “Down But Not Out: Resilience in a Post-COVID World”.

In his speech, he shared insights on changes to trade patterns and supply chains accelerated by the COVID-19 pandemic, the rise of Asia’s middle class and e-commerce.

To overcome present challenges and seize new opportunities in a post-COVID-19 world, Menon stressed the importance of developing ‘resilient supply chains’ that are diverse, flexible and integrated; growing a ‘resilient industry’ through digitalisation; building a ‘resilient workforce’ in the face of technological changes; and driving sustainability in the industry to foster a ‘resilient planet’.

In the panel discussion segment of the webinar, Wan Chee Foong (Regional CEO of Middle East South Asia & Head of Group Business Development, PSA International) and Steve Saxon (Expert Partner, McKinsey) joined Menon to share their thoughts on exploiting new opportunities and transforming the industry to build resilience for the future.

Menon highlighted the importance of end-to-end digitalisation in overcoming inefficiencies and enhancing productivity along the value chain. He emphasised the need for system integration and interoperability throughout a supply chain when going ‘digital to the core’.

On workforce transformation, Wan observed that the pandemic has boosted workplace openness to reforms and created a mindset shift on disruption and the need for collaboration amongst players in the logistics and port ecosystem.

Additionally, Saxon encouraged maritime companies to strike partnerships with start-ups and internet players while developing digital business units to attract talents and enhance digital skills in the maritime workforce. He shared that collaboration is the key to remove inefficiencies in the global supply chain. 

More details on the ‘Maritime Perspectives’ webinar series is available here

Photo credit: Maritime and Port Authority of Singapore
Published: 3 September, 2020

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