Singapore launched a fellowship in transportation and logistics Friday, aiming to build up itself as an integrated transportation, communication and logistics (TCL) hub.

Initiated by the Neptune Orient Lines (NOL), a Singapore-based transportation company with global outreach, the NOL Fellowship will focus on developing research program on key TCL issues and nurturing thought leadership in the sector.

"The NOL Fellowship will serve as a catalyst to achieve a strong,coordinated research program at the NUS (National University of Singapore) in global cargo transportation," Senior Minister Goh Chok Tong said at the launching ceremony.

A fund of 20 million Singapore dollars (about 12 million U.S. dollars) are equally contributed by NOL and the Singapore government, while Goh urged others to donate more.

The logistics industry accounts for over 8 percent of Singapore 's gross domestic product and attracted a record 430 million Singapore dollars (about 265 million U.S. dollars) in annual total business spending in 2005.

Source: Xinhua