FASTER BUS SHELTER CONSTRUCTION
Mr Chee announced that the time needed to construct bus shelters has been shortened significantly – from 14 weeks to just four weeks.
The Land Transport Authority (LTA) has streamlined the approval processes for street works and adopted modular construction methods to speed up installation.
Later this year, LTA will expand its vehicle parking proposal and plans lodgement scheme to include additions and alterations work at car parks in residential, commercial and mixed developments.
Under the new system, work can now begin immediately upon lodgement instead of waiting up to three weeks for approval.
On maritime transport, Mr Chee said the Maritime and Port Authority of Singapore has developed a “digital twin” to monitor vessel movements, port activities and weather conditions in real time.
“For businesses, we hope this can translate to greater operational efficiency, predictability and resilience. For instance, shipping companies can now benefit from real-time visibility of port traffic and operations and take steps to reduce waiting times and operating costs.”
SINGAPORE AS A TRUSTED BUSINESS HUB
Mr Chee also addressed the broader global economic climate, noting that Singapore faces a more turbulent and uncertain global environment, significantly different from the previous world order.
“The world has become more arbitrary and more protectionist. It is not the same rules-based, multi-lateral global order that enabled a small and open economy like Singapore to thrive,” Mr Chee said.
Trust and reliability have become more valuable, and Mr Chee highlighted Singapore’s position as a stable and dependable base for long-term investment.
He cited DHL’s recent launch of its new Pharma Hub in Singapore as an example of international confidence in Singapore as a logistics and business hub.
However, as uncertainty continues, “doubling down on this critical strength will be key to strengthening Singapore’s competitiveness in the next phase of our economic growth”.
Looking ahead, he stressed the importance of deepening trade links beyond just major economies like the US.
The United States currently accounts for 13 per cent of global imports and is the world’s largest importer, Mr Chee said.
“It is the 800-pound gorilla, as some US government leaders described themselves, but it is not the only gorilla around. There are also other gorillas and great apes, and though they may weigh less than 800 pounds individually. But collectively, their combined weight is actually much more than 800 pounds.”
