The Maritime and Port Authority of Singapore (MPA) and PSA Corporation Limited (PSA) signed a Memorandum of Understanding (MoU) today to extend their collaboration under the Port Technology Research and Development Program (PTRDP).
The extension of the Program will allow MPA and PSA to continue with research and development (R&D) initiatives to develop next-generation technologies for Singapore’s future container terminal operations.
The MoU was signed by MPA Chief Executive, Mr Andrew Tan and Mr Tan Puay Hin, Regional CEO Southeast Asia, PSA International. Witnessing the signing of the MoU were MPA Chairman, Mr Lucien Wong, Mr Fock Siew Wah, Group Chairman, PSA International and Mr Tan Chong Meng, Group CEO, PSA International.
The signing was held at the Singapore Maritime Institute’s Automation & Autonomy Seminar, in conjunction with the 9th Singapore Maritime Week.
Under the MoU, MPA will fund the Program with an additional S$15 million over five years from the Maritime Innovation and Technology Fund (MINT Fund). PSA will provide additional co-funding of up to S$15 million over the same period.
This will bring the total amount committed towards the Program to S$50 million, up from the initial S$20 million.
Press Release, April 11, 2014