Singapore inaugurated a new maritime research center in the National University of Singapore on Wednesday, hoping it will help boost the island state's maritime industry.

"This center will focus its research on the commercial maritime sector and serve as a platform for maritime research and analysis for both the industry and academia," said Singapore's Transport Minister Yeo Cheow Tong at the opening.

This is the latest step of Singapore's plan to develop intellectual capital and manpower expertise in the maritime sector which started two years ago.

"It will combine the expertise of academia and industry to develop commercial research and expertise, an area that is currently still lacking in Asia," Yeo noted.

As the importance of Asian shipping keeps growing, Yeo expected the center to become a leading maritime research hub of the region and then be able to provide informed views to industry players.

Up to now, the Center for Maritime Studies has raised more than 4.5 million Singapore dollars (about 2.8 million US dollars) from industry partners including the Maritime and Port Authority of Singapore.

As one of the pillars of the country's economy, the port and maritime sector accounts for 7 percent of its gross domestic product while generating about 120,000 jobs.

Source: Xinhua