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Maritime Singapore Closes 2022 with Good Momentum for Future Growth

Source: MPA Singapore Mr Chee Hong Tat, Senior Minister of State for Finance and Transport, was the Guest-of-Honour at the annual Singapore Maritime Foundation New Year Conversations event. He spoke on the developments and 2022 performance of Maritime Singapore. Growing our International Maritime Centre and MarineTech Ecosystem As a leading International Maritime Centre, Maritime Singapore is home to a diverse range of maritime businesses, with more than 170 international shipping groups as well as other maritime players in the areas of finance, insurance, cybersecurity, shipbroking, law and arbitration. Despite global inflationary pressures and supply chain disruptions, our International Maritime Centre has expanded steadily in 2022.  Last year, total business spending by shipping companies exceeded S$4.3 billion, and more than 30 companies established or expanded their operations in Singapore, supported under programmes by the Maritime and Port Authority of Singapore (MPA). This is more than 30% higher than the number of companies which expanded operations or set up in Singapore in 2021. Singapore was also recognised as the top international maritime city in the Xinhua-Baltic International Shipping Centre Development Index and Menon Economics-DNV’s Leading Maritime Cities of the World report.  MPA is working with the industry, research, and the investment community to grow our MarineTech ecosystem. The number of start-ups under Port Innovation Ecosystem Reimagined @BLOCK71 (PIER71TM) has grown from 17 in 2018 when PIER71TM was launched, to close to 100 today. These start-ups have raised overS$50 million in investment in the past four years, and four start-ups have also

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