Growth in waste management sector an opportunity for local companies
- POSTED: 15 Jul 2014 00:01
Growth in the Asian waste management sector has created new demand for innovative waste management and recycling solutions. This could mean new opportunities for Singapore companies operating in the sector.
SINGAPORE: Growth in the Asian waste management sector has created new demand for innovative waste management and recycling solutions. This could mean new opportunities for Singapore companies operating in the sector.
Deputy Prime Minister Tharman Shanmugaratnam said on Monday (July 14) that local companies can seize these opportunities by scaling up and moving up the quality ladder.
Mr Tharman, who is also the Minister for Finance, was speaking at the opening ceremony of Kim Hock Corporation's Metal Shredder-Separation and Biomass Energy Plant.
He added that these firms should leverage on technology and skills to increase productivity in addressing growing constraints on land and foreign manpower.
In Singapore, the amount of waste generated has more than doubled each year over the past decade, reaching 7.9 million tonnes in 2013.
But Mr Tharman pointed out that Singapore's waste recycling rate has risen from 48 per cent to 61 per cent over the same period.
He added that maintaining adequate, high-quality waste treatment capacity locally is crucial to achieving our target of a 70 per cent recycling rate by 2030.
To provide support to the sector, the Government is looking actively into new infrastructure possibilities such as a multi-storey recycling facility.
Mr Tharman said a study is now being conducted to establish the synergies and cost savings that could be gained from clustering waste recycling players in such a facility, such as through the sharing of facilities and services, and intensifying land use by stacking up.