Singapore to pump millions of dollars to support maritime industry

Singapore authorities will pump some 22 million Singapore dollars (17.3 million U.S. dollars) to support its maritime industries, Health Minister Gan Kim Yong said on Thursday.

The fund will be pumped into the Tripartite Nautical Training Award program by key industry players like the Singapore Workforce Development Agency, the Employment and Employability Institute of the National Trade Union Congress and the Singapore Maritime Officers' Union.

Some 130 Singapore nationals and foreigners who have permanent residency have benefited from the program which started in 2009 with a 6 million Singapore dollars (4.7 million U.S. dollars) fund.

The latest funding will be provided over the next five years to support local residents who wish to pursue a maritime career, Gan said. It will cover the training fees and a monthly allowance of up to 1,400 Singapore dollars per cadet during the 31-month long training course.

Singapore Maritime Officers' Union also set aside 500,000 Singapore dollars (393,700 U.S. dollars) to launch a fund specifically to support the needs of its aging members. It will be used to help needy senior members who have any medical and mobility issues.

The maritime sector is an important part of the Singapore economy.