Gan Kim Yong
Singapore
“Consumer complaints relating to the secondary resale market for tickets to major events and concerts have generally remained low. Nonetheless, to protect the public from scams on secondary ticket resale platforms, the Police have imposed Code of Practice requirements under the Online Criminal Harms Act to require designated online service…”
“Singapore does not condone the use of forced labour. We criminalise forced labour in Singapore under various laws. Relevant Government Ministries and agencies, such as the Ministry of Manpower, Ministry of Home Affairs and Singapore Police Force, play their part in investigating complaints of suspected breaches in domestic laws that relat…”
“The Association of Banks in Singapore (ABS) discontinued the PayNow nickname feature as scammers had been exploiting the use of nicknames to impersonate legitimate entities and trusted individuals.”
“As of end-2025, around 6,900 private residential buildings have registered their solar installations with SP Group for the export of excess solar-generated electricity to the grid. The installed solar capacity of these residential buildings is 115.3 megawatt-peak (MWp), or around 5.5% of all current installed solar capacity in Singapore.”
“The one-year pilot extension of liquor trading hours has seen strong interest from businesses. As of 31 May 2026, the Police have approved 88 applications for the extension of liquor trading hours from public entertainment outlets in these areas.”
“The Government does not make projections of domestic or regional demand for renewable diesel or sustainable aviation fuel. Demand depends on commercial considerations, evolving market conditions and regulatory developments across different jurisdictions.”
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“This is an approximately $500 million effort, which will strengthen our biomedical R&D ecosystem in two ways. First, A*STAR will be located closer to key partners, like the National University Health System's clinical community and venture builders, making it a new attraction point for both industry players and talent. Second, A*STAR will redesign its laboratories and workspaces to promote interdisciplinary collaboration across the different research institutes. It will do so by providing more centrally-managed collaboration spaces that allow for better integration of expertise across teams. A*STAR will also introduce new biopharma manufacturing programmes with its partners – the Singapore Cell Therapy Advanced Manufacturing Programme 2.0 (STAMP 2.0) and the Process Accelerator for Cell Therapy Manufacturing (PACTMAN). 1.00 pm Cell therapies, such as chimeric antigen receptor T-cell (CAR-T) therapy, have transformed treatment for certain blood cancers and they have demonstrated promise for autoimmune diseases, but they remain complex and expensive to manufacture. Since 2019, STAMP has partnered biotech companies to improve the quality testing of cell therapy assets, conduct CAR-T therapy trials in Singapore and enable licensing and spinoffs of new technologies. STAMP 2.0 will build on this to develop lower-cost manufacturing technologies that can produce higher quality products. For example, it aims to reduce the time taken for cell extraction, modification and infusion into patients, what we call the vein-to-vein time. Meanwhile, PACTMAN will develop scalable processes to accelerate the translation of cell therapies, including those developed through STAMP, from laboratory to clinic.”
“One such platform is A*STAR's MedTech Catapult, which provides infrastructure, expertise and connections to local contract manufacturers looking to further develop frontier medical devices. I attended the launch event last month and was happy to know that more than 10 companies have applied to this initiative. Besides this, the NSTIC (R&D Fab) for advanced packaging in semi-conductors, which Deputy Prime Minister Gan Kim Yong shared earlier, is another R&D translation platform that A*STAR will be rolling out. Such investments enable more firms to produce cutting-edge technologies, create good jobs and maintain Singapore's competitiveness. The GDP contribution from firms with R&D activities grew from around 15% of GDP to 24% over a 10-year period from 2012 to 2022. The number of R&D jobs increased by 7.6% from 2021 to 2022. To address Ms Foo Mee Har's question on securing the talent pipeline for our R&D facilities, we are bringing in top talent who contribute to the ecosystem. During COS 2023, I shared about Prof Watson, an Overseas Networks and Expertise Pass (ONE PASS) holder, who took on the Executive Director role at A*STAR Skin Research Labs and the Skin Research Institute of Singapore. Prof Watson has since strengthened A*STAR's global standing, by partnering the National Skin Centre and Sanofi to trial a first-of-its-kind acne vaccine and deepen understanding of key biological markers that impact the severity of the condition. These are signs that our efforts are bearing fruit and we will invest further. The Prime Minister announced during Budget that we are refreshing A*STAR's biomedical research infrastructure by extending it to the greater one-north area.”
“Now, even as we develop Singaporeans, we must continue to attract global talent that can complement our local workforce. We have concluded agreements with both Indonesia and Vietnam to facilitate the exchange of technology and innovation talent. The Tech:X pilot with Indonesia was launched in July last year, while the parameters of the Innovation Talent Exchange programme with Vietnam were launched in September 2024. So, Indonesia in July 2024 and Vietnam in September 2024. Nearly 50 companies and 50 Singaporeans have expressed interest across both programmes. Our young leaders will have greater exposure to regional economies and companies will find it easier to access mobile talent. Collectively, this two-pronged strategy of supporting Singaporeans and attracting global talent will keep our workforce globally competitive. I will elaborate on how our efforts have supported good employment outcomes for Singaporeans later at MOM's Committee of Supply (COS) debate this evening. Third, on research and innovation. We must continue developing an innovation-led economy, as Deputy Prime Minister Gan Kim Yong has shared. This is why Singapore invested $28 billion under the Research, Innovation and Enterprise 2025 (RIE2025) plan. Ms Foo Mee Har asked how we will drive research translation and support the development of our semi-conductors and biotech sectors. Last week, Deputy Prime Minister Heng Swee Keat announced upcoming initiatives, such as the RIE Flagship to advance semi-conductor R&D and the RIE Grand Challenge, focusing on healthy and successful longevity. These complement the existing R&D translation platforms available.”
“This is particularly crucial for workers in energy-intensive sectors, such as the petrochemicals industry, who will be more impacted by the green transition. Many already possess core skillsets that allow them to take on new job opportunities in adjacent growth segments, like specialty chemicals, or those in the sustainability space. We will also support workers via CET efforts, as well as Career Conversion Programmes (CCPs). Beyond the green transition, CET will remain a key enabler to deepen Singaporeans' skills in response to digitalisation and AI. In fact, Government spending on CET initiatives in FY2024 is projected to amount to over $1 billion. We will continue to work with companies and Institutes of Higher Learning (IHLs) to support workers in upskilling and attaining better wage outcomes. One prime example is EDB's collaboration with industry and the Singapore Institute of Technology (SIT) on an Electrical and Electronics Engineering degree for in-employment diploma holders in manufacturing roles. This CET degree follows best practices in adult education by recognising prior learning and work experiences and allowing qualifications to be stacked towards a degree. Learners can also access recorded lessons and online consultations, so that it is easier for them to juggle work and study. CCPs can also support the reskilling and the redeployment of employees. Mr Mark Lee would be pleased to know that Workforce Singapore's (WSG's) CCPs already support these redeployments of existing employees post-merger. Moreover, since 1 April 2024, WSG increased the monthly salary support cap from $6,000 to $7,500 for eligible workers with up to 90% of salary support.”
“International and local players, like IHI Corporation from Japan and CRecTech, a local company, have already expressed interest to use LCT3. For commercially-mature solutions, we will accelerate their deployment. As Mr Saktiandi Supaat highlighted, this includes making major infrastructural investments for a low-carbon future. To save up for these investments, we are topping-up the Future Energy Fund (FEF) by $5 billion. We have not disbursed monies from the fund, as it is still early days in our infrastructural developmental journey. However, we anticipate significant drawdowns once key technological and commercial thresholds are crossed. To address Mr Sharael Taha's question, the FEF can also be used to fund studies for the deployment of low-carbon energy infrastructure, including those needed for small modular reactors. To better inform our decisions as we decarbonise, A*STAR is developing an integrated model to simulate the interdependencies of the possible net-zero mitigation measures. Members have voiced concerns about the potential impact of decarbonisation on energy costs. Our aim is to strike the right balance between decarbonisation towards net zero, ensuring at the same time our energy security and maintaining cost-competitiveness. For households, we will continue to provide support through measures, such as U-save rebates. For businesses, we will co-fund investments in energy efficiency through initiatives like the Energy Efficiency Grant. Furthermore, we will fully rechannel carbon tax revenue collected towards decarbonisation efforts. We do not expect, therefore, to derive additional net revenue from the carbon tax in this decade. Next, on manpower. As we decarbonise, we will continue to upgrade the skillsets of our workforce.”
“We are also exploring complementary solutions to decarbonise the hard-to-abate sectors. Carbon capture and storage (CCS) technologies are advancing quickly. We will engage emitters and potential service providers to develop the CCS value chain and partner countries with suitable geological storage sites. We have made progress by signing a Letter of Intent with Indonesia in 2024 and a Memorandum of Understanding (MOU) with Malaysia in 2025. Mr Edward Chia and Ms Tin Pei Ling asked for an update on our carbon markets initiatives. As Senior Minister Teo Chee Hean mentioned, Singapore just signed an Implementation Agreement with Bhutan, in addition to our agreements with Ghana and Papua New Guinea. These Agreements establish the framework for the transfer of Article 6 carbon credits, which is aligned with our environmental integrity criteria. MTI will also be launching a Request for Proposals to procure Article 6-compliant carbon credits later this year. Mr Saktiandi Supaat pointed out, natural gas will continue to play a crucial role in our energy mix. And that is why we will set up the central gas procurement entity for the power sector this year and complete the development of our second liquefied natural gas (LNG) terminal by this decade. These will secure our natural gas needs for the foreseeable future. We will calibrate our speed of adoption for energy technologies and solutions. For the less mature solutions, we will strengthen research efforts and accelerate commercialisation. We will commit $62.5 million for the A*STAR to develop a Low-Carbon Technology Translational Testbed (LCT3) that will support companies in scaling up low-carbon solutions closer to commercial development.”
“45 pm The simplified processes exempt more than half of all solar photovoltaic (PV) installations on metal-roofed buildings from fire separation requirements, allowing eligible building owners to save up to 30% on total construction cost. Electricity imports and solar energy alone are insufficient to get us to net-zero. We need to explore every possible decarbonisation pathway. Nuclear energy, especially advanced nuclear reactors, is an option that we are seriously studying for potential deployment. Now, let me address Mr Sharael Taha and Ms Jessica Tan's questions clearly. We have not yet made a decision on deployment. It is, therefore, premature to speak on potential sites, costs and specific plans. But our current priority is to accelerate capability building on nuclear safety and advanced nuclear technologies. We are training more nuclear scientists, such as via postgraduate scholarships in nuclear science and engineering. We are also stepping up on international partnerships. Last year, we signed a substantive civil nuclear agreement with the United States. This complements our ongoing cooperation with partners, such as the International Atomic Energy Agency (IAEA), France's Institute for Radiological Protection and Nuclear Safety and the Emirates Nuclear Energy Company. Mr Saktiandi Supaat asked about our plans for hydrogen. Hydrogen, indeed, has the potential to be a low-carbon fuel for the future, although high adoption costs and technical challenges remain today. In the near-term, our focus is similarly on capability building. By the end of this year, the Energy Market Authority (EMA) and Maritime and Port Authority of Singapore (MPA) aim to identify a lead developer for a pilot project to use ammonia for power generation and maritime bunkering.”
“Third, sustaining investments in research and innovation and last, but not least, enhancing our land productivity. I will first update on our decarbonisation efforts. Singapore has committed to achieve net-zero by 2050. As Senior Minister Teo Chee Hean said, Singapore is a climate realist. The timeline for climate action is set by nature, not geopolitical developments. Moreover, our decarbonisation initiatives are an important factor in companies' investment decisions. We owe it to our children and our grandchildren to stay the course. Cross-border electricity trading is crucial to achieving our climate goals. We are working towards progressing the first batch of electricity import projects with Conditional Licences, to reach Final Investment Decisions. These projects are win-win collaborations that lay the groundwork for our shared aspiration of an ASEAN Power Grid within the region. They create jobs. They underpin new investments for the source country. And given the substantive progress that we have made, we have raised our imports ambition from four gigawatts (GWs) to around six GWs by 2035. Concurrently, we will maximise our domestic solar potential. As Senior Minister Teo has also shared, we achieved our 2025 deployment target of 1.5 gigawatt-peak (GWp) ahead of schedule. This puts us on track to achieving our 2030 target of at least two GWp. Scaling beyond the two GWp is challenging, but we will continue to encourage home owners and building owners to install solar panels and push the boundaries of domestic deployment. For example, the Singapore Civil Defence Force (SCDF) has worked with industry stakeholders, including through the Alliance for Action (AfA) on Business Competitiveness, to simplify regulatory processes. 12.”
“The Ministry of Manpower (MOM) will elaborate further on this. These education and training initiatives take time to bear fruit, and I encourage companies to start early and proactively plan to nurture Singaporean talent and benefit from a strong pipeline of talent and leadership. Chairman, we are, indeed, entering uncharted waters. In fact, I think I should say that we are already in uncharted waters. We will face economic uncertainties and disruptions in the months and years to come. There will be challenges, but there will also be opportunities. We can look ahead to the next bound of our economic development with confidence, by remaining open to trade, talent and investments, as well as maintaining a pro-business environment. We must further strengthen our competitive edge through innovation, deepen our integration with the region and with the world, and investing in building strong enterprises and a skilled workforce. This is how we will earn our living and standing in an increasingly uncertain and unfavourable external environment. By doing so, we will keep our economy going, keep our economy strong, vibrant and resilient, and create better jobs and opportunities for Singaporeans and a better future for Singapore for the next 60 years and more. [Applause.] The Second Minister for Trade and Industry (Dr Tan See Leng): Mr Chairman, Singapore faces increasing growth pressures. Our population is ageing rapidly amidst intensifying competition for talent. We face fiercer rivalry for investments as we navigate land and carbon constraints. To address these challenges, we will expand our resource potential through four strategies. First, decarbonising our energy mix. Second, investing in our workers.”
“We should learn from this experience and apply the same approach in other domains. Lastly, we are investing more in our people. Ultimately, we pursue economic growth so that future generations of Singaporeans can continue to build better lives for themselves. So, this growth must translate into real opportunities for Singaporeans to advance their careers and develop their potential to the fullest. Lifelong learning is critical for workers to upgrade themselves and take up higher wage roles. For example, we have partnered the Singapore Institute of Technology on a continuing education and training (CET) degree, to upskill in-employment diploma holders in manufacturing. This will also help businesses develop and retain their local manufacturing talent pipeline and enhance business continuity. Minister Tan See Leng will share more. We will also strengthen initiatives to groom more Singaporean Global Leaders. Last year, we launched the Global Business Leaders Programme. We also launched the Singapore Leaders Network (SGLN) Fellowship to equip managers with the ambition to assume regional and global leadership roles. One of 60 fellows from the pioneer batch is Ms Camy Loh. Camy joined Royal Vopak, a leading independent tank storage company, as a sales manager in Singapore in 2014. Today, Camy is now the Deputy Managing Director of Royal Vopak's Thai Tank Terminal, co-leading a team of over 120 employees at one of the largest maritime logistics terminals near Bangkok. It was a big step for her professionally as well as personally. Through the SGLN, Camy gained skills and knowledge to allow her to thrive in this role in Bangkok. We are proud that Camy is flying the Singapore flag high. We are enhancing SGLN to better support more Singaporeans like Camy.”
“We had set up the Inter-Ministerial Committee for Pro-Enterprise Rules Review last year that I chair to look into our rules and streamline our regulations, to enable our businesses to move fast to seize the opportunities that come our way. Since then, my fellow Ministers and I have engaged more than 140 business leaders across 14 sectors. Let me thank all the stakeholders for their support and their feedback. Business leaders have cited approval timelines, frequency of licence renewals and duplicative processes as key areas for improvement. The Committee has studied the feedback carefully. While we will tackle specific feedback from the industry, and Senior Minister of State Low Yen Ling will elaborate later, the Government will set three Statements of Commitment to guide our whole-of-Government efforts to increase regulatory agility and reduce compliance burden for our businesses. First, all relevant agencies will publish service standards for the processing of business regulatory applications to provide greater clarity for companies. We will endeavour to streamline service standards to 30 working days or less, where feasible. Second, we will increase the validity period of regular business licences to a minimum of three years where possible and aim towards five years. This will provide greater certainty for businesses, especially for those undertaking longer-term growth plans. Third, the Government will continue to streamline regulatory processes to facilitate concurrent rather than sequential approvals where possible. We will also streamline information requests across agencies. We have made good progress in the Built Environment sector, by developing CORENET X as a one-stop digital platform for building works approvals across agencies.”
“8 billion in the past five years in equity investment funds to support enterprise growth; but there is room for us to enhance our equity and debt financing toolkit to better support our enterprises' diverse growth strategies. First, we will introduce the Long-Term Investment Fund and deploy more than $200 million of Government capital over a longer time horizon, beyond the typical three- to seven-year timescale. This caters to enterprises with longer and more complex growth trajectories that will require more time to fully realise their potential. Second, we will launch a $1 billion Private Credit Growth Fund (PCGF). Unlike traditional debt, private credit has the flexibility to meet the specific needs of companies looking to scale up quickly. And unlike equity, private credit allows companies and founders to retain business ownership and control. The PCGF is targeted at local enterprises with strong growth potential to become leaders in their respective industry domain. Some of them will require tailored financing solutions to support their unique growth strategy, such as international merger and acquisitions (M&As) or large overseas capital investments. These solutions may not be readily available in Asia, through the traditional financing today. Beyond the $1 billion seeded by the Government, we hope to catalyse more commercial funding as more fund managers and investors gain familiarity and confidence in this space. I spoke earlier about the importance of our pro-enterprise environment. At last year's National Day Rally, the Prime Minister also spoke about the need for us to ensure a business-friendly environment and to keep regulatory burden to a minimum.”
“We will foster a vibrant innovation ecosystem that will help our companies stay competitive and create high-value job opportunities for Singaporeans. Manufacturing is a key pillar of our economy, comprising close to 20% of our GDP and is one of the largest contributors to productivity growth. It also supports the growth of the financial and professional services sectors. I would like to reassure Mr Liang Eng Hwa, Mr Mark Lee, Ms Jessica Tan, Ms Tin Pei Ling and Mr Saktiandi Supaat that we will continue to encourage leading manufacturers here to invest in innovation and also attract new, high performing companies to grow in Singapore. Last October, I attended KLA's groundbreaking ceremony for a new manufacturing facility in Singapore, for some of their most advanced wafer geometry and defect inspection tools. KLA's new facility is expected to create at least 400 jobs, in areas, such as mechanical design, materials and product testing. It will also create opportunities for enterprises here to collaborate with KLA on niche areas, such as precision cleaning and manufacturing of metal parts used in optics assemblies. For example, local SME Alantac Industrial Services and KLA co-developed precision cleaning solutions for defect inspection tools that meet stringent cleaning requirements. By supporting our high-performing firms in Singapore, we hope to uplift the capacity and capabilities of our entire industry ecosystem, including our local SMEs. Mr Mark Lee and Mr Edward Chia asked how the Ministry of Trade and Industry (MTI) intends to support the financing needs of businesses as they expand globally. The Government had allocated over $1.”
“We want to support more startups like Carecam to accelerate their speed to market and facilitate their product commercialisation. We will enhance the GIA to support startups in various growth stages. The GIA Discovery will support startups to familiarise themselves with the market and evaluate product-market fit, in order to shape their market strategy. Thereafter, startups can pilot their technologies in these new markets, with the support from GIA Proof of Concept to validate their products and gain market credibility. The GIA+ initiative will support startups participating in global acceleration programmes, such as those run by Y Combinator, MassRobotics and MassChallenge in the US, to gain access to mentorship, resources and networks to realise their overseas expansion plans. To expand our startup ecosystem, we also want experienced founders to be anchored here and build their new ventures that have the potential to become globally leading businesses. To do so, the Economic Development Board (EDB) will launch a Global Founder Programme (GFP) later this year. Let me give Members a preview. This is a targeted programme aimed at supporting the new ventures of experienced founders from around the world as well as in Singapore. Founders are individuals who have built highly successful startups or who have developed major new products and business lines in global companies, or who have made significant scientific or engineering achievements, such as in AI or Deep Tech. The GFP signals our belief in the power of openness. We want to bring the best from around the world to Singapore to add to the strength of our own. We want to support firms which are able and willing to innovate and grow.”
“The NSTIC (R&D Fab) will scale up our capacity to enable similar SMEs and the broader semi-conductor industry here to build new capabilities, develop and commercialise globally-competitive technologies and create good jobs for Singaporeans. Our R&D efforts have also enabled us to develop a strong pipeline of promising and innovative startups. One example is Lucence, an A*STAR spin-off and homegrown startup. Lucence focuses on precision oncology and partners the National Cancer Centre to develop the LiquidHALLMARK test to guide therapy selection for tumours. With support from Enterprise Singapore, Lucence automated its Singapore laboratory to serve customers in Singapore, Hong Kong and Southeast Asia. It partnered Mayo Clinic Laboratories this year, to drive adoption and commercialisation of its technology in US. Today, Singapore also hosts many Deep Tech companies. Among them is Entropica Labs, a startup from the Centre for Quantum Technologies. Entropica Labs has been working with global leaders in quantum computing hardware and infrastructure providers, such as Amazon Web Services, Microsoft and Xanadu, to bring quantum technologies to the market. 12.30 pm We want to do more through the Global Innovation Alliance (GIA) nodes in key innovation hubs. We help our companies tap into the innovation networks and market opportunities overseas. Carecam, a digital health startup focusing on transitional care and advanced screening, participated in the GIA San Francisco Acceleration Programme and connected with a US-based corporate to integrate their solutions into new business entities. This will support the company's expansion into the US healthcare sector.”
“To support them, we established the National Semiconductor Translation and Innovation Centre (NSTIC) last April, at the Agency for Science, Technology and Research (A*STAR). NSTIC provides companies and researchers in the fields of flat optics and silicon photonics with access to semi-conductor R&D infrastructure. Companies may also tap NSTIC's capabilities for prototyping and small volume manufacturing to accelerate the speed to market and scaling up. To build on this, A*STAR will broaden NSTIC to cover more semi-conductor technologies and increase the capacity. We will invest about $500 million to establish the NSTIC (R&D Fab), a new national semi-conductor R&D fabrication facility at JTC nanoSpace @ Tampines. The NSTIC (R&D Fab) will have an initial focus on advanced packaging, which is a key growth area in the semi-conductor industry. It will offer state-of-the-art cleanroom infrastructure and industry-grade tools, as well as translational research and fabrication expertise. This will support the scaling and translation of R&D. Major global semi-conductor players as well as SMEs and startups can tap on its capabilities and even foster new partnerships. One example is NexGen Wafer Systems, a local SME which supplies wet etching and cleaning equipment to chipmakers worldwide. They had started their R&D efforts overseas to better access tools and facilities that were not available in Singapore then. By leveraging A*STAR's R&D capabilities and facilities, NexGen has developed new semi-conductor equipment features and applications in Singapore to fabricate different types of chips. They have therefore found value in bringing a part of their R&D activities back to Singapore.”
“We will also continue to build on our existing cooperation with Indonesia, particularly in Batam, Bintan and Karimun, as well as explore new areas of cooperation. Second, we will continue to enhance digital trade and improve market access for our companies operating in the Association of Southeast Asian Nations (ASEAN). We are making progress to substantially conclude our negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) this year. This will accelerate the growth of the digital economy within ASEAN. We also plan to conclude negotiations and sign the upgrade to the ASEAN Trade in Goods Agreement (ATIGA) this year, which will boost intra-ASEAN trade and strengthen supply chain connectivity within our region, to tap on the growth of Asia's economy. Even as we deepen our connections, we want to nurture Singapore enterprises to become regional or global leaders. We also seek to anchor global industry leaders here to enhance our industry ecosystems, which will benefit local companies and provide good jobs. As Ms Foo Mee Har and Mr Neil Parekh have noted, innovation is at the heart of economic growth. For example, over the past decades, we have successfully built up a strong and competitive semi-conductor ecosystem that has cemented Singapore as a critical node in the global semi-conductor supply chain. But to remain a semi-conductor powerhouse, we must invest in research and development (R&D) to drive innovation within the industry, not just among the big players but also among the small and medium enterprises (SMEs). Semi-conductor manufacturing facilities typically involve substantial upfront investments. Companies, especially the smaller ones, may face challenges accessing semi-conductor infrastructure and expertise in their R&D and pilot production.”
“We expect our economy to expand by about 1% to 3% this year and inflation to stay moderated, with core inflation at about 1% to 2%, barring major disruptions. Mr Liang Eng Hwa asked if we can grow faster. We will certainly try to do so and we hope we can grow faster than what we have projected. Last year, I spoke about four strategies to allow us to grow, namely, grow our economy; unlock our resource potential; transform our businesses; and connect internationally. These strategies remain relevant. I will speak about how we will grow our economy while my colleagues will elaborate on the other strategies. Sir, we will grow our economy in four ways: (a) strengthen our connectivity to the region and the world; (b) grow strong enterprises through innovation; (c) foster a pro-enterprise environment; and (d) invest in our people. I will start with connectivity. Mr Desmond Choo, Ms Tin Pei Ling and Mr Saktiandi Supaat asked how Singapore can strengthen regional trade relations. As a business hub, our success depends on staying well-connected to the region and to the world. Firstly, we have made progress in deepening integration and collaboration with our immediate neighbours. This year, we signed the Agreement on the Johor-Singapore Special Economic Zone (JS-SEZ) with Malaysia. This will benefit our firms here by allowing them to tap on the resources available in Johor to expand and grow. JS-SEZ will also allow Singapore and Malaysia to draw in investments, by offering a more compelling value proposition by combining our complementary strengths. We have seen strong commercial interest in JS-SEZ. The Singapore Business Federation's business mission to Johor Bahru last month drew 230 delegates from over 180 Singapore businesses.”
“Given that we do not impose tariffs on any American imports and the US has a trade surplus with us, we may not be significantly affected by the reciprocal tariffs directly. However, rising tariffs and trade wars could cause disruptions to supply chains, slow down global trade and drive up business costs, and therefore, affect businesses and consumers. In the longer term, it will also affect confidence and investment flows and slow down the global economy. Instead of seeking win-win opportunities with their partners, many countries are now competing aggressively against each other for investments and protecting their domestic sectors. This will lead to a more challenging external environment for us. Domestically, we will also need to tackle tighter constraints, especially in land, labour and carbon I spoke about last year. Our local workforce growth is expected to continue to slow in the coming years. With limited land, we will need to find new ways to maximise our space utilisation. To do our part on climate change, we will need to reduce our carbon footprint while accommodating the growing energy demand as we expand our industries. Nevertheless, it is not all doom and gloom. Amidst these challenges, there are still opportunities for us. Asia's economy will continue to grow and Southeast Asia is expected to become the fourth largest economy in the world by 2030. Artificial intelligence (AI), digitalisation and the low-carbon transition will also present new opportunities in the digital and green economy. Singapore can also capitalise on the shifts in production and supply chains to attract new investments and strengthen our position as a key node in the reconfigured trade flows. On balance, we can be cautiously confident.”
“Chairman, let me first thank Members for their very constructive comments and suggestions. The year 2024 has been a relatively good year. The gross domestic product (GDP) grew by 4.4%, compared to 1.8% in 2023. Core inflation came down from 4.2% in 2023 to 2.7% in 2024. This year, we celebrate SG60. We have come a long way in building a strong, innovative and vibrant economy. We have created good opportunities for Singaporeans and improved their lives. Our economic success did not happen by chance. It was the result of a combination of factors: careful long-term planning; sustained investments in infrastructure; keeping a pro-business environment; and, most important of all, investing in lifelong education and training, together with staying open to talent, trade and investment. Generations of Singaporeans have worked together to build a strong foundation for our economy. But Members are well aware that we are now entering a new chapter in our economic journey with new challenges and opportunities unlike those we have seen before. Mr Liang Eng Hwa asked about the potential headwinds arising from geopolitical contestation. Sir, the multilateral free trade system has been under tremendous stress in recent years and is at risk of being fractured. Members would have heard United States (US) President Donald Trump's new tariffs and his plans for more, including reciprocal tariffs on trading partners to match the duties on US' exports. China and Canada have also responded with their own tariffs. This may lead to an escalating, tit-for-tat cycle for tariffs, or worse, a global trade war. This could upend the global rules-based economic order that Singapore, as a small and open economy, is dependent on.”
“The occupancy rate for business parks remains healthy at 77.9% in Q4 2024. Occupancy rates have hovered at around 75% to 85% in the past 15 years. There has been an increase in supply with the development of Punggol Digital District and tenants will begin moving in this year. The JTC Corporation and Urban Redevelopment Authority regularly engage businesses and update our industrial land-use policies and guidelines to meet evolving business needs.”
“The occupancy rate of JTC Corporation industrial spaces in Housing and Development Board towns is high, at about 91% in 2024. About 6% of these spaces have been vacant for more than a year, mainly due to newly completed developments still in their ramp-up phase of getting tenants in.”
“About 800 hectares, or 10%, of JTC Corporation (JTC)-managed industrial land have leases that are due to expire from now till 2030. Of these, about 50 hectares, or 6%, are within Housing and Development Board towns. The Urban Redevelopment Authority works closely with JTC and other agencies on the master planning of Singapore's land, to ensure that our land needs are adequately catered for. This process is part of agencies' long-term planning and review of Singapore's land needs. Where necessary and feasible, land plots will be re-zoned for different uses.”
“Mr Speaker, I report that the Committee of Supply has made progress on the Estimates of Expenditure for the financial year 2025/2026, and ask leave to sit again tomorrow.”
“Chairman, may I seek your consent to move that progress be reported and leave be asked to sit again?”
“Industrial spaces are offered to businesses typically on three-year tenancies, aligned with standard market practice. Renewal of tenancy is also typically for three years and is generally offered unless there are breaches to the tenancy agreement. The JTC Corporation also allows flexibility beyond the standard tenure on a case-by-case basis.”
“The SkillsFuture Enterprise Credit (SFEC) was introduced in 2020. To date, more than 36,200 enterprises have tapped into it with a total of $122 million disbursed. Amongst these enterprises, those with less than $10 million in annual revenue make up the majority, with the top three sectors from wholesale trade, manufacturing and construction. We have enhanced and extended SFEC several times in the last few years to help more enterprises benefit, including those with more lower-wage workers. For example, we removed the minimum Skills Development Levy contribution in 2022 to avail SFEC to more enterprises. As announced at Budget 2025, the Government will redesign SFEC into an online wallet to improve ease of use. Companies will be able to use the credits to immediately offset out-of-pocket costs for eligible workforce transformation initiatives, rather than do so on a reimbursement basis. This will help to ease any cash flow concerns for employers.”
“In compiling the Consumer Price Index (CPI), the Department of Statistics (DOS) accounts for changes in the quantity or packaging size of the consumer items tracked in the CPI basket, where possible. It does so by adjusting the data based on a fixed unit of measurement, such as on a per 100g basis. For example, if the packaging size of an item changes from 100g to 80g but its store price remains unchanged, DOS will adjust the price so that the equivalent price increase per 100g will be reflected in the CPI.”
“All Singapore-listed companies in the study had anti-corruption disclosures, including disclosures on their compliance with anti-corruption laws and commitment to protect whistleblowers. Singapore was the only country in the report where all companies in the study fulfilled 100% of the disclosure criteria in these two categories. The study attributed the decline in the overall score on anti-corruption disclosures to an increased focus by listed companies in their public disclosures and communications on other topics, for example, sustainability and climate change1. The Singapore Exchange Regulation will continue to engage with listed companies to monitor and strengthen disclosure practices.”
“The Government will release aggregated information on carbon tax allowances in due course, bearing in mind the need to preserve commercial sensitivities.”
“MAS will continue to conduct monetary policy to ensure medium-term price stability, while also leading efforts to grow Singapore as a leading international financial centre.”
“Global competition for foreign investment has intensified as supply chains reconfigure in response to geoeconomic upheavals and national industrial policies. Singapore, along with our neighbouring countries, has seen shifts in capital flows associated with these developments. Despite a more challenging global economic environment, Singapore remains an attractive destination for foreign investment. In 2024, Singapore recorded foreign direct investment inflows amounting to $203 billion, up from $178 billion in 2023. The Singapore Economic Development Board also secured commitments amounting to $13.5 billion in fixed asset investment in 2024, up from $12.7 billion the previous year; and $8.4 billion in total business expenditure. Singapore continues to be a key gateway for global asset managers and investors to tap into the region's growth opportunities. The domestic fund management industry expanded by a robust 13.5% in 2024, up from 3.2% in 2023, on a real value-added basis. Singapore's attractiveness as a destination for long-term investments reflects a range of factors, such as our political stability and rule of law, pro-business environment, global and regional connectivity and skilled workforce. The Monetary Authority of Singapore's (MAS') monetary policy, including its January 2025 decision, contributes as well by securing domestic price stability. Low and stable inflation in Singapore provides local and foreign investors the confidence that the value of their investments will be protected from high and volatile price fluctuations and will grow over time. The purchasing power of the Singapore dollar encourages long-term investment and thus sustainable economic growth.”
“Inflation has fallen since the peaks reached in 2022-2023 during the global inflation shock. The Monetary Authority of Singapore (MAS) Core Inflation fell below 2% year on year in November 2024 and has averaged 1.2% year on year in the months since. The pace of price increases has moderated across a wide range of goods and services, including food, retail goods; discretionary services, like restaurant meals; and essential services, like public healthcare. For instance, non-cooked food inflation averaged 1.2% year on year in the second half of 2024, compared to 3.6% over the same period a year earlier. MAS Core Inflation is forecast to ease further to 1%-2% in 2025, from 2.8% last year. Singapore's imported cost pressures are expected to be contained, given forecasts for favourable supply conditions in key food commodity markets and gradually declining global oil prices. The policy band for the Singapore Dollar Nominal Effective Exchange Rate remains on a modest and gradual appreciation path even after the easing of the policy stance. MAS has assessed that this will ensure medium-term price stability. MAS continues to be vigilant and will carefully assess the impact of global and domestic developments in its quarterly monetary policy reviews. Although inflation, which is the rate of price increases, has come down, prices of many items have not. The Government recognises that households continue to face cost-of-living pressures and is addressing these concerns on multiple fronts. The measures include diversifying supply sources, including for food, to prevent sharp domestic price increases in the event of country or region-specific disruptions. The Government has also increased cost-of-living support to Singaporeans, including in Budget 2025.”
“Consumers may approach the Consumers Association of Singapore (CASE) for assistance in seeking redress from errant renovation contractors. CASE can represent a consumer in negotiating a settlement with the contractor or mediating between the two parties. If negotiation or mediation fails, consumers may file a claim with the Courts, including the Small Claims Tribunals. Consumers are encouraged to engage CaseTrust-accredited renovation contractors who have met the criteria for ethical business practices and safeguards for consumer protection. For example, these contractors adopt the CaseTrust Standard Renovation Contract, which ensures price transparency and accountability in renovation projects and offers prepayment protection to enable consumers to claim unused prepayments in the case of bankruptcy or disappearance of the contractors. The Government will continue to work closely with CASE and the industry to improve business practices and promote consumer awareness of CaseTrust-accredited contractors.”
“Single-storey buildings currently occupy about 580 hectares, or 8%, of JTC Corp-managed land. Given our land scarcity, JTC actively plans for and promotes the intensification of our industrial land where feasible and desirable.”
“The Monetary Authority of Singapore Core Inflation has eased significantly from its peak of 5.6% in January 2023 to 0.8% in January 2025, in line with moderating global inflation. However, domestic prices for some items, such as food, may not move in tandem with global prices in the short term. In the case of food, this is because changes in global food commodity prices take time to work through global and domestic supply chains. Moreover, domestic food prices are affected by other factors, such as energy, freight, storage and labour costs. Nonetheless, over the longer term, lower global food commodity prices should help to moderate the pace of increase in domestic food prices. For instance, following the 22% decline in the Food and Agriculture Organisation's Food Price Index from its peak in March 2022, Singapore's food inflation moderated from its peak of 8.1% in January 2023 to 1.5% in January 2025. The Government will continue to monitor food inflation trends closely and provide support to households to cope with higher food prices. For instance, at Budget 2025, the Government announced that an additional $800 Community Development Council vouchers will be disbursed to all Singaporean households, which can be used at participating hawkers, heartland merchants and supermarkets for household daily essentials, including food.”
“In addition, STB organises the Singapore Food Festival, which will see its 32nd iteration this year, to celebrate our local food, culture and culinary talents.”
“The Government is organising various initiatives as part of SG60 to celebrate our culinary heritage. For example, this year's Chingay Parade featured a "Food Wonderland" that displayed local food-inspired floats and costumes. Singapore's food culture will also be showcased internationally through the Singapore Pavilion at Expo 2025, where a range of local food and beverage (F&B) brands, such as Uncle Saba's Poppadoms, Prima Taste and Tanglin Gin, will be retailed or used at the Pavilion's cafe. In addition to SG60, we are celebrating the 5th anniversary of inscribing Singapore's Hawker Culture onto the United Nations Educational, Scientific and Cultural Organization Representative List of Intangible Cultural Heritage of Humanity. To recognise the contributions of our hawkers to Singapore's unique hawker culture, stallholders at hawker centres and markets managed by the Government and Government-appointed operators will receive a one-off rental support of $600 per stall under the "SG60 Rental Support for Hawker Centre and Market Stallholders" initiative. The Government has also issued $600 worth of SG60 vouchers to all Singapore Citizens aged 21 and above, with $200 more for seniors. Half of these vouchers are allocated for spending at participating heartland hawkers and merchants, which we hope will encourage Singaporeans to support local F&B operators. The Singapore Tourism Board (STB) also promotes Singapore's F&B offerings globally by collaborating with industry players to profile our diverse and innovative dining offerings through marketing, events and experiences. This includes an ongoing "Made in Singapore" global campaign that showcases Singapore's vibrant culinary landscape and reinforces Singapore's status as a culinary capital.”
“The number of resident households living in landed properties is based on household survey data and further breakdown on those living in Good Class Bungalows is not available.”
“The Singapore Tourism Board (STB) partners global artistes as part of its concerted marketing efforts to creatively showcase Singapore to a global audience and strengthen our position as a top-of-mind destination. For example, in 2022, STB worked with American singer-songwriter Billie Eilish to shoot her music video at Gardens by the Bay to showcase Singapore as a City in Nature. We are heartened that STB's partnership with Coldplay for its music video "Man in the Moon (2025)" was very well-received locally and globally. Within a week from launch, the music video and related social posts have garnered over 12 million views and close to half a million interactions across the social media platforms1 of Coldplay, Warner Music and STB, garnering positive reactions online. The partnership also received positive coverage in both local and global publications. These enhance Singapore's overall appeal as a vibrant destination which, in turn, spurs tourism, including international visitor arrivals and spend. The partnership also created unique job opportunities and provided global exposure for locals. Over 100 local talents, from production crew to cast, were hired to work alongside Coldplay's global production team. The opportunity to work with the global production team facilitates the transfer of valuable skills and supports the development of our local talent. STB will continue to explore similar partnerships with global artistes to spotlight Singapore positively.”
“The Productivity Solutions Grant (PSG) supports businesses to improve productivity and enhance business processes through a wide range of pre-approved solutions. Post-disbursement of the grant, Enterprise Singapore (EnterpriseSG) conducts regular audits on a sampling basis to ensure compliance to the grant conditions. In the last three years, more than 1,100 approved PSG projects, with a total grant quantum of $8.7 million, were subjected to post-disbursement audits. About 50% of these were from the food and beverage, and retail and services sectors, with the remaining from sectors including manufacturing and engineering, building and construction, and wholesale trade. This breakdown is broadly in line with the PSG application numbers across these sectors. About 3% of the projects subjected to post-disbursement audits were assessed to be non-compliant with the grant conditions and required rectification actions, such as a claw back of disbursed grants. For recipients found to be in breach of the grant conditions, EnterpriseSG will withhold or, if disbursement had been made, claw back the grant. EnterpriseSG will also subject these companies to enhanced scrutiny for future applications. Pre-approved solutions found to be less effective in helping companies achieve productivity improvements will be removed from PSG’s list as part of agencies’ regular review to ensure PSG remains fit-for-purpose.”
“We have not observed any negative impact of the reported kidnapping of visitors at the border of Thailand, Myanmar and Cambodia, on tourist arrivals to Singapore. Singapore is widely regarded as a safe and attractive tourist destination. Our tourism sector has recovered steadily with international visitor arrivals increasing by 21% from 2023 to reach 16.5 million in 2024. We will continue to highlight Singapore’s low crime rate, well-maintained public infrastructure and reputation as one of the world’s safest cities. We will also continue to work closely with the industry to enhance our diverse tourism offerings.”
“There was a net increase of 746 food and beverage (F&B) businesses last year, with 3,793 new businesses and 3,047 closures1. This is up from 2022, when there was a net increase of 588 businesses, with 3,335 new businesses and 2,747 closures2. In this same period, the median income of full-time employed residents in the sector grew cumulatively by 4.6%, from $2,500 in 2022 to $2,616 in 20243. The Progressive Wage Model (PWM) for the Food Services sector was launched in March 2023 to support the sustained growth of local wages by improving skills and raising productivity. Under the PWM, companies are required to send workers for mandatory training under the Workforce Skills Qualification (WSQ) framework. The WSQ certified courses seek to develop in our workers a wide range of skills for various career pathways in the F&B sector and enable them to gain portable skillsets.”
“There are 2,947 local minimarts1 in Singapore. Of these, 1,172 are chain-operated and 1,338 are run by sole proprietors2. As of 1 January 2025, 712 minimarts lease their premises directly from the Housing and Development Board3. The Government does not track the number of minimarts operating under leases from private landlords.”
“We do not have data on how fluency of mother tongue languages (MTL) impact Singaporeans' hiring and promotion opportunities. Hiring and promotion decisions are based on multiple factors, including the employees' skills relevant to the company's needs. The Ministry of Trade and Industry works closely with the Ministry of Education (MOE) and Ministry of Manpower to ensure that our education and training programmes equip Singaporeans with industry-relevant and market-ready skills so that Singaporeans remain globally competitive and ready to seize good job opportunities. On language skills, MOE supports every student to learn their MTL to as high a level as possible by providing a differentiated curriculum to cater to a wide range of abilities. In addition, SkillsFuture Singapore has worked with key partners to provide a range of language training programmes, including curated business language training programmes, for Singaporeans.”
“In recent years, the Government has simplified and facilitated the installation of solar panels in private residential properties. With the declining cost of solar panels, the current payback period for a residential solar power system can be as short as five years. Installed private residential solar capacity has thus increased from around 11 megawatt-peak in June 2019, to around 59 megawatt-peak in June 2024. This is about 5% of total installed solar capacity in Singapore currently and in line with the estimated contribution of the private residential sector to Singapore's overall solar potential. We have no current plans to introduce further incentives for solar deployments. As for the rate that homeowners receive for selling electricity, it depends on who they sell electricity to. If they sell electricity to SP Group, the rate is the regulated tariff net of the grid charge. The grid charge is collected by SP Group to recover grid maintenance costs. If they sell electricity to other retailers, the rate is based on the prevailing half-hourly wholesale electricity price, which varies depending on demand and supply conditions and does not include the grid charge.”
“The number of Single Family Offices (SFOs) awarded tax incentives grew from 400 as at end 2020 to over 2,000 as at end 2024. SFOs manage only the monies of the family and do not serve third-party clients and, thus, are not subject to licensing under the Securities and Futures Act (SFA). This is similar to the approach taken by other major jurisdictions. Notwithstanding, as set out in the Monetary Authority of Singapore's (MAS') response to the consultation paper on "Proposed Framework for Single Family Offices", MAS will be introducing a licensing class exemption framework for SFOs which will require them to notify MAS of their presence and comply with specific requirements to ensure that all SFOs are subject to anti-money laundering controls.”
“We will focus on Single Family Offices (SFOs) that have been awarded the Monetary Authority of Singapore tax incentives. They have to meet annual requirements on assets under management, headcount, business spending and deployment of funds to specific assets. SFOs contribute to the growth of the asset management industry and increase demand for ancillary services, such as in private banking, legal and tax advisory, accounting and fund administration. SFOs receiving tax incentives currently employ about 2,200 locals.”
“We are confident that our private sector and entrepreneurs will find innovative ways to do so and the Government will continue to support and work closely with them in this effort.”
“On 1 February 2025, the United States (US) announced that it would impose 25% tariffs on all imports from Canada and Mexico, and additional 10% tariffs on imports from China. The US has since put its implementation of tariffs on Canada and Mexico on hold for at least 30 days. However, the US' additional tariff of 10% on Chinese imports has since come into effect and in response, China has announced that it will implement countermeasures starting from 10 February 2025. While Singapore is not directly affected by the US' imposition of additional tariffs on China or China's response, the tariffs have implications for global trade and economic growth. They will introduce more friction to trade, which will affect Singapore as an open economy where trade is three times our gross domestic product. The countries affected could change where companies produce their goods, resulting in the re-organisation of supply chains and higher prices and requiring businesses to adapt to shifts in supply and demand. We are currently assessing the indirect impact on Singapore companies and engaging those which may be affected. We are also monitoring any additional tariffs. The Government has existing support measures to help our businesses navigate global uncertainties and diversify their supply chains and markets. Enterprise Singapore supports our companies by providing market intelligence and advice on changing regulatory landscapes so they can adapt and respond effectively. They also help companies access new markets and partners to enhance their supply chains. Singapore businesses need to stay agile during uncertainty and disruption.”