| Summary: | The logistics industry operates as a component of enhancing global supply chains, driving economic growth through the optimized movement of goods. With the multifaceted challenges faced by the logistics industry, stakeholders need to stay resilient, focusing on innovation and creating agile strategies that ensure their long-term sustainability in this volatile environment.
This project presents an overview of the subject “Sustainability Challenges in the Singapore logistics industry” from the economic perspective. The focal point of the study is on logistics organizations’ profitability and resilience following the growing trends of decarbonization and digitalisation. Under the economic pillar, there are three main challenges identified: cost management, government funding and incentives, and cross-collaboration.
The purpose of this paper is to review and assess the existing initiatives taken by the logistics industry. This paper also examined the current and predicted challenges the logistics sector is experiencing. Alongside the current literature reviews through secondary sources, the data retrieved from our surveys and interviews with industry professionals were compiled and analyzed to provide a comprehensive review of the challenges and landscape of the logistics industry.
From the above evaluation and reviews, recommendations were developed to address the current pressing challenges, aiming to streamline the sustainability transitional process. Recommendations include the following: clear KPIs and evaluation system, industrial collaboration, and greater government incentives.
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