Singapore - A Trusted Global Supply Chain Management Hub
Date
11/8/2024 2:11:14 PM
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EQS Newswire / 08/11/2024 / 10:15 CET/CEST
SINGAPORE - media OutReach Newswire - 8 November 2024 - Singapore is strengthening its position as a global hub for supply chain management (SCM), providing international businesses with a reliable and efficient base to manage their regional and global supply chains. With top-notch infrastructure, a skilled talent pool, and forward-looking policies, Singapore invites businesses worldwide to establish or expand their operations in the city-state.
| | Employees in the Tuas port operations room |
Singapore Supply Chain Connect 2024 – Showcasing Supply Chain Innovation
From 3 October 2024 to 4 October 2024 , the inaugural Singapore Supply Chain Connect 2024 brought together around 400 senior supply chain and business leaders to discuss the ongoing shifts in global supply chains. Organised by the Singapore Economic Development Board (EDB) , in collaboration with key industry and government partners, this landmark event highlighted Singapore's growing role in global supply chain management .
Industry leaders shared best practices on how companies are leveraging Southeast Asia (SEA) and Singapore to drive growth and diversify their supply chains within the region. The discussions emphasised Singapore's strategic role in helping businesses build resilience and capitalise on new opportunities in the evolving global landscape.
A Strong Talent Pool and Cutting-Edge Innovation
Singapore's SCM hubs draw on a robust talent pool of over 70,000 supply chain professionals, supported by 3,600 annual graduates with the necessary skills to drive innovation and efficiency. In addition to its talent advantage, Singapore provides businesses access to a thriving innovation ecosystem backed by government initiatives such as the Economic Development Board's (EDB) support schemes . Companies can leverage these resources to establish innovation teams or Centres of Excellence (COEs) to adopt advanced technologies for digital and sustainable supply chains.
A Logistics Powerhouse with World-Class Connectivity
Singapore's top ranking in the World Bank's 2023 Logistics Performance Index reinforces its role as a global logistics management hub. The country's customs dwell time of under 10 minutes highlights its operational efficiency, making it a trusted hub for companies seeking to streamline their supply chain operations.
The logistics industry in Singapore is further bolstered by the presence of 22 of the top 25 globally leading third-party logistics providers (3PLs), many of whom are setting up Best-In-Class Regional Distribution Centres (BIC RDCs). Companies such as DB Schenker, DSV, and Maersk are investing in cutting-edge facilities in Singapore, with new regional distribution centres expected to be operational by 2025.
Long-Term Investments in Connectivity and Infrastructure
Singapore's commitment to enhancing its connectivity is evident in its ongoing investments in air and sea logistics infrastructure, which have established the nation as a trusted air and sea connectivity hub .
The Changi Air Cargo Hub is expanding its capacity from 3 million to 5.4 million tonnes annually, supported by the remodelled Changi Airfreight Centre , the Changi East Industrial Zone , and the Airport Logistics Park Singapore (ALPS) . ALPS, operational since 2003, provides third-party logistics (3PL) services, enabling seamless regional air cargo flows. To further augment capacity, a second Airport Logistics Park (ALPS2) will launch from the 2030s, offering new space for logistics companies and serving as a Free Trade Zone.
On the maritime side, Singapore remains the world's busiest container transshipment hub , handling 39.01 million twenty-foot equivalent units (TEUs) in 2023. The upcoming Tuas Mega Port , set to be the world's largest fully automated port by the 2040s, will have a capacity of 65 million TEUs annually. This advanced port infrastructure will reduce vessel turnaround times and cement Singapore's position as a key global maritime hub.
Hashtag: #EDB #SingaporeEconomicDevelopmentBoard #SingaporeThe issuer is solely responsible for the content of this announcement. Singapore Economic Development Board The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore's position as a global centre for business, innovation, and talent.
News Source: Singapore Economic Development Board
08/11/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.
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