SINGAPORE’S continued success as a maritime hub must come on a broad view of trade, Minister for Trade and Industry Chan Chun Sing has said. Read more at The Business Times.
SINGAPORE’S continued success as a maritime hub must come on a broad view of trade, Minister for Trade and Industry Chan Chun Sing has said.
Mr Chan noted that the maritime industry will come to be driven by data from sophisticated fleet sensors.“Big Data analytics like neural networks will allow industry to extract invaluable insights from these data - such as how to better deploy resources to support shifts in global value chains, as well as to better tap the efficiency of different modes of transport,” he suggested.
“Regardless if the trade physically flows to or flows through Singapore, they can all benefit from the network efficiencies by trading on this Singapore platform,” he said. He acknowledged that trade tensions between the United States and China are here to stay, as the two countries compete over technology and geopolitical influence.
“For example, rules will need to be updated for relevance in the new economy consisting of unparalleled data, digital and financial flows.
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