Josephine Teo- Still too early to determine impact of Malacca port on Singapore’s economy

Kodak used to produce almost all of the photos and the photo materials in the world. Nokia was the leading phone company. Both are gone. Why? Because they didnt notice the changes around them or the distruption being caused to their industries. 

Singapore has been a port city for ages. Right now we have real threats and challenges. One of which is from the expansion of the Kuala Linggi International Port (KLIP) in Malacca which will be completed within the next decade. Our Senior Ministry of State for Transport Josephine Teo says that it is “still too early” to determine its exact impact on Singapore’s economy”. She has said the Government will closely monitor KLIP and other regional developments, and take further measures as necessary to retain a competitive edge. Nokia and Blackberry both tried that and it was too late for them. 

The port, which costs S$4 billion, will offer storage, repair and refuelling services. Using 620 acres of reclaimed land, KLIP launched the construction of a port with 1.5 million cubic metres of oil storage capacity and dry docks to handle the biggest of oil tankers, hoping for completion within a decade. Obviously Malaysia has a big advantage over land and size but currently the KLIPs planned storage is small relative to Singapore’s current capacity of 20.5 million cubic metres.
 
Josephine Teo mentioned that “In addition, our position as a regional bunkering and oil storage hub is anchored by a strong ecosystem of oil refineries and oil traders, and by the high volume of ships calling at Singapore for various services,” 

She outlined some of the Government’s efforts in doing so, like investing in technology at the port to better meet the needs of the shipping industry, conducting surveys with shipping companies, investments in manpower, and a next-generation port is being developed at Tuas.

Singapore must continue to improve and change. However there will be issues like not having adequate manpower or adequately training manpower. Professionals. Belief in technology. Assisting SMEs to improve. We have still a long way to go.  

 

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