Singapore, Korea sign MoU to collaborate in marine, offshore projects

At the Asia Pacific Maritime 2022 event in Singapore, a MoU was signed on March 16 between the Association of Singapore Marine Industries (ASMI) and Korea Marine Equipment Association (KOMEA) to promote collaboration and opportunities in marine and offshore projects.

As the first of its kind between the two countries, the MoU will enable both associations to forge stronger business relations, facilitate cross-border collaboration and leverage growth opportunities for their members in the shipbuilding and offshore sectors.

ASMI is a non-profit trade organization representing over 250 corporate members in the business of ship repair, ship conversion, shipbuilding, rig building and offshore engineering in Singapore, while KOMEA is a non-profit trade association that promotes the development of the Korean shipbuilding and marine equipment industry and has a membership of over 200 companies.

Alex Choe, Chairman of the Enterprise & Productivity Committee at ASMI said, “We’re excited to work in close partnership with KOMEA. Companies in the Korea and Singapore marine & offshore engineering sectors have always been working together from time to time to support the maritime sector both globally and in the region. 

“The MOU formalizes these working relationships and paves the way for greater collaborations among members of both trade associations. It will also open opportunities for local SMEs to expand and pivot towards the international markets.”

Specifically, the agreement will enable both associations to leverage shared networks and expertise and work together to develop joint offerings and more comprehensive solutions to asset owners and managers of the global maritime sector.

Explaining the timeliness of the MoU, Choe said: “With the growth of the regional offshore industry, including the renewables markets, we are seeing a corresponding rise in demand for offshore installation vessels and other support vessels. 

“This MoU will put us in a stronger position to create a wider range of greener, and more competitive and sustainable solutions to the maritime sector. This covers repairs, maintenance, modifications, and upgrades of vessels, as well as offshore renewables.”

Kim Sung Jun, Executive Director, KOMEA, commented, “We are delighted to successfully conclude the MoU which will lay the groundwork for further co-operation between both associations. KOMEA can leverage ASMI’s strong international networks to deepen our efforts to boost the M&OE sector in this region. 

“In return, Singapore-based ASMI members can tap into the vast growth opportunities in the shipbuilding industry in South Korea where several of the world’s largest shipyards and notable marine manufacturers are based. 

“In addition, South Korea’s Ministry of Trade, Industry and Energy has drawn up ambitious goals and strategies to achieve up to 75 percent of the market share for eco-friendly vessels with zero carbon emissions by 2030, up from 66% today. We firmly believe that our collaboration will deliver mutual benefits and accelerate our business growth in the marine and offshore sectors.”

Photo caption: Signing of MoU between the Association of Singapore Marine Industries (ASMI) and Korea Marine Equipment Association (KOMEA). Front row standing (L to R): Wilson Ang, Executive Director ASMI and Kim Sung-Jun, Executive Director, KOMEA.

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