Singapore aims to bring in SGD 20bn ($14.9bn) in total business spending commitments from maritime companies by 2024, a senior minister has forecast.

The city state’s senior minister for transport, Chee Hong Tat, said the inward investment would “create jobs in areas such as maritime law and arbitration, ship management and marine insurance”.

The minister made the disclosure on Friday during a debate in Singapore’s parliament on the ministry of transport’s budget.