Singapore has introduced a $100 million support package aimed at boosting its marine and offshore engineering industry.
The initiative will encourage partnerships and promote advancements in areas such as offshore wind, floating storage solutions, and digitalization over the next five years, according to Alvin Tan, Minister of State for Trade and Industry.
The announcement was made during OSEA 2024, a key industry event held in Singapore, which focused on accelerating the energy transition and fostering international collaboration.
During the event, experts emphasized the urgency of adopting innovative technologies like carbon capture and storage (CCS), alternative fuels, and digital automation to improve efficiency and meet evolving regulatory standards.
They stressed that swift implementation of these solutions is essential for maintaining competitiveness and advancing sustainable practices in the sector.
The initiative aligns with Singapore's broader strategy to position itself as a global leader in sustainable marine and offshore engineering while addressing critical challenges in the energy transition.
