Economy, Domestic Economy

Singapore to Invest in Maritime Projects

Singapore to Invest in Maritime ProjectsSingapore to Invest in Maritime Projects

Singapore has signed an agreement to invest up to €400 million in Iranian maritime projects. The memorandum of understanding was signed in Tehran on Monday between Singapore’s Kim Heng Offshore and Marine Holding, an offshore and marine value chain services provider, and Iran Marine Fund, an Industries Ministry-affiliated body that aims to promote development of Iranian maritime projects.  “The two sides have agreed to cooperate in the construction of platform supply vessels, offshore cranes, tanker ships and fiberglass and aluminum vessels,” Melvin Tan, general manager for supply chain management of the group was quoted as saying by IRNA. “The agreement is based on full exploitation of Iran’s domestic capabilities in the construction sector,” he said.