Premier Denis Napthine met with representatives from the Port of Singapore, the world’s largest container transhipment hub, to gather vital information for Victoria’s port expansion and development projects.
“The Victorian Coalition Government is expanding the capacity of the Port of Melbourne through the $1.6 billion development of a container terminal, automotive terminal, empty container facilities and a pre-delivery vehicle inspection hub at Webb Dock,” Dr Napthine said.
“We have also allocated $110 million in the 2013-2014 Victorian Budget for design and planning work to develop a new port facility at Hastings.
“Both of these projects combined will ensure Victoria has enough capacity to handle the predicted increase in container throughput, which is expected to quadruple by the mid 2030’s.
“At the same time the Port of Singapore, which is a global leader in the shipping industry responsible for about 5 per cent of the world’s total container trade, is also undergoing a major redevelopment and relocation.
“Strengthening the relationship between the Victorian and Singaporean port authorities will not only ensure that we share valuable information regarding our respective expansions, it will also ensure Victoria attracts a greater share of Singapore-Asia shipping activity as throughput increases in the region,” Dr Napthine said.
The Super Trade Mission to South East Asia will target markets worth $2.3 trillion which are set to nearly double by 2017.
This trade mission builds on the Victorian Coalition Government’s successful trade mission program of 52 trade missions so far, including more than 2,100 businesses to more than 20 countries which have generated approximately $3.2 billion in projected new exports.
“The Super Trade Mission is an important first step for Victoria to begin expanding ties required to grow trade and investment with Singapore in the medium to longer term, ,” Dr Napthine said.
The Super Trade Mission, which wraps up today, visited six countries – Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines.