Singapore will boost its support for maritime business sectors through a series of incentives to raise productivity, innovation, and internationalisation.

The initiatives are part of the country's plan to "sharpen support" for business as announced by deputy prime minister and finance minister Tharman Shanmugaratnam in his Budget 2015 speech on Feb. 23.

Shanmugaratnam stated that the plans were drawn out to extend the current maritime sector incentive (MSI) to accelerate the Singapore maritime sectors' growth. For instances, tax exemptions will be given to companies that are qualified for the MSI. Meanwhile, existing companies that are already qualified for the MSI can look forward to renew tax exemption for another five years subject to conditions and commitments.

Details of the incentives will be finalised and released later by the Maritime and Port Authority of Singapore (MPA) in mid-2015.