1.Maritime and Port Authority of Singapore – Singapore’s Next Generation Tuas Port Project
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The government is focusing on sustainable development of the country with the introduction of automated and sustainable products. Sustainable technologies are integral to the new Tuas Port, which will become the world’s largest automated container terminal when its fourth and final phase will be completed in 2040.Tuas Port, when fully developed in four phases, will be the world’s single largest container port capable of handling up to 65 million TEUs annually. From planning to implementation, Tuas Port will be a resilient port. It provides a single consolidated location for Singapore’s container activities. Finger-piers with caisson quay wall were adopted to maximise limited land and sea space while creating 115 hectares more land. Coupled with long linear berths and design depth of -23m at Chart Datum, it can accommodate mega container ships exceeding 450m in length. Above Ground Space will also be introduced, adding 240ha of space for port-related uses.
2.Increasing Cross-Border Trade between Singapore & its neighboring countries:
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Singapore entered a multilateral trade agreement with the Pacific Alliance. The establishment of the PASFTA provides exclusive opportunities in Singapore to engage, transact, and capitalize on the Latin American market with decreased tariffs and eased trade restrictions.This FTA marked a milestone for the PA as the biggest step in our integration with the Asia Pacific Region which allows Columbia to grant Singapore the status as the first Associated State to the PA. In 2017, the Pacific Alliance launched negotiations with Singapore, Australia, New Zealand and Canada, which are Candidates to be Associated States to develop instruments for economic and commercial integration, stressing our commitment to effectively insert ourselves in the Asia Pacific Region.
3.Ever-growing Population and Rise in Domestic Consumption in Singapore
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Total Population growth of Singapore Singapore’s total population stood at 5.6 Mn in 2022 and it grew by 3.4% from the previous year. The ever-growing population in Singapore plays a vital role in fueling the growth in CEP Market. The demand for CEP services has increases owing to rise in the domestic consumption, expanding economy and improved logistics infrastructure in the region.