Opening Remarks for Singapore Maritime Week by Mr Jeffrey Siow, Acting Minister for Transport

Deputy Prime Minister and Minister for Trade and Industry Mr Gan Kim Yong,

Secretary-General of the International Maritime Organization (IMO) Mr Arsenio Dominguez,

Excellencies,

Distinguished guests,

Ladies and gentlemen,

1.          Good morning.

a.          Very happy to have so many of you here in Singapore for the 20th edition of the Singapore Maritime Week.

2.          At the first edition of Singapore Maritime Week in 2006, our discussions were very different.

a.          I went back in history to look at the agenda.

i.            Topics included improving the image of the shipping industry

ii.           And whether the sector could self-regulate itself a little bit more.

b.          The industry then was already profitable. The rules of trade and maritime passage were working well.

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

3.          With over eighty percent of global trade moving freely by sea through the world’s waterways, maritime trade today has become the invisible thread that links the daily lives of billions of people. Yet, this system that has brought global prosperity and is enshrined in international law is under threat today.

4.          The maritime industry faces many challenges.

a.          For instance, cyber threats are growing faster than the defences that are built against them.

b.          AI is advancing faster than the industry is adopting it.

c.           And the transition to alternative fuels while underway, the technology, the bunkering infrastructure, and the regulatory frameworks remain fragmented.

5.          Addressing these long-term challenges will require a global commitment.

6.          As a maritime nation, Singapore will do its part. For example, over the past two decades, Singapore has invested over half a billion dollars in maritime research and development for the future.

a.          This has allowed us to grow capabilities in container port automation, electrification, and marine traffic management.

b.          We also developed initiatives such as OCEANS-X, a platform to facilitate data exchange between regulators, port operators, shipping lines, and other international partners, so that different maritime systems are interoperable, and we have a single platform to connect end users directly to digital services and data.

7.          Today, Singapore is launching our next roadmap for Maritime Technology and Research. This will guide future R&D in areas such as autonomous port operations, alternative fuels, and smart ships.

a.          To fund these R&D initiatives for the maritime sector, Singapore is committing more than $100 million over the next five years.

Conclusion

8.          The theme of this year's Singapore Maritime Week is Actions Meet Ambition.

a.          Ambition alone is unmoored without collaboration, commitment and concrete action towards shared goals.

9.          The maritime industry has thrived because all our stakeholders have committed to work together to address challenges.

a.          The IMO plays a critical role in this regard, as a convening platform, but also providing leadership to drive our collective agenda.

b.          In recent years, the leadership of the IMO Council and Secretariat have made significant progress advancing the international legal and regulatory frameworks for safe, secure, and sustainable shipping.

c.          Singapore will continue to strongly support the work of the IMO and Member States in strengthening the future for our industry.

10.        Let me conclude. As the host of the event, I want to extend my deepest appreciation to Deputy Prime Minister Gan Kim Yong for gracing the event today, for delivering the Singapore Maritime Lecture and for agreeing to do a Fireside Chat with our guests as well.

11.        We are working very hard. DPM Gan has just returned from a long trip to the United States last week. We look forward to his insights on the geopolitical situation and on the future of maritime.

12.        I am also very happy that Mr Arsenio Dominguez Secretary-General of the International Maritime Organization, is here with us today, and he will be delivering a Fireside Chat in the afternoon. His leadership at the IMO has given the industry a clear sense of direction. Singapore values our partnership with him and friendship deeply.

13.        Finally, the year also happens to be the 30th birthday of the Maritime and Port Authority of Singapore. I want to wish MPA and MPA colleagues a happy 30th birthday.

14.        And with this, I look forward to meeting all of you at the events of this upcoming week.

15.        I declare Singapore Maritime Week officially open.

16.        Thank you.