Marine, offshore engineering blueprint unveiled

Singapore's marine and offshore engineering industry has been under pressure in recent years, but a plan unveiled yesterday charts a way for it to remain an economic force.
Singapore's marine and offshore engineering industry has been under pressure in recent years, but a plan unveiled yesterday charts a way for it to remain an economic force. PHOTO: ST FILE

Singapore's marine and offshore engineering industry has been under pressure in recent years, but a plan unveiled yesterday charts a way for it to remain an economic force. Its industry transformation road map aims to generate about $5.8 billion of value-add and create 1,500 jobs by 2025.

The ambitious plan drawn up by a multi-agency team led by the Economic Development Board tackles a range of issues that are key to the sector's prosperity.

These include diversifying into new growth areas like liquefied natural gas and embracing the digital economy to drive efficiency.

As Mr S. Iswaran, Minister for Trade and Industry (Industry), noted yesterday, there is much to play for. The sector accounted for $3.6 billion of Singapore's gross domestic product and employed more than 23,000 locals in 2016.

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A version of this article appeared in the print edition of The Straits Times on February 23, 2018, with the headline 'Marine, offshore engineering blueprint unveiled'. Print Edition | Subscribe