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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“As of the first quarter of 2024, the overall occupancy at Changi Business Park (CBP) was 69.6%, lower than the occupancy of 71% in the previous quarter and the average occupancy of 82.4% over the past decade. The JTC Corporation (JTC) does not expect the upcoming supply of spaces at Punggol Digital District (PDD) to significantly affect vacancies at CBP, as PDD and CBP cater to different industries. CBP's tenants are predominantly financial institutions engaged in back-end support, whereas PDD’s tenants are primarily in emerging technologies, such as cybersecurity, artificial intelligence and robotics, fintech and smart living. JTC monitors the vacancies of business parks closely. Overall occupancy for business parks remains healthy at 78% as of the first quarter of 2024. While there appears to be lower occupancy in older estates and estates further from the city centre, we do not observe inherent weakness in any specific sector. JTC will continue working with other agencies to improve the value, appeal and relevance of our business parks, so that they remain attractive to a wide range of occupants.”
“In 2022, the Government established the Anchor Fund and Growth Initial Public Offering (IPO) Fund to support promising high-growth companies and encourage their listing on the Singapore Exchange (SGX). To date, both funds have invested more than $500 million of capital in a total of nine companies. The respective fund managers make their investment decisions on a commercial basis, in line with their fund mandates. The fund managers look for companies with the potential for investment returns and which are also seriously considering a listing. The fund managers will advise these companies on the listing requirements of SGX, facilitate engagements with investment banks and advisers, and plan a viable timeline for listing based on the company’s growth strategy and prevailing market conditions. But the call on when and where to list remains a commercial decision for each company to make. The last two years have been challenging for equity markets, not just in Singapore, but globally, due to inflationary pressures and the high interest rate environment. Globally, the total number of initial public offerings declined to 1,298 in 2023 from the 2021 peak of 2,436 IPOs. Likewise, IPO proceeds declined in 2023 to US$123.2 billion raised, from the 2021 peak of US$459.9 billion1. More IPOs are also gravitating towards larger equity markets. The two funds may encourage more promising companies to list on SGX. But they are not a silver bullet. The Monetary Authority of Singapore has recently set up a Review Group to consider other measures to strengthen the Singapore equities market.”
“The Singapore Economic Development Board (EDB) attracted S$1.7 billion in Fixed Asset Investment (FAI) commitments in the first quarter of 2024. Data on FAI commitments for the second quarter of 2024 will be available in the later part of August 2024. Barring unforeseen circumstances, EDB expects to meet its medium- to long-term investment commitment goal of S$8 billion to S$10 billion in FAI this year. The global business and investment environment has become more challenging due to ongoing geopolitical tensions, increased competition for investments and macro-economic uncertainty. We must, therefore, continuously enhance our value proposition and investment promotion toolkit to attract high-quality and high-value investments. For example, Prime Minister Lawrence Wong announced at Budget 2024 that we will introduce a new Refundable Investment Credit to support qualifying firms which develop high-value and substantive economic activities in Singapore. To retain Singapore’s competitive edge as a knowledge-based and innovation-driven economy, we are doubling down on our strengths. For example, we are investing heavily in R&D and talent development. In addition, we are building and ramping up new economic engines of growth in areas, such as artificial intelligence, green economy and precision medicine. These moves are part of our ongoing and concerted efforts to ensure Singapore remains an attractive investment destination which creates good jobs for Singaporeans.”
“The nine designated entities under the Significant Investments Review Act need not undertake any immediate tasks or additional protective measures. Designated entities and relevant parties only need to take action when there are certain changes in ownership or control. For example: (a) prospective controllers, existing controllers and designated entities may need to notify or seek approval from the Minister when there are changes in ownership or control at specified thresholds; (b) designated entities need to seek the Minister’s approval for changes in key personnel; and (c) designated entities cannot be dissolved, terminated, wound up voluntarily or be subject to judicial management without the consent of the Minister. The Ministry has set up the Office of Significant Investments Review to oversee the implementation of the Act and serve as a one-stop touchpoint to provide affected stakeholders with guidance. The Office has been closely engaging designated entities prior to their designation and will continue to work with them to facilitate their compliance with the Act.”
“No allowances were provided for 2023. More than 20 companies from the Emissions-Intensive Trade-Exposed (EITE) sectors have been notified of their eligibility to receive allowances for their carbon tax assessments from 2024. We will continue to monitor and review if other companies are eligible. MTI will release aggregated information on the amount of allowances at an appropriate time and will do so in a manner that does not undermine the competitive position of our Singapore-based manufacturers. Carbon tax allowances are part of a portfolio of tools to help our economy make the transition towards our ambition of net-zero emissions by 2050. They will help the affected companies to transform their operations and adopt solutions to reduce their carbon emissions and meet our emissions targets in the coming years.”
“Banks have been taking steps to facilitate their visually impaired customers' independent access to banking services. Examples include, introducing "Talking automated teller machines (ATMs)" with audio guidance and Braille features to help visually-impaired customers perform basic ATM transactions independently, training staff to assist visually-impaired customers and enhancing the accessibility of digital banking applications through improving their compatibility with voice command software. From 2021 to 2023, the Monetary Authority of Singapore (MAS) received four cases of feedback on visually impaired customers' user experience with internet and phone banking. The feedback were mainly related to issues with account verification via One-Time Password or Personal Identification Number and were promptly resolved through the banks' assistance. For instance, guiding customers to use available solutions, such as "Talking ATMs". Visually impaired customers can contact their banks for assistance should they encounter difficulties in accessing banking services independently. MAS expects financial institutions to have processes to handle all customer feedback effectively and promptly, including concerns from visually impaired customers.”
“The reports are easily accessible on SGX's website and social media channels.”
“Singapore retail investors have access to a diverse range of investment products to meet their investment needs, in addition to cash equities on the Singapore Exchange (SGX). These include Government Bonds and Treasury Bills, mutual funds and listed products, such as equities and Exchange-Traded Funds (ETFs). Additionally, retail investors can access international markets through platforms like robo-advisors and online trading platforms. The Government and SGX have taken steps to educate and support retail investors in their financial planning and investment decisions. These include retail outreach initiatives and efforts to strengthen the equities market research ecosystem. In addition, SGX and MoneySense, our national financial education programme, run various investor outreach initiatives to equip the public with basic investing knowledge. These include free talks that cover a spectrum of topics, such as the basics of investing, building passive income and sector-specific investment seminars. Over the last year, the SGX Academy has organised close to 180 such events, benefitting more than 21,000 participants across various demographics. Industry partners, such as the Securities Investors Association (Singapore), also educate and keep retail investors up-to-date with current investment trends. Besides investor education, MAS introduced a Research Development Grant Scheme in 2019, aimed at supporting and incentivising research houses to improve research coverage of SGX-listed stocks. Since its inception, the grant has supported more than 900 research reports covering over 130 SGX-listed companies. These research reports provide retail investors with detailed analysis and investment insights for informed investment decision-making.”
“Investments made by single family offices in local shophouses or any Singapore immovable properties are not eligible investments under the tax incentive schemes for single family offices. Accordingly, there is little impact on demand on local shophouses and properties arising from such schemes. It has also been explained in earlier Parliamentary Sittings that family offices have little impact on commercial and residential properties and inflation. [Please refer to "Growing Pool of Financial Professionals Due to Outflow of Talent Joining Singapore-based Single Family Offices", Official Report, 9 January 2023, Vol 95, Issue 79, Written Answers to Questions section; and "Data on Foreign Funds Flowing into Singapore through Family Offices", Official Report, 9 May 2023, Vol 95, Issue 103, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“To date, supply chain disruptions and port congestion have not affected the recovery of our trade and manufacturing sectors. On a year-on-year basis, total trade expanded by 14.2% in May. Total exports grew by 12.6%, while total imports rose by 16%. Our manufacturing output also increased by 2.9% year-on-year in May. Nevertheless, we recognise that port congestion here and in other ports around the world has led to longer shipping and transit lead times, which has, in turn, resulted in delays in shipments of imports and exports. The Ministry of Trade and Industry is working closely with the Ministry of Transport, Maritime and Port Authority of Singapore and PSA to minimise the impact to our trade and manufacturing activities and uphold our reputation as a reliable, efficient and trusted logistics and transportation hub. At this point, we are unable to determine if other industries, such as shipping, logistics, warehousing and those which provide auxiliary services to the port of Singapore, are benefiting from the increase in container traffic and shipping rates.”
“Members of the public can search for these options using the BudgetMealGoWhere website. The Consumers Association of Singapore has also developed the Price Kaki app, which enables consumers to easily compare the prices of hawker food items and groceries from different sellers. Given the Goods and Services (GST) rate increase in 2023 and 2024, the Committee Against Profiteering (CAP) was reconvened to review and investigate feedback about unjustified price increases of essential products and services that use the GST increase as an excuse. Since 2022, CAP has investigated and resolved 16 submissions alleging GST misrepresentation by hawker centres, food courts and coffee shops. Since March 2024, CAP has not received any such feedback.”
“A recent article by the Department of Statistics on hawker food price trends covers food and beverages sold at food courts, coffee shops and hawker centres. The 5.7% and 6.1% increases in hawker food prices in 2022 and 2023 respectively were primarily driven by more costly imported food ingredients due to supply chain disruptions triggered by the COVID-19 pandemic and the Russia-Ukraine war. In particular, Singapore’s import prices for food commodities rose by 8.7% in 2022 and a further 2.1% year-on-year in the first half of 2023. Singapore’s import prices for food commodities have started to decline since the third quarter of 2023 due to the fall in global food commodity prices. Hawker food inflation has moderated to 3.7% in May 2024, which is broadly in line with Consumer Price Index (CPI)-All Items inflation of 3.1% in May. The Government shares the concern of many Singaporeans regarding higher daily expenses. To address this, the Government introduced measures, such as the $1.9 billion enhancement to the Assurance Package in Budget 2024. The enhancement includes an additional $600 worth of Community Development Council (CDC) Vouchers for all Singaporean households that can be used at participating hawkers, heartland merchants and supermarkets. The first $300 tranche was launched on 25 June, and the second tranche of $300 will be disbursed in January 2025. Singaporeans will receive further support throughout this year, including the Cost-of-Living Special Payment in September 2024. The Government has also rolled out various initiatives to provide consumers with affordable food options. For example, the Housing and Development Board worked with coffee shop operators to provide budget meal and drink options.”
“A total of six single family office (SFO) funds which were awarded SFO tax incentives have been identified to be linked to individuals who have been convicted in relation to the money laundering case or their spouses. Tax benefits were withdrawn starting from the financial year the owners of these SFO funds or their spouses were charged or convicted. Tax benefits accorded prior to that will not be clawed back, unless there were breaches of the conditions of the tax incentive awards then. In addition, as part of enforcement actions in this case, assets have been forfeited from the convicted individuals. The total value of assets forfeited from convicted individuals with links to SFO funds that were awarded tax incentives far exceeds any tax benefits accorded to the SFO funds.”
“Singapore is on track to achieving our solar deployment target of at least two Gigawatt-peak (GWp) by 2030. As of end-2023, we have achieved 1.17 GWp of installed solar capacity. As for the clean energy sector workforce, it is projected to grow from 1,500 in 2022 to at least 2,700 workers by 2032. The Government has accelerated solar deployment through initiatives, such as the SolarNova programme, which aggregates demand for solar systems across the public sector, as well as floating solar on reservoirs. There are no plans to subsidise solar deployment in private residential properties. The cost of solar panels has decreased over time and solar energy is now generally cheaper than retail electricity prices.”
“The Government does not specifically track Singapore's investments and trade through the Trans-Caspian International Trade Route (TITR). Singapore had signed key trade agreements with TITR countries, such as the Turkey-Singapore Free Trade Agreement (TRSFTA) and Kazakhstan-Singapore Services and Investment Agreement. We will continue to support Singapore companies who have an interest in the region.”
“STB also makes long-term plans to address the MICE sector's infrastructure and workforce needs. We are planning for new MICE spaces as business events evolve in format and scale, even while there is sufficient capacity in existing major MICE venues to meet current demand. As for manpower, total tourism workforce including that of our MICE industry has recovered to 86 percent of pre-pandemic levels. STB works closely with industry partners, including the Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS), to ensure that our MICE workforce continue to upgrade their skills and meet the evolving needs of the industry. For example, STB and SACEOS launched the Singapore MICE Sustainability Certification process in January to rally the industry to adopt sustainable practices and deepen sustainability competencies. With these initiatives and efforts, we are confident that Singapore will be able to host more high-value and world-class MICE events in future and remain the "World's Best MICE City".”
“Singapore's value proposition as a leading MICE venue is the quality of our infrastructure, the quality of services and experiences we provide, as well as our connectivity to the world. The Singapore Tourism Board (STB) will build on our strengths in three ways. First, trust. We are trusted as a neutral venue to convene talent, ideas and capital from all over the world. STB will continue to anchor leading industry events, such as the Bloomberg New Economy Forum, the Singapore Fintech Festival, the Singapore Airshow, the Singapore International Cyber Week and Asia Tech x Singapore. Second, innovation. As a hub for research and development and technology, we will pursue events that provide a launchpad to advance new ideas, products and businesses. For example, the International Trademark Association 2023 Annual Meeting Live+ we hosted here in May 2023, organised an Open Innovation Challenge which produced winning ideas, such as an artificial intelligence-based solution for trademark management and advancing business efficiencies in the industry. Third, sustainability. Singapore is set to become a leading sustainable MICE destination in Asia-Pacific. We have put in place targets, standards and certification to achieve this ambition together with our industry partners. The Singapore MICE Advantage Programme (SMAP) is one of the tools STB uses to attract key events to Singapore. SMAP offers privileges to event organisers and MICE delegates, such as discounts on travel logistics and tourist experiences in Singapore. SMAP is fully-funded by participating industry partners, such as Singapore Airlines Limited, Changi Airport Group (Singapore) Pte Ltd and Sentosa Development Corporation.”
“This question has been addressed in the reply to Parliamentary Question No 106 for Oral Answer on the Order Paper for 7 May 2024. [Please refer to "Supporting Revival of Trishaw Services to Preserve Culture and Heritage", Official Report, 7 May 2024, Vol 95, Issue 135, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“AfA has commenced industry consultations to seek views from businesses and aims to put out its recommendations by the fourth quarter of 2024.”
“The JTC Corporation (JTC) does not typically provide rental rebates to local small and medium enterprises (SMEs), as its rentals are currently at an average of 12% below prevailing market rates. JTC had last offered an exceptional once-off rental rebate during COVID-19. As rental costs comprise just one component of total business costs, the Government’s approach has been to support SMEs more holistically through a comprehensive suite of assistance programmes. For instance, to help businesses cope with rising costs, the Government allocated $1.3 billion under this year’s Budget for the Enterprise Support Package. This package includes the Enterprise Financing Scheme to help Singapore companies access loan financing more readily, the SkillsFuture Enterprise Credit to support transformation and skills training efforts, and a corporate income tax rebate of 50% for 2024. There are also grants that provide support for specific sectors. For instance, the Enterprise Development Grant has helped companies in the manufacturing sector adopt automation and robotics to increase production capacity and improve warehousing density. Enterprise Singapore also has multiple Centres of Innovation to help SMEs innovate new solutions in specific industries, such as food manufacturing and robotics. The Ministry of Trade and Industry and the Singapore Business Federation have also formed an Alliance for Action (AfA) on Business Competitiveness to deep-dive into how businesses can remain competitive amid global uncertainties and structurally higher business costs. AfA is co-chaired by Minister of State Low Yen Ling and Nominated Member of Parliament Mark Lee, Deputy Honorary Treasurer of SBF Council.”
“From 2017 to 2023, the Consumers Association of Singapore (CASE) received about 120 consumer complaints per year regarding prepayment losses related to incomplete renovation works. The average value of the renovation contracts reported in these complaints was around $7,400. CASE assisted consumers in recovering their monies from renovation firms in about half of the negotiated cases. Some consumers may have recovered their losses through other avenues, such as the Small Claims Tribunal. In 2018, the Competition and Consumer Commission of Singapore (CCCS) took over the role previously held by the former SPRING Singapore as the Government agency empowered under the Consumer Protection (Fair Trading) Act to investigate feedback on unfair practices and take action against errant businesses where warranted. Thus far, CASE has not referred any renovation firm to CCCS for investigation. The Government does not mandate minimum qualifications or experience levels for key personnel in renovation and interior design companies. Consumers are encouraged to engage CaseTrust-accredited renovation contractors committed to fair business practices, such as offering prepayment protection and adopting the CaseTrust Standard Renovation Contract to ensure price transparency and accountability in renovation projects. To improve industry practices and guide renovation firms to avoid unfair practices, CCCS published a Guide on Fair Trading Practices for the Renovation Industry in 2022. We observed a 19% drop in the total complaints received by CASE involving renovation contractors in 2023. We will continue to monitor the number of complaints closely and work with CASE and the renovation industry to promote good business practices.”
“As of Q1 2024, the overall vacancy rate of business park space was 22.0%, close to the vacancy rate of 21.6% in the previous quarter. Vacancy rates averaged around 16% over the past decade and was around 20.2% in the previous year. The increase in vacancy rates since last year is mostly due to an increase in supply arising from developments and redevelopments in Science Park, one-north and Cleantech Park, coupled with a slowdown in certain sectors, such as technology. We expect vacancy rates to remain stable/increase slightly in the coming year. JTC monitors the vacancies of business parks closely. While there appears to be increasing vacancies in older estates, we do not see this as a reflection of inherent weakness in any specific sector. JTC will continue working with other agencies to improve the value, appeal and relevance of our business parks, so that they remain attractive to a wide range of occupants.”
“We do not specifically track the number of factory closures. However, over the past five years, more manufacturing entities, including factories, have been established than closed in Singapore. Companies that have closed factories have done so due to changes in market dynamics or shifts in their global production strategy. As of the first quarter 2024, Singapore's manufacturing output was 16% above its pre-pandemic average in 2019. This was better than the 6.6% and 5.8% recorded by South Korea and Vietnam respectively, over the same period. We expect our manufacturing sector to recover this year as inventory levels and external demand normalise. We are strengthening our competitiveness as a key node in advanced manufacturing. This includes working with companies to adopt artificial intelligence (AI) and digitalisation to increase productivity and anchor investments in new growth areas, such as the green economy, AI and precision medicine. This aligns with our Manufacturing 2030 vision to position Singapore as a global business, innovation and talent hub for advanced manufacturing so that we can continue to create good jobs for Singaporeans in the sector.”
“STB also makes long-term plans to address the MICE sector's infrastructure and workforce needs. We are planning for new MICE spaces as business events evolve in format and scale, even while there is sufficient capacity in existing major MICE venues to meet current demand. As for manpower, total tourism workforce including that of our MICE industry has recovered to 86 percent of pre-pandemic levels. STB works closely with industry partners including the Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS) to ensure that our MICE workforce continue to upgrade their skills and meet the evolving needs of the industry. For example, STB and SACEOS launched the Singapore MICE Sustainability Certification process in January to rally the industry to adopt sustainable practices and deepen sustainability competencies. With these initiatives and efforts, we are confident that Singapore will be able to host more high-value and world-class MICE events in future and remain the "World’s Best MICE City".”
“Singapore's value proposition as a leading meetings, incentives, conventions and exhibitions (MICE) venue is the quality of our infrastructure, the quality of services and experiences we provide, as well as our connectivity to the world. The Singapore Tourism Board (STB) will build on our strengths in three ways. First, trust. We are trusted as a neutral venue to convene talent, ideas and capital from all over the world. STB will continue to anchor leading industry events, such as the Bloomberg New Economy Forum, the Singapore Fintech Festival, the Singapore Airshow, the Singapore International Cyber Week and Asia Tech x Singapore. Second, innovation. As a hub for research and development and technology, we will pursue events that provide a launchpad to advance new ideas, products and businesses. For example, the International Trademark Association 2023 Annual Meeting Live+ we hosted here, in May 2023, organised an Open Innovation Challenge which produced winning ideas, such as an artificial intelligence-based solution for trademark management and advancing business efficiencies in the industry. Third, sustainability. Singapore is set to become a leading sustainable MICE destination in Asia Pacific. We have put in place targets, standards and certification to achieve this ambition together with our industry partners. The Singapore MICE Advantage Programme (SMAP) is one of the tools STB uses to attract key events to Singapore. SMAP offers privileges to event organisers and MICE delegates, such as discounts on travel logistics and tourist experiences in Singapore. SMAP is fully funded by participating industry partners, such as Singapore Airlines Limited, Changi Airport Group (Singapore) Pte Ltd and Sentosa Development Corporation.”
“The ASEAN region is an important market for our Singapore companies. Singapore's trade and investment with ASEAN countries have registered double-digit growth over the past five years. In 2023, the total trade between Singapore and our Southeast Asian neighbours collectively stood at $295.6 billion, a 14% increase from 2019.1 Singapore's Direct Investment Abroad (DIA) into the ASEAN region also increased 37%, from $164.6 billion in 2018 to $226.1 billion in 2022.2 In 2023, the Singapore Business Federation (SBF) surveyed companies regarding the challenges they faced in doing business in the ASEAN region. The most commonly cited challenges were: (a) uncertainties about demand; (b) unpredictable business environment; (c) lack of suitable manpower to develop overseas markets; and (d) the costs involved in internationalisation. Enterprise Singapore (EnterpriseSG) has a wide range of tools to help Singapore companies facing these challenges. In 2023, EnterpriseSG supported some 2000 projects from companies seeking to expand into ASEAN markets. This was an increase from around 700 projects in 2019. EnterpriseSG also has a network of over 35 Overseas Centres around the world, including eight in the ASEAN region. These centres help to connect Singapore businesses with in-market opportunities and partners. Furthermore, EnterpriseSG works closely with our trade associations and chambers to leverage their network and industry expertise. For instance, EnterpriseSG partners with the SBF on GlobalConnect@SBF, which has provided close to 550 advisories and facilitated over 100 business projects for enterprises in the region since November 2022.”
“There are no plans to tap on advanced electricity meter data to provide alerts to caregivers of seniors living alone. Electricity consumption depends on multiple factors and is unlikely to be a reliable indicator of well-being. To help caregivers of seniors living alone monitor their loved ones, the Silver Generation Office refers these seniors to Active Ageing Centres, where they receive befriending or buddying services.”
“Mr Speaker, my response today will also cover the Parliamentary Question filed by Mr Dennis Tan on trishaw services in Singapore for a subsequent Sitting. If Mr Dennis Tan is satisfied with the response, he may wish to withdraw his question after this session. The trishaw, once a popular mode of transportation in Singapore until the 1950s, holds a special place in our social and transport history. Today, trishaw rides are no longer a common means of travel and mainly ferry tourists who are keen to experience the Singapore of yesteryear. Trishaw tours ceased last year, when the lease of Trishaw Park at Queen Street expired. With planned developments in the area, Trishaw Park would no longer be conducive for trishaw operations. Before trishaw tours ceased last year, the Singapore Tourism Board (STB) extended the lease of Trishaw Park four times between 2019 and 2023. STB granted the extensions to give the operator, Trishaw Uncle, more time to find new sites for its operations. During this period, STB and several Government agencies worked with Trishaw Uncle to explore several sites. Unfortunately, none were found suitable. STB is prepared to support the resumption of trishaw tours if any operator is able to find a suitable site.”
“Business grants and tax incentives disbursed by the Ministry of Trade and Industry are designed to support companies that undertake specific projects or activities to upgrade, grow and transform their businesses. These can include the development of new capabilities, expansions, or the establishment of new businesses in Singapore. Where relevant and on a case-by-case basis, the agencies may include factors such as creation of local employment and training opportunities as part of the consideration. Separately, the Government invests significantly to support our businesses and workers to upskill and reskill and administers various programmes for this purpose. The Member may refer to the reply to Parliamentary Question No 105 for the Sitting on 7 May 2024 for more details. [Please refer to "Programmes that Support Skills Transfer by Foreign Specialists Working in Singapore", Official Report, 7 May 2024, Vol 95, Issue 135, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“Since the media release was issued in November 2023, the Consumers Association of Singapore (CASE) has received fewer complaints concerning hair salons. Between December 2023 and April 2024, CASE received 128 such complaints, compared to 154 in the prior five-month period. The hair salon in question has given an undertaking to CCCS to stop engaging in unfair practices under the Consumer Protection (Fair Trading) Act. The Competition and Consumer Commission of Singapore investigates all claims of unfair practices and does not hesitate to take firm enforcement action when necessary. This includes seeking court injunctions to restrain errant businesses from engaging in unfair practices. The Government will continue to work closely with CASE to monitor industry practices. We will also study whether more deterrent measures are needed to deal with egregious conduct.”
“The Government is studying several potential pathways for Singapore to adopt low-carbon hydrogen. There are no immediate plans to construct hydrogen pipelines or storage facilities at scale in Singapore. Given the technological and commercial uncertainties surrounding the development of a global hydrogen supply chain, we are taking a cautious approach towards hydrogen adoption and will pace our infrastructural investments accordingly. Our current priority is to gain experience in the import, storage, distribution and handling of hydrogen and its carriers, through our ammonia pathfinder project. We expect the pathfinder project to be implemented in 2028.”
“Since 2020, the Training Industry Professionals in Tourism (TIP-iT) fund under the Tourism Development Fund (TDF) has supported the training of over 900 workers in total. These workers were from the Hotels, MICE, Attractions, Travel Agencies and Cruise sectors; and received training in areas, such as sustainability, events management and service delivery. All locals employed by tourism companies are eligible for training support under TIP-iT. The Singapore Tourism Board will continue to encourage companies to prioritise employee training even as they ramp up operations to keep pace with tourism recovery. The recent TDF top-up will provide more opportunities for tourism firms to support employees for training in areas, such as leadership development, technology, sustainability and partnership building. Other initiatives that support training for the tourism sectors include the Career Conversion Programmes funded by Workforce Singapore (WSG) that train new hires and reskill existing workers, as well as funding support provided by SkillsFuture Singapore (SSG) for approved courses.”
“Based on the latest available data, 66% of firms on average were profitable over the period of 2020 to 2022. The median profitability rate, or profits divided by revenue of these firms, was stable at around 17% over the same period.”
“All companies in Singapore have to be registered with the Accounting and Corporate Regulatory Authority (ACRA). However, the Government does not keep track of whether a company has re-domiciled its headquarters to Singapore. We welcome legitimate companies to conduct substantive business activities in Singapore. We have upheld our reputation as a stable, trusted and well-connected hub with strong rule of law by acting firmly and decisively against those which violate our laws. We work closely with our partners and honour our international obligations. This has enabled us to attract businesses from different industries and geographies.”
“Agencies, such as the DesignSingapore Council, Enterprise Singapore, the National Arts Council and the National Heritage Board, work with local visual creators and artists to showcase their work. These include platforms for heartland businesses, such as the upcoming “Rasa Gombak Day Out” festival, as well as events, such as the Craft X Design initiative, Singapore Design Week and FIND – Design Fair Asia. These opportunities enable visual asset creators to showcase their work to potential clients, such as local and global brand owners.”
“The Energy Market Authority and the Singapore Institute of Technology (SIT) launched the $20 million Exploiting Distributed Generation programme in 2018 to support the development of distributed energy technologies in Singapore. About $14 million has been awarded to four research projects thus far, across two grant calls in 2019 and 2023. The projects awarded under the first grant call in 2019 focused on microgrid design as well as distributed energy management. Some of the interesting findings from the projects will be tested at the Multi-Energy Microgrid at SIT's Punggol Campus later this year, to assess their potential for improving energy efficiency and generating cost savings. The research project awarded under the second grant call will test-bed vehicle-to-grid (V2G) technology. This three-year project, which commenced in November 2023, is studying approaches to intelligently manage electricity demand through large-scale V2G adoption.”
“The Singapore Airshow is organised by Experia Events Private Limited, which has discretion in the invitation of exhibitors, as long as exhibitors are not subject to prevailing sanctions by the United Nations or the Singapore Government. This is consistent with the Government's position on the Israel-Hamas conflict, which was explained by the Minister for Foreign Affairs in his speech at the Committee of Supply session on 29 February 2024. [Please refer to "Committee of Supply – Head N (Ministry of Foreign Affairs)", Official Report, 29 February 2024, Vol 95, Issue 127, Budget section.]”
“Singapore signed the Artemis Accords on 28 March 2022. The Accords are non-binding commitments to promote the peaceful and sustainable use of space for all humankind. As a signatory, Singapore hopes to cooperate more closely with like-minded partners to shape the international conversation on space norms and foster collaborations with companies, officials and researchers between Singapore and the United States (US), as well as other signatories to the Accords. For example, Singapore and the US convened the first bilateral Space Dialogue on 10 October 2023 to strengthen bilateral cooperation in a range of areas, such as the use of satellites for earth observation and space-related use cases in the maritime and aviation domains. We also jointly organised an industry roundtable to discuss business opportunities for our companies in these areas. We are committed to helping our companies seize the opportunities in space. For example, the Office for Space Technology & Industry's Space Technology Development Programme brings the Government, local companies, Institutes of Higher Learning and research institutions together to build technical capabilities, translate research into commercially viable solutions and nurture competitive companies.”
“Singapore is honoured to host the first International Energy Agency (IEA) Regional Cooperation Centre outside its headquarters in Paris, France. The Centre will serve as a hub for the IEA's activities and engagements in Asia. This development builds on Singapore's longstanding collaborations with the IEA to share knowledge and build capabilities in our region. The Regional Cooperation Centre will provide technical advice and policy support to Governments and regional bodies to accelerate the energy transition; for example, through scaling up the deployment of renewable energy and other clean energy technologies. In Singapore, the Ministry of Trade and Industry and Energy Market Authority will facilitate the Centre's engagements with companies and organisations in the finance and sustainability ecosystems. There will be opportunities for Singapore-based companies and organisations to collaborate with the IEA to address the region’s needs for green financing and climate sustainability solutions.”
“Major e-commerce marketplaces, such as Lazada and Shopee, have adopted the Consumers Association of Singapore's (CASE) Standard Dispute Management Framework, which contains best practices, such as timely dispute resolution processes and verification of merchants. Since the inception of CASE's Standard Dispute Management Framework in 2021, the resolution rate for CASE-assisted e-commerce disputes has increased steadily in the last three years to 88% in 2023. Individual e-businesses that are CaseTrust-accredited have also committed to adopting fair and transparent business practices, including measures that facilitate the process of dispute resolution. E-commerce consumers who are unable to resolve disputes with the seller directly can seek assistance from CASE. CASE can advise consumers on the best approach to resolve the dispute, including further negotiation with the supplier facilitated by CASE, seeking civil recourse by filing a claim with the Small Claims Tribunal, raising a chargeback request with the bank if a credit card was used for the transaction or other alternative forms of dispute resolution.”
“The Consumer Protection (Fair Trading) Act protects consumers, whether transacting via e-commerce or offline, against unfair business practices, such as making false or misleading representations about a product or service. Enterprise Singapore and the Singapore Standards Council have also published guidelines on best practices for industry to adopt in electronic commerce transactions, to avoid disputes. More generally, consumers are advised to make purchases from reliable e-commerce retailers. For example, they can choose retailers which are CaseTrust-accredited, or patronise e-marketplaces that have adopted the Standard Dispute Management Framework developed by the Consumers Association of Singapore (CASE). The Ministry of Home Affairs also publishes the E-commerce Marketplace Transaction Safety Ratings, which rates major e-commerce marketplaces annually on the availability of critical safety features to protect consumers from scams. In addition, consumers should familiarise themselves with common tactics used by errant online retailers to mislead consumers. CASE and the Competition and Consumer Commission of Singapore have published an advisory on such practices on their websites. Consumers who encounter e-commerce disputes can approach CASE for assistance.”
“We are the matchmaker and we try to facilitate and give a little bit of encouragement here and there, but at the end, the economics must work out together for both of them.”
“Thank you. In the interest of the bubble tea, I will keep it short. The short answer is yes, we definitely will take into account the opportunity for local enterprises and also job creation for local workers. We need to balance the trade-offs and sometimes, you have to look at the potential investment. If the investment is strategic to us, it is very important for us to bring in markets, to bring in technology and to bring in opportunities. Eventually, this will spill over to local industries. Rather than to have a very hard-wired requirement that all of them must have a local partnership. You will find that you may, in the end, lose out more opportunities than gain the opportunities. So, I think it is a calibrated approach. We are very mindful that we do want to make sure that there is a significant value capture locally, whether it is through their direct contribution to the value-add, or whether it is through collaboration with local enterprises. Even after they have come into Singapore and they have invested here, we continue to encourage them through different schemes, like PACT, as I mentioned; R&D schemes, to encourage them to have collaboration with local industries. At the same time, we also provide schemes and support for the local industries to level them up, so that they are able to then work together with these large enterprises to add value to them. At the end of the day, economics must make sense for both parties. Government grants and schemes are just to facilitate and to push them, to nudge them to come together. But in the end, when the two of them want to get married, the marriage must make sense.”
“Thank you. I have given a broad perspective of the potential for the precision medicine market in my speech. I think you can refer to that in terms of the numbers. But in terms of the specific areas of potential, this is a very early stage of an emerging technology. As some Members have said, if we do not move in time, we will never have time to move. So, I think it is something for which we have to grab the opportunity to work with companies who are in this field to develop new technologies. The potential is to find new solutions and new therapies by working on genomics and see how the genes interact with one another; and also coupled with the advent of AI that has made precision medicine even more promising. So, this is an area that we are well positioned to collaborate with leaders in the world to develop this particular sector. On the second question, yes, indeed, we are in discussion with MOH. Because at some point in time, when companies want to conduct clinical trials, they will also have to work with MOH to ensure that they have access to patients for some of these clinical trials. When the therapies are available, I think we will then have to discuss with MOH how to ensure that their funding is adequate and the appropriate therapies are available to Singaporeans. There will always be clinical guidelines or some indications for this therapy, and I think this is something that is a work in progress. We will continue to work with MOH with regard to clinical therapy as well as funding requirements.”
“That is actually one of our key selling points, and very often, when I talk to investors, they choose Singapore, not just because of our grants, but because of the ecosystem that we have developed. They can tap on the SMEs capability to augment their business and that is why they are here. But at the same time, as I said, through PACT, we are hoping to level up the capability of SMEs, so that they, too, can continue to grow, as the MNCs are growing. We take the Member's point. Where possible and applicable, we definitely will take into account collaboration with the local enterprises.”
“Let me thank Ms Foo for the clarification, which is very important. I heard the Member's speech. I explained in my COS speech, that actually for the specific schemes like PACT, the collaboration is with the local SMEs. So, that is already naturally part and parcel of the scheme design that we encourage large companies, MNCs, may be LLEs, to work with their suppliers. And some of these MNCs, large enterprises, are actually now beginning to go overseas, and they are quite keen to bring along their suppliers to go overseas too. And they also need to level up their capability in order to partner them in overseas markets. So, this programme is very useful in nurturing collaboration between large companies and local SMEs. But there are also other schemes that are focused on bringing in technology, bringing in strategic investments, which we may or may not have the capability among the local industries. Therefore, we will need to assess each project's features and background to see whether it is appropriate to incorporate local enterprise collaboration. Sometimes, it may be counterproductive. Instead of being able to attract these technology, experts, network and opportunities here, you may lose them because we do not have the local capability to support them. But where possible, we will always encourage MNCs investing here to work with our local enterprises. All our schemes have that in mind. Where possible, where appropriate, we will have the conversation with the grant applicants, to see whether local SMEs can play a part, and it is something that we always push for and encourage. In fact, many of the investors who come to Singapore are also looking at the capability of the SMEs, the local enterprises here. This is the whole ecosystem that we are developing.”
“We can seize new opportunities for growth, improve the lives of all Singaporeans and build our shared future together. [Applause.]”
“We will introduce a new initiative, the Global Business Leaders Programme (GBLP), to support companies in sending their Singaporean middle to senior managers with leadership potential, for overseas postings and other developmental opportunities. GBLP participants will be inducted as Singapore Leaders Network Fellows, where they will receive mentoring and grow their professional networks. The GBLP will support companies in their regionalisation efforts and in growing a pipeline of Singaporean corporate leaders who can take their businesses to new heights. This will complement MOM's local workforce development efforts to support career resilience, better career health and longer career trajectories for all levels of workers. Sir, in summary, I spoke about providing near-term support to our enterprises via the Enterprise Support Package, to help them address immediate challenges. And at the same time we need to invest in our longer-term future and drive economic growth. We can achieve this by leveraging our trade networks, spearheading the adoption of new technologies and developing our talent. Economic transformation has always been a key priority for us. Deputy Prime Minister Heng earlier underlined the importance of transformation in our growth journey. Indeed, transformation is the constant in this fast-changing world. We must remain agile and continue to grow our economy by seizing new opportunities, making ourselves ever more productive, innovative and competitive. While there will still be uncertainties and challenges in the future, if all of us work together as Team Singapore – with workers, businesses, trade associations and chambers and unions each playing our part, we can remain relevant on the global stage and enhance our heft.”
“GlobalFoundries was able to work closely with its supplier, Forefront AM, to scale up its capability in additive manufacturing, so that it can repair some of GlobalFoundries' high-value semiconductor manufacturing tools. Another example is SATS, which has organised capacity building workshops with PACT support, to help its SME suppliers understand and track their carbon emissions. SATS also intends to encourage its suppliers to embark on decarbonisation initiatives. We aim to facilitate 100 new PACT partnerships over the next five years. This will provide more opportunities for SMEs to level up their capabilities, enhance their competitiveness and plug into global and regional value chains. We will also invest in innovation efforts, including upstream research, translation and commercialisation. Since its launch in 2016, the Startup SG Equity Scheme has catalysed over $2.3 billion in private-sector funding for over 230 Singapore-based startups, including in new growth areas, such as advanced manufacturing, pharmaceuticals and biologics or pharmbio, medical technology or medtech, and agriculture-food technology or agri-food tech. And we are working on further enhancements to the Startup SG Equity Scheme and will announce details later this year. Third, while we will need to continue tapping on global talent to complement our local workforce to grow our economy, we will redouble our efforts to strengthen our local talent pool, so that Singaporeans can benefit from this growth. As Mr Liang commented, amidst this intensifying global competition for leadership talent, we will have to ensure that our companies have access to a pipeline of Singaporean corporate leaders in line with recommendations from the Forward SG consultation.”
“This will enable us to become a globally impactful and thriving hub that can deliver sustainable solutions in an M&OE value chain. One growth opportunity that we are exploring is offshore wind, with a global market which is projected to grow rapidly at an average rate of 22% per year until 2030. Some companies have already embarked on this journey, such as Seatrium, which is working on several large offshore wind projects. We will identify and capture opportunities along the value chain and anchor them in Singapore. One promising local startup is BeeX, which designs, builds and deploys hovering autonomous underwater vehicles (HAUVs) to conduct inspections of offshore windfarms. BeeX built its first HAUV with a $500,000 Startup SG Tech grant. Its solutions have been validated internationally and it is currently working on a high-specification, second-generation HAUV+. I have outlined our plans to continue attracting quality investments into Singapore. We will also support enterprise collaborations and invest in our innovation ecosystem. First, Ms Foo Mee Har, Mr Mark Lee and Mr Edward Chia will be happy to know that we will enhance the Partnerships for Capability Transformation scheme, or PACT scheme. Today, the scheme encourages partnerships between larger and smaller enterprises, between MNCs, large local enterprises (LLEs) and the SMEs, on supplier development and co-innovation. Going forward, we will expand PACT to more industries and modalities, including capability training, internationalisation and corporate venturing. Allow me to share a few examples of collaborations facilitated by PACT.”