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| "Supply chains are the veins and arteries of this global production and trading system," said Lim Hng Kiang, Singapore's Minister for Trade and Industry during the keynote speech for APEC symposium. | ||
A symposium on supply chain connectivity convened here on Saturday to discuss ways to enhance the flow of goods and services across entire supply chains of the Asia-Pacific Economic Cooperation (APEC) economies.
During the two-day event, the 120 representatives from the government, business, and academia, will identify key chokepoints in the existing supply-chain system, determine priorities, and recommend policies to be considered by APEC leaders when they meet in Singapore at the end of the year.
"Supply chains are the veins and arteries of this global production and trading system," said Lim Hng Kiang, Singapore's Minister for Trade and Industry.
"Strengthening transport and logistics connections will help raise efficiency, cut cost, boost trade and speed up recovery. Being plugged into these veins and arteries would allow economies, companies and people to be lifted by the new waves of growth with economic recovery." Lim added.
He said that a recent study showed that if the efficiency of transporting goods between APEC economies can be improved by 10 percent, the region can stand to gain a total benefit of 21 billion U.S. dollars.
The event is jointly organized by Singapore and Australia. Leaders of APEC's 21 member economies are expected to meet in Singapore from Nov. 14 to 15 this year.
(XFN)