S'pore to commit over S$100 million in R&D for the maritime sector: Jeffrey Siow

Speaking at the 20th edition of the Singapore Maritime Week, Acting Minister for Transport Jeffrey Siow touched on how discussions had changed since the very first edition, and where funding must go in the future.

Siow noted that discussions back during the first event in 2006 were very different.

He noted that the industry then was already profitable, and the rules of trade and maritime passage were working well.

"Many nations, big and small, were prospering from the open maritime order that would drive record growth in global trade in the years after."

Fast forward 20 years, and things look quite different.

He noted that with over 80 per cent of global trade moving freely by sea, maritime trade today has become "the invisible thread that links the daily lives of billions of people".

Which is why it was concerning that the very system which "brought global prosperity" and had been "enshrined under international law" is under threat today, Siow noted.

He detailed some of the challenges the industry faced: rapidly evolving cyber threats, AI advancing faster than the rate of adoption, and a fragmented regulatory framework.

While he noted that these long-term challenges will require a global commitment, Singapore is not standing put.

He cited that Singapore has invested over half a billion dollars into maritime research and development over the past two decades and will commit S$100 million over the next five years to fund R&D initiatives for the sector.

This future investment will be guided by the next roadmap for Maritime Technology and Research.

Siow noted that this will guide future R&D in areas such as autonomous port operations, alternative fuels, and smart ships.

Referring to the theme of this year's Maritime Week, Actions meet Ambition, Siow noted that ambition alone is "unmoored without collaboration, commitment and concrete action towards shared goals."

Siow concluded by saying Singapore will continue to strongly support the work of the International Maritime Organisation in strengthening the future of the industry.

Image from Siow's LinkedIn