Despite the unstable world situation, slowing production and consumption, high inflation, geopolitical tensions erupting in many regions of the world, and the impact of the Russia-Ukraine and Israel-Hamas conflicts, Singapore still maintains its position as the leading cargo transit hub in the region, while recording a record number of ships arriving at its ports in 2023.
According to the official announcement of the Maritime and Port Authority of Singapore (MPA), the annual tonnage of ships arriving at the Port of Singapore on 25 December 2023 reached a record 3 billion GT (Gross tonnage), up from 2.83 billion GT in 2022. The breakthrough of 3 billion GT in Singapore's shipping industry is an extremely important milestone in the context of the global maritime recession since 2016 and the disruption of supply chains during the Covid-19 pandemic.
Singapore has made significant investments in hardware, infrastructure, technology and operating systems, but more importantly, it has been the close collaboration between trade unions, the maritime industry and the government. According to MPA CEO Teo Eng Dih, Singapore needs to continue to improve port efficiency and safety. For example, expanding the Just-in-Time (JIT) Scheduling and Coordination Platform for vessels calling at PSA and Jurong Port, to accommodate tankers and all vessels at anchorages and provide scheduling information, to reduce waiting times and fuel consumption, save costs and reduce emissions.
In addition, Pasir Panjang Port is equipped with an 18m deep water crane system with a reach of over 24 rows of containers and a fully automated electric yard crane system designed to handle the world's largest container ships. Singapore also continues to build a large-scale new Tuas Port facility, increasing its container capacity by more than two-thirds and continuing to lead the world in transshipment ports with nearly 80% of goods moving across Asia...
Another move by Singapore is the “Forward Singapore” dialogue, launched in June 2023, chaired by Deputy Prime Minister Lawrence Wong and other fourth-generation (4G) political leaders. In his New Year’s message, Prime Minister Lee Hsien Loong described the roadmap as “ambitious”, especially “in an era of rapid change both externally and internally”. “Many larger societies have become divided and weakened because difficult issues are not addressed directly and effectively, rival interest groups jostle each other, and leaders put their own interests above the national interest”, he said. As a small island state, Singapore cannot afford to make the same mistakes and suffer the same consequences, but must work harder than ever to keep society united and strengthen its sense of identity and national spirit.
Forward Singapore has been ongoing for 16 months, engaging more than 200,000 Singaporeans through face-to-face and face-to-face dialogues, surveys, roadshows and digital platforms. The Forward Singapore report, launched by Deputy Prime Minister Lawrence Wong in late October 2023, has compiled what Singaporeans want for their future society.
The report also outlines how the government will work with the people to renew the social contract. The recommendations and key policy changes are based on suggestions from Singaporeans and stakeholders. But in fact, the government’s commitment to the people has been made since Forwad Singapore was first launched. Singapore’s socio-economic development roadmap has been organized into six pillars, and each pillar will be personally led by 4G leaders. For example, “Empowerment” will be overseen and led by the three Ministers of Manpower, the Secretary-General of Trade Unions and the Minister of Sustainability and Environment.
Singapore’s economy will grow by just 1.2% in 2023 and will be lucky to avoid recession as geopolitical uncertainties continue to weigh on the global economy. In his New Year’s message, Prime Minister Lee Hsien Loong said GDP will grow by 1-3% in 2024, but this will depend largely on the external environment. Tensions and risks related to the security situation in the region’s seas will affect growth. In addition, climate change will also have an impact on the economy. Singapore needs to adapt and prepare for rising temperatures and sea levels, while transitioning to a zero-carbon economy and the resulting costs.
Despite these headwinds, however, Singapore has reason to be hopeful and confident as rapid technological advances, particularly in artificial intelligence and robotics, hold great promise for businesses and people. The Prime Minister said the government will work closely with businesses to upgrade and transform their operations, while helping people upskill and reskill to remain employable and competitive.
Time will tell whether the Singapore government can address the uncertain future, but Singapore will surely fail without visionary and dedicated technocrat leaders. That is why Prime Minister Lee Hsien Loong has called on the public to support the leadership transition as he plans to step down in November 2025.
LE HUU HUY, Director of Vietnam Global Network Consulting Company, Singapore
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