Singapore's minister of trade and industry S. Iswaran said the government is working in consultation with the marine and offshore engineering sectors, plus the region’s financial institutions, to review the possible need for measures to help them recover from the economic downturn prolonged by the recent slump in oil prices.
Government-backed loans are already provided which help small businesses deal with cash flow issues but the offshore sector has been particularly hard hit by the recession with thousands of job losses.
“A healthy marine industry is crucial to the Singapore economy and so it is good news that the government is taking a serious look at how it might help those sectors of the industry struggling to stay afloat.” said Claes Eek Thorstensen, President of the Thome Group, who welcomed the recent announcement.
“It is important that Singapore maintains its central position in the Asian maritime hub so any measures which the government might be able to offer would be welcomed including any support which preserves the diversity of industries, including research and development, in this maritime cluster.”
The minister also announced S$107 million ($77 million) to help develop a new research center for the industry.