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Singapore

The unique advantages of stable government, a competitive workforce, and a thoroughly pro-business environment have enabled Singapore to become the world’s gateway to Asia. Singapore’s international trade connections, financial expertise, a sophisticated telecommunications network, and worldwide sea and air links are just some of the factors that have contributed to the Republic’s success.

At the centre of the city state’s trading history is its deep-water port, Singapore’s only real natural resource, and one which it has fully utilised. The Port of Singapore has maintained its position as the world’s busiest port in terms of shipping tonnage for the last decade. In 2002, it achieved record tonnage of 971.7m gross tons, from 142,745 vessel calls. It is also among the world’s top container ports (handling 16.94m TEUs in 2002) and well known for its bunkering activities. The island state welcomes more than 200 shipping lines, providing links with more than 600 international ports. Only a small number of imported goods are subject to quota restrictions or licence and in most instances are duty-free. Out of 2200 items in the trading classification, only 8% are subject to import duties. While all exports are technically subject to control, there are few restrictions.

Continued development
In the article that follows, the current Minister for Transport, Mr Yeo Cheow Tong, explains the vision of Singapore’s continued development from transhipment hub to International Maritime Centre (IMC), expanding to include a wide range of maritime-related services beyond the confines of the port sector: maritime R&D, training, integrated multi-modal logistics, ship financing, arbitration and ship management.

Singapore’s port sector is not the only area where plans have been laid for change. Singapore faces major challenges, driven by rapid technology advances, globalisation, and growing competition from China as a low-cost production base that can offer lower labour and land costs.

In one initiative, the Singaporean and Indonesian governments have worked together to offer international investors a globally-competitive manufacturing base with a high quality workforce. The Singapore-Riau model combines Singapore’s established technical and business expertise and infrastructure with a low-cost operating environment in the Riau islands, in particular Bintan and Batam. Investors can integrate most activities across the value chain, and still benefit from Singapore’s web of free trade agreements, notably the US-Singapore FTA.

On a more sweeping scale, the Economic Review Committee (ERC) established by Prime Minister Goh Chok Tong has produced a blueprint development strategy for the entire economy. Key recommendations include the encouragement of entrepreneurship, workforce development through flexible education, and the promotion of high-value manufacturing and services.

Geoeconomic stats: Singstat. 2002 figures unless stated.
Port stats: Singapore MPA, 2002 figures.

Port Position

Security First

BP Marine

ISS Equipment

Jurong Port

Rajah & Tann

ABB Turbo Systems