Singapore’s government has stepped in to offer financial aid to the offshore marine industry, in a move on which opinions have been mixed.

“This is a very important sector to the government and they have just unveiled some measures for this sector a few days ago such as a new bridging loan scheme to help companies tide over this period of prolonged slowdown,” Lawrence Chong, CEO of Consulus, told NewsBase.

“The view of the government is the sector must take on the painful steps of restructuring and redesign the business models towards innovation to be ready for the future. My view is the government can assist but the business owners will need to adopt an open mindset to change and take relevant risks to reinvent themselves,” he added.

“Going forward, automation, innovation and sustainability must guide the development of this sector to withstand further shocks in the near future,”Chong said.

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