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Singapore: MPA enhances MCF with additional SGD $100 million

08 Mar 2018

The Maritime and Port Authority of Singapore (MPA) Wednesday announced a SGD $100 million ($76 million) top up to its Maritime Cluster Fund (MCF).

The top up will be in support of the port authority’s vision for Singapore to be the global maritime hub for connectivity, innovation and talent.

The drive towards Singapore’s next phase of growth will be implemented through four broad strategies.

The direction to strengthen Singapore’s connectivity and inter-linkages include plans to promote the growth of non-traditional maritime players such as bunker fuel measurement consultancy Metcore International.

“To boost non-physical connectivity, MPA will continue to expand the range of maritime services available in Singapore to increase our attractiveness as a maritime hub,” it says.

“Besides encouraging existing players to set up new business activities, MPA will promote the growth of non-traditional players such as maritime technology enterprises like Alpha Ori and Metcore.”

The vision to build a vibrant innovation ecosystem at Singapore will be implemented through two programmes, namely: Maritime Transformation Programme and Singapore Maritime Data Hub to build an enabling ecosystem that fosters innovation and R&D in the maritime sector. 

The third strategy, to develop a future-ready and skilled maritime workforce, will see MPA will roll out a co-funded new Global Talent Programme by 2019 to groom a pipeline of local maritime talent for future leadership and management positions.

Overall, MPA will use the Maritime Cluster Fund (MCF) as an enabling tool to support its efforts to enhance productivity and encourage innovation, and the development of a multi-skilled maritime workforce with a global mindset at Singapore.

“Together, these four broad strategies will drive Singapore’s next phase of growth as a global maritime hub for connectivity, innovation and talent, and ensure that Singapore continues to be well-positioned and ready to seize the new growth opportunities that may emerge,” it says.

Published: 8 March, 2018

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