The marine and maritime industry is set to grow further as Singapore expands its offshore, marine and maritime interests as an International Maritime Centre (IMC).
The industry accounts for about 7% of Singapore’s Gross Domestic Product in 2005.
“With Asia’s increased dominance in world shipping and Singapore’s strategic location at the crossroad of global trade, we are well placed to grow further as one of the world’s important maritime hubs,” said Mr Teo Siong Seng, Chairman of the Singapore Maritime Foundation.