news Markets & trade Splash247
For the first time in 20 years Singapore has a new prime minister. What does the local maritime community want to see from the Lawrence Wong government? The first instalment in a brand new, 60-page magazine published today looking at the world’s greatest maritime hub. More of the same, please, and don’t rock the boat. That’s the message emanating from the local maritime community on the accession of Lawrence Wong to head the country. This May, Wong became Singapore’s fourth prime minister taking over from Lee Hsien Loong, who remains in the cabinet as senior minister. Aged 51, Wong is the first Singaporean leader born after the country won independence in 1965. The US-educated economist is widely seen as a social media-savvy stalwart who effectively handled the covid pandemic when he oversaw a government taskforce. Prior to becoming a member of parliament in 2011, Wong worked at the Ministry of Trade and Industry (MTI), the Ministry of Finance (MOF) and the Ministry of Health (MOH). Two years ago he was promoted to deputy prime minister. Guarantee consistency to create a business-like regulatory environment of facilitation Wong will lead the ruling People’s Action Party into the next general election, due by November 2025. With this in mind, he announced new benefits at a national day address in August including unemployment support, housing and training grants and mandatory paternity leave months. Wong has also promised a business-friendly environment and pledged to keep the regulatory burden to a minimum. Ideal background All those polled for this magazine hope that the new administration will not do things too differently to how the previous 20-year Lee administration did when it comes to maritime, a period of time where the Lion Republic leapt to become the unquestioned leading maritime centre in the world. Niraj Nanda, group commercial director at shipmanagement giant Anglo-Eastern, reckons Wong’s background in trade and industry, finance and education provides a versatile set of experiences that could benefit the maritime industry. Plans laid out in the budget back in April appear to positively support Singapore’s place in maritime, Nanda points out too. Wong’s previous role as CEO of the Energy Market Authority and the extension of the Energy Efficiency Grant (EEG) to the maritime sector may enable additional benefits around energy efficient technologies, says the Anglo-Eastern executive. “Singapore has had a stable administration and environment for the maritime sector. We don’t believe – or hope – that there will be any changes in the way the Singapore administration views the maritime sector. They have good momentum, and this will hopefully continue,” says Carl Schou, the president of Wilhelmsen Ship Management. While this sentiment rings true for Ryan Kumar, the managing director of Direct Search Global, a recruitment firm, the issues facing Wong and his team are different from the past, he stresses. Global supply chain disruptions such as port congestion, delays, container shortages, and rising costs have impacted the efficiency and profitability of the maritime industry, he points out. Labour shortages, particularly among seafarers, have further compounded the situation, Kumar adds. Additionally, geopolitical tensions and environmental concerns add to the complexities faced by Singapore’s maritime sector. We don’t believe there will be any changes in the way the Singapore administration views maritime Despite these challeng
Splash launches latest Singapore magazine
Splash247
Read full article at Splash247 →
Opens Splash247 in a new tab