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Singapore's shipping activity may expand 2-3 times by 2025

Singapore's shipping activity may expand 2-3 times by 2025
Manila: Shipping activity in Singapore could expand two to three times by 2025 due to continual infrastructure investments and the city-state's growing importance as a trade corridor, according to a Germany-based consultant.

By 2025, the Asean Economic Community is expected to be in full swing as intra- and extra-regional trades again momentum, said Anthonie Versluis, managing partner at Roland Berger Strategy Consultants.

“Singapore aims to consolidate all of its container shipping terminals in Tuas, almost doubling port capacity per annum,” Versluis said at a seminar organised by the Philippine Exporters Confederation, Inc. (Philexport).

Malaysia, on the other hand, is planning an “aggressive expansion” of Port of Tanjung Pelepas (PTP), while Indonesia is working to complete its deepwater container port of Tanjung Sauh.

Versluis further identified four main drivers of maritime trade in the region: growth in intra-Asean trade spurred by full tariff reduction in 2015; rising trade between China and India; projected economic growth of 5-6% yearly for Asean in the next five years; and cargo demand shifting to liquids due to demand from China.

Philexport also believed that world trade is increasingly being concentrated in Asia as it reinforces its position as the world's most populous region, the largest economic zone, and the biggest consumption zone. It is also home to majority of the world's middle income.

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