International Business News – At a time when the world economy is suffering from unprecedented congestion in global supply chains, Singapore is moving ahead with a $40 billion port modernisation project to provide a solution.
It is reported that ,through the project Singapore will build the world’s largest automated port, Singapore’s PSA Tuas , by 2040, which will double the existing space and it features drones and driverless vehicles.
According to the data, Singapore started to allocate funds for reclamation on the west coast in 2013 to obtain the land required for the construction of Tuas Port. By 2040, the throughput of the port is expected to increase to 65 million standard containers (TEU), almost Singapore twice the throughput of 36.9 million TEU in 2020.
With the impact of the epidemic on global supply chains, it has become more urgent for ports to increase capacity and increase speed. As the most glaring bottleneck in the $22 trillion global trade market, the long-delayed port transformation needs to address a number of issues. Existing terminals are constrained by outdated technology and limited space, while container buildup and shortages of workers and trucks exacerbate inefficiencies.