Record S$7.4 billion turnover for Singapore's marine industry in 2005News // March 29, 2006
Channel News Asia reports that Singapore's marine industry had a record year last year.
The industry chalked up more than S$7.4 billion in revenue, up 40 per cent over 2004, which was itself a record year.
The figure was revealed by Minister of State for Transport Lim Hwee Hua on Tuesday at the 10th Anniversary dinner of the Marine Group Local Industry Upgrading Programme (LUIP).
Almost one in every five ships repaired in the world was worked on in Singapore, contributing some S$3.4 billion to the economy.
At the same time, the industry is also building 70 per cent of the world's new rigs.