SINGAPORE: The marine and offshore engineering (M&OE) sector is expected to add 1,500 new jobs and contribute S$5.8 billion to Singapore's gross domestic product (GDP) by 2025 through its Industry Transformation Map (ITM).
The roadmap, developed by a multi-agency team led by the Economic Development Board (EDB), was launched on Thursday (Feb 22) by Minister of Trade and Industry (Industry) S Iswaran.
Some strategies as part of the ITM include pursuing new growth areas such as liquified natural gas (LNG) and offshore renewables, helping companies acquire digital capabilities through research and development (R&D), and equipping Singaporeans with the relevant skills to take on new job roles in the sector.
Speaking at the launch, Mr Iswaran said the industry "can be cautiously optimistic" if it can deepen capabilities to seize opportunities.
Singapore's M&OE sector has been going through a global downturn with the slump in oil prices since early 2016.
According to the President of the Shipbuilding and Marine Engineering Employees' Union (SMEEU) Tommy Goh, 40,000 workers have either been retrenched or not had their contracts renewed since early 2016.
AdvertisementAdvertisementMr Iswaran told reporters that although the 1,500 new jobs added to the sector is less than the number of people retrenched, the focus of the ITM is about creating high-value jobs.
As for the expected S$5.8 billion GDP contribution, it comes from a recovery in a sector that has seen a global downturn the last couple of years, as well as from new growth areas such as liquified natural gas (LNG) and offshore renewables.
Mr Iswaran also announced the establishment of the ITM programme office, which will be led by the Association of Singapore Marine Industries (ASMI).
The office will help to execute various ITM initiatives.
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