Source : Rikvin Pte. Ltd. 
Thursday, October 3, 2013 2:00PM IST (8:30AM GMT)
 
Enhanced Air Freight Facilities Set to Benefit Singapore Firms
Singapore

The projects in the pipeline will enhance connectivity for businesses and strengthen the city-state's competitiveness in the long run, says Singapore company registration specialist Rikvin.

At the rebranding launch of the Singapore Aircargo Agents Association (SAAA) early this week, Mrs. Josephine Teo, Senior Minister of State, Ministry of Finance and Ministry of Transport, said that measures to boost Singapore's air cargo capacity are underway.

Measures which include the development of Changi East airbase for airfreight and air express operators as well as the fifth airport terminal were initially announced during the National Day Rally in August 2013. The latter is set to be ready by mid 2020s. These projects are expected to strengthen the city-state's competitiveness in the long run and ability to meet future demand for air freight, Mrs. Teo added.

Singapore company registration specialist Rikvin observes that this reaffirmation comes against the background of a global weakening of the air freight business.

In an announcement this week, called Air Cargo Continues Low Gear Acceleration, the International Air Transport Association (IATA) said that Asia Pacific's air freight demand has remained flat (-0.2%) year-on-year (y-o-y) in August 2013. IATA, which represents 240 airlines and 84% of global air traffic, said that this nevertheless represents an improvement from the year to date (ytd) performance (1.9% decline).

In the region, the "flat" performance was largely due to a slowdown in demand from emerging markets and China's economic softening in H1 2013. On a global level, IATA CEO Tony Tyler said that the freight business remains very tough, in part due to a 40% hike in jet fuel. He added that to earn $59 billion in revenue from air cargo globally this year, airlines must move approximately 17% more cargo.

Nevertheless, over the longer term, Mrs. Teo said that there will be more engagement between Singapore's government agencies and the airfreight industry to ensure the growth of the air cargo sector and bolster Singapore's reputation as an air cargo hub.

Commenting on the announcement, Mr. Satish Bakhda, Head of Operations at Rikvin agreed, saying, "Our air connectivity has been cited by many of our clients as the reason for choosing to do business in the region from Singapore. In spite of challenges in the airfreight business, the infrastructural projects taken are in anticipation of future growth. This will mean that Singapore companies will be well-equipped to deliver quality goods to neighboring and international economic partners when demand picks up. We see this as an all-round positive move."

ABOUT RIKVIN:

Established in 1998, Rikvin has since partnered with thousands of investors, entrepreneurs and professionals in their pursuit to access business opportunities overseas. Rikvin's areas of expertise include company incorporation, accounting, taxation and other related corporate services. Rikvin is also a licensed employment agency with the Ministry of Manpower (MOM) and offers a full spectrum of Singapore work visa services for foreign professionals who wish to relocate to Singapore.

20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
(+65) 6320 1888
http://www.rikvin.com

 
For News Release background on Rikvin Pte. Ltd. click here
 
Media Contact Details
Satish Bakhda, Rikvin Pte. Ltd., +65 9221 9221, satish@rikvin.com
 
KEYWORDS: Business/ Finance:Accounting & management, Advertising, PR & marketing, Business Services, Heavy industries, Hospitality, Major diversified industrial groups, Transport, Travel & Tourism;General:Economy, Travel & Tourism
 
Submit your press release
More News from Rikvin Pte. Ltd.

26/06/2014 3:00PM

Singapore and Russia Sign MOU to Increase Economic Cooperation: Rikvin

The ratification of MOUs between Singapore and Russia this week opens doors for more trade and investment between the countries, says Rikvin.

17/06/2014 12:00PM

Singapore’s Commitment to WTO’s Trade Facilitation Agreement to Benefit Companies: Rikvin

Singapore’s Ministry of Trade and Industry (MTI) has confirmed on 11 June 2014 that it will implement all the provisions of the WTO’s Agreement on Trade Facilitation (ATF) when it comes into force by end of ...

12/06/2014 12:00PM

Hiring Outlook in Singapore Remains Strong for Q3 2014: Rikvin

Driven by a positive business outlook for 2014, Singapore-based companies have indicated strong hiring plans for Q3 2014. This is according to the Manpower Employment Outlook Survey: Q3 2014 released by the Manpower ...

Similar News

31/10/2014 2:30PM

Haier India Teams Up With North East United Football Club (NEUFC) For Indian Super League 2014

Haier, one of the largest Home Appliances & Consumer Electronics brands worldwide and world’s No.1* brand in major appliances, today announced a strategic partnership with the North East United Football Club ...

No Image

31/10/2014 1:14PM

Infineon Introduces Revolutionary “Coil on Module” Package Technology for Dual Interface eIDs, eDrivers’ licenses or eHealth Cards

Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) today announced the availability of its “Coil on Module” (CoM) package technology for official documents. The technology simplifies and improves ...