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Live From Sea Asia 2015
Lui Tuck Yew

The maritime community needs to respond to Asian growth: S'pore Transport Minister

The maritime community needs to respond to the growth of Asian shipping was the message from Lui Tuck Yew, Singapore Transport Minister and Second Minister for Defence at the opening ceremony of Sea Asia 2015.

Lui noted, despite the challenging and uncertain times, that: “Sea Asia’s growing appeal also reflects the interest that Asia holds for the maritime sector and the recognition that Asia will continue to play a key role in the years to come.”

The Minister highlighted that Asia not only supplied half the world’s goods but that the centre of gravity of global demand was shifting to the region. “Asia’s rapidly growing wealth has also created an insatiable demand for goods – much of which needs to be transported by shipping.

“Asia today is home to 500 million middle class consumers – about a third of the global middle class population. By 2030, it is expected that two-thirds of the world’s middle class will live in Asia.”

As a result, the centre of gravity for the shipping industry is also continuing to shift to Asia.

“It is therefore timely and fitting that the theme for Sea Asia 2015 is ‘Charting Asia’s Future Growth’. The maritime community needs to respond to the growth of shipping in Asia, and prepare itself to ride on the many opportunities that will bring,” Lui stated.

On the home, front Singapore is preparing itself for this growth in three key areas: developing infrastructure and technology, pursuing growth in a sustainable and responsible manner, and growing a quality maritime workforce.

While Singapore is positioning itself to take advantage of Asia’s growth the Minister said they were also mindful of the complex challenges faced by the maritime sector that required global solutions and for the international maritime community to come together.

“Platforms that gather leading industry voices together are valuable in allowing the exchange and cross pollination of ideas,” Lui said. “I believe it is through such exchanges that we can generate solutions that will bring the maritime sector to new heights. Sea Asia is one such platform.”

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