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Targets for sea transport in industry map more than halved due to weaker economy

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SINGAPORE - The targets set out in an industry plan for the maritime sector in 2018 have been significantly scaled-down after the pandemic, with the Maritime and Port Authority of Singapore citing"si

SINGAPORE - The targets set out in an industry plan for the maritime sector in 2018 have been significantly scaled-down after the pandemic, with the Maritime and Port Authority of Singapore citing"significant disruptions" to the global economy since then.

Deputy Prime Minister Heng Swee Keat first announced the new targets on Monday during the opening ceremony of the ongoing Singapore Maritime Week, although he did not explain whether or why the initial plan had been changed. MPA is aiming for an average growth of 2 to 3 per cent annually, focusing on making Singapore's ports more resilient to supply chain disruptions and by pursuing newer, green technologies. It wants to leverage its current position as a maritime hub to become a green shipping and financing hub, as well as a"catch-up" port to help delayed cargo make their connections.

 

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