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Singapore extends its Maritime Cluster Fund

Singapore extends its Maritime Cluster Fund

Singapore: Raymond Lim, Minister for Transport and Second Minister for Foreign Affairs, announced an extension of the S$80 million Maritime Cluster Fund (MCF) for a second five-year term, beginning next year. The announcement was made at last week's Singapore Maritime Week, where Lim was addressing some 700 industry luminaries and shipping representatives present at the 4th Singapore International Maritime Awards.

The MCF was set up in 2002 with the twin objectives of developing manpower for the maritime industry and enhancing port competitiveness. Since then, some 750 companies have drawn on the MCF to co-sponsor over 2,000 employees for a wide variety of maritime education and training programmes.

Direct value-add contribution of the maritime sector to Singapore's GDP has grown to around 7 to 7.5%. Singapore's maritime industry has become noticeably more vibrant in recent years, especially with the introduction of key events such as Maritime Week and Sea Asia. Singapore is now reckoned  to be home to more than 5,000 maritime-related firms and establishments employing about 100,000 people.  [01/10/07]