Maritime Week: MPA launches updated Sea Transport ITM 2025

The updated ITM will focus on four key strategies.

The Maritime Port Authority (MPA) has launched Sea Transport Industry Transformation Map (ITM) 2025, which features updated strategies on how the sea transport sector can address challenges and seize opportunities from the pandemic and shaft sin global supply chains.

Under the upgraded plan, the focus will be on four key strategies: ensuring the relevance and resilience of MaritimeSG as a key node in global supply chains (Strategy 1); building a vibrant innovation ecosystem, and actively developing new growth Areas (Strategy 2); supporting maritime SMEs and start-ups to Grow into Global Champions (Strategy 3), and developing a future-ready maritime workforce equipped with global skillsets  (Strategy 4).

Every strategy has corresponding ambitions. For strategy 1, MPA aims to attract $20 billion of industry total business spending over 5 years (2020-2024).

Meanwhile, MPA also aims to attract more than $25 million of Venture Capital investments into PIER71™ start-ups and grow the number of MarineTech start-ups supported by MPA from the current 30 to 150 for strategy 2; and create another 1,000 good jobs for locals by 2025 under strategy 4.

To achieve these ambitions under the ITM 2025, the MPA has established the Maritime Industry Transformation Tripartite Committee (MITTC) comprising six representatives across the industry, unions, and the government – PSA Corporation, Jurong Port Private Limited (JP), the Singapore Shipping Association (SSA), Singapore Maritime Foundation (SMF), the Singapore Maritime Officers’ Union (SMOU), and MPA.

THe MITTC will be co-chaired by Mr. Hor Weng Yew, Chairman of SMF, and Ms. Quah Ley Hoon, Chief Executive of MPA.

First launched in 2018, the ITM’s main goal was to grow the sector’s value-add by $2 billion, or an average rate of 2-3% annually, between 2020 and 2025. 

Read more: What to expect from the 16th Maritime Week