How Does Globalisation Affect Freight Transport in Singapore
1. INTRODUCTION
There is little doubt that an effective transportation system is the backbone of a sound economic society (Bloomberg, Hanna and Murray, 1998). Comtois (2007) also recognizes that transportation plays a considerable role in the economy with its omnipresence throughout the production chain, at all geographic scales. Singapore Review (2007) stated that Singapore is heavily dependent on exports; therefore freight transportation holds an important role in stimulating the economy of Singapore and making it what it is today. Singapore is located at a favorable geographical position, making it the number one hub for the transshipment of freight to and from all over the world. Singapore also boosts world-class seaport and airport facilities and an extensive network of expressways, allowing efficient and effective transfer of cargo between multiple modes of transport. This paper will discuss the economic role of freight transportation in Singapore’s economy and how Singapore’s advancement into the global economy affects the demand for freight transportation locally.
2. THE ECONOMIC ROLE OF FREIGHT TRANSPORT IN SINGAPORE
World Trade Magazine (December 2007, p. 14) states that countries with good shipping logistics tend to attract export oriented foreign direct investment- seen, along with trade, as a way to access knowledge and technology. In a Web-based survey conducted by a World Bank study in year 2007 with some 900 freight forwarders and express carriers in international logistics businesses in 100 countries, Singapore came out tops out of 150 countries in terms of speed in the clearance export shipments, the competency of custom brokers and corruption-free logistics environment, etc.
From here one could see that the efficiency of freight transportation in Singapore also plays an important part in attracting foreign organizations to establish bases of operations here for the distribution of goods and services regionally as well as
There is little doubt that an effective transportation system is the backbone of a sound economic society (Bloomberg, Hanna and Murray, 1998). Comtois (2007) also recognizes that transportation plays a considerable role in the economy with its omnipresence throughout the production chain, at all geographic scales. Singapore Review (2007) stated that Singapore is heavily dependent on exports; therefore freight transportation holds an important role in stimulating the economy of Singapore and making it what it is today. Singapore is located at a favorable geographical position, making it the number one hub for the transshipment of freight to and from all over the world. Singapore also boosts world-class seaport and airport facilities and an extensive network of expressways, allowing efficient and effective transfer of cargo between multiple modes of transport. This paper will discuss the economic role of freight transportation in Singapore’s economy and how Singapore’s advancement into the global economy affects the demand for freight transportation locally.
2. THE ECONOMIC ROLE OF FREIGHT TRANSPORT IN SINGAPORE
World Trade Magazine (December 2007, p. 14) states that countries with good shipping logistics tend to attract export oriented foreign direct investment- seen, along with trade, as a way to access knowledge and technology. In a Web-based survey conducted by a World Bank study in year 2007 with some 900 freight forwarders and express carriers in international logistics businesses in 100 countries, Singapore came out tops out of 150 countries in terms of speed in the clearance export shipments, the competency of custom brokers and corruption-free logistics environment, etc.
From here one could see that the efficiency of freight transportation in Singapore also plays an important part in attracting foreign organizations to establish bases of operations here for the distribution of goods and services regionally as well as
References: 1. Bardi, E, Coyle, J, Novack, R 2006, Management of Transportation, Thomson, South Western, United States of America 2. Bloomberg, D, Hanna, J, & Murray, A 1998, The Management of Integrated Logistics: A Pacific Rim Perspective, 2nd Edition, Prentice Hall of Australia 3. Comtois, C 2007, “Transport Economics Indicators”, viewed February 27 2008, http://people.hofstra.edu/geotrans/eng/ch3en/meth3en/ch3m2en.html 4. Choo, C 2004, “How Can Singapore Remain Competitive in a Globalising World Economy?” viewed February 23 2008, https://secure.mas.gov.sg/masmcm/upload/mm/MM_79E8C979_6295_5312_41CF4B2C92213766__79E8C988_6295_5312_4CF410C7947E054C/Essay%20by%20Choo1st%20OP21final.pdf 5. Pompeo, L, & Ted, S 2002, “Freight Expectations”, viewed February 26 2008, www.tliap.nus.edu.sg/tliap/Project_SCG/docs/Reports/frex02.pdf 6. Singapore Economic Development Board 2002, “ Singapore Investment News June 2002”, viewed February 27 2008, http://www.edb.gov.sg/edb/sg/en_uk/index/news_room/news.html 7. Singapore Review 2007, Economic review, p64 8. “SPEECH BY MR LEE HSIEN LOONG,PRIME MINISTER, AT OPENING CEREMONY OF THE 13TH ASEAN TRANSPORT MINISTERS ' (ATM) MEETING, 1 NOVEMBER 2007, 9.15 AM AT RAFFLES CITY CONVENTION CENTRE” Singapore Government Media Release 2007, viewed February 29 2008, http://app.sprinter.gov.sg/data/pr/20071101998.htm 9. World Trade Magazine, December 2007, “Reliability matters more than low-cost transportation”, p14 10. World Trade Magazine, March 2005, “Singapore Continues To Surge Ahead”, viewed February 23 2008, http://www.edb.gov.sg/edb/sg/en_uk/index/news_room/reports/singapore_continues.html