Why Is It Necessary or Vital for a Country Like Singapore to be a Maritime Hub

Singapore is categorized as a connector hub within the East Asian or Southeast Asian area, with a prominent number of relations to metropolis in other regions. Singapore’s position as an International Maritime Centre (IMC) is built upon its status as a global maritime hub (Leading International Maritime Centre 2009). It is the plan of the Maritime and Port Authority of Singapore (MPA) (Leading International Maritime Centre 2009) to make a central group of operators and maritime services suppliers in order to put up business in Singapore. The country’s reward as a global hub to financier and the business community has been accepted by government and various other higher authorities. So as to carry varied business desires of activities within the broad series of maritime sectors, the government has formed a pro-businessenvironment, which would encourage in incorporating and growing businesses. The country is continuously re-inventing itself as a hub. In Singapore, a maritime hub provides the chance to develop strengths in new areas that operate outside the realm of the conventional role a port plays. It contains ship insurance, ship financing and a variety of auxiliary events that the shipping industry depends on. This diversification will grant the country with better flexibility to accept uncertainties and fast variations in the maritime industry.