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SINGAPORE : The supply chain industry currently accounts for 10 per cent of Singapore's economy.
And market players said it could expand a further 5 per cent in the years ahead, making Singapore a potential hub for logistics companies to expand in Asia.
Plans are also afoot to set up a US$4 million training centre in the city-state to develop talent.
Singapore's strategic location makes it an ideal regional logistics hub. And companies like Mapletree Logistics have done just that.
For instance, the company is driving business development and marketing campaigns for markets like China, India and Vietnam out of Singapore.
Going forward, Singapore aims to be a key partner in developing Pan-Asian supply chain solutions.
S Iswaran, Senior Minister of State, Ministry of Trade and Industry said: "Intra-Asian trade growth is expected to outpace the other regions and will bring about new levels of supply chain complexities.
"As global companies come into Asia and Asian companies start to broaden their platform, they are re-thinking their strategies; the supply chain management solutions are going to be an integral part of that business strategy."
Market players said Singapore's efficient workforce has also helped them improve productivity.
And in about 18 months, the industry body Supply Chain Asia will set up a US$4 million training centre in Singapore.
It will be located in the outskirts of the city, either in Clementi or Changi.
The centre aims to train 3,000 to 5,000 professionals a year, with two-thirds of them from outside Singapore.
Supply Chain Asia added that fresh graduates will make up a third of the intake with the rest from the workforce. - CNA /ls
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