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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“For instance, we have established a vibrant carbon services and trading ecosystem to take advantage of the growth in the global carbon market. There are also opportunities to develop sustainable products, such as biofuels, Sustainable Aviation Fuel and green chemicals, which support our green growth objectives. For example, Neste expanded its biorefinery in Singapore in 2023, making us the world's largest producer of Sustainable Aviation Fuel. In addition, chemicals company Arkema has built its bio-factory on Jurong Island to produce high-performance polymers made from sustainable materials. We are also working closely with the marine and offshore engineering (M&OE) sector to ensure that it is productive, globally competitive and well-positioned to leverage new growth opportunities. This requires the sector to rethink its operating model, pivot to higher-skilled, higher-value activities and reduce its reliance on foreign manpower. To catalyse this shift, we will adjust the marine shipyard sector's concessionary Dependency Ratio Ceiling (DRC), from a ratio of 3.5:1 to 3:1 in 2026. We will monitor developments in the sector before making further adjustments. We will also proceed with the increase in foreign worker levies announced in 2013, but deferred in view of the M&OE downturn and COVID-19 pandemic. These moves will be discussed further in MOM's COS segment, as part of the Government's broader manpower strategy. We recognise that transformation, while necessary, is never easy. We will thus provide the M&OE Support Package, totalling around $100 million over the next five years – to help companies transform, uplift our workers and position the M&OE sector for new growth opportunities.”
“In the biomedical sciences sector for example, the nascent field of Precision Medicine has strong growth potential, with a global market size of US$74 billion in 2022, which is expected to grow at an average rate of 11.5% a year up to 2030. We will identify and nurture potential promising local startups, with the potential to develop cutting-edge solutions. One such company, Engine Biosciences, has developed a proprietary platform which uses AI, machine learning and gene editing to discover gene interactions to yield promising new therapies. Engine Biosciences is currently in the pre-clinical stage and intends to leverage its R&D base in Singapore to expand into the international market. The unprecedented growth of AI will accelerate in the coming years, with its market size projected to rocket from US$150 billion in 2023 to US$1.35 trillion in 2030. We must stay abreast of these developments and ensure that our businesses can reap the AI dividend. We will take both a company and sectoral approach to drive AI adoption. We will partner 100 companies to build internal AI capabilities, develop and adopt AI solutions. We hope that each of these companies will become a Centre of Excellence (CoE) for AI in its own right. We will also set up sectoral AI CoEs to address sector-wide use cases and build domain-specific capabilities. As a start, A*STAR will launch a manufacturing sector AI CoE by the end of this year. The CoE will convene stakeholders from industry, research and the startup scene to develop AI-enabled solutions that addresses use cases in the manufacturing sector. We will learn from this pilot and study how we might expand the same thing to the other sectors. The transition to a low-carbon and sustainable economy will also present new green growth opportunities.”
“For example, we are exploring the establishment of a Johor-Singapore Special Economic Zone to bolster our economic cooperation with Malaysia and Johor. We signed a Memorandum of Understanding (MOU) in January this year and agreed to work towards improving cross-border flows in goods, people and investments. Mr Liang Eng Hwa, Ms Foo Mee Har and Mr Neil Parekh asked how MTI intends to capture future growth opportunities. First, as announced by Deputy Prime Minister Wong, we will enhance our investment promotion toolkit by introducing a new Refundable Investment Credit (RIC). This is a tax credit with a refundable cash feature. RIC will support qualified firms in developing high-value and substantive economic activities in Singapore, such as the setting up of manufacturing facilities or an expansion of these facilities, commodity trading, R&D and innovation as well as decarbonisation activities. 2.00 pm As pointed out by Ms Mariam Jaafar, the RIC will bolster our competitiveness in attracting and anchoring quality investments to create more opportunities and good jobs for Singaporeans. We will also help our companies ride the global wave of technological advancement and pursue opportunities in new growth areas, such as advanced manufacturing, AI and sustainability. By being early movers and adopters, we can sharpen our companies' competitive edge, capture the rapid growth of these new markets and develop world-leading enterprises. Manufacturing is a key pillar of our economy. As Mr Saktiandi Supaat has noted, it contributes about one-fifth of our GDP and employs about one-eighth of our workforce. We will double down on our strengths in robotics and automation to target high-value opportunities in advanced manufacturing and secure new growth pathways.”
“To sustain our economic growth, Singapore, as a small economy, cannot afford to turn away from the global market; nor can we have the global market turn away from us. Mr Liang Eng Hwa, Ms Jessica Tan and Mr Sharael Taha asked what the Government is doing to ensure Singapore will remain competitive and attractive to global investors. For a start, we must expand international and regional connectivity by continuing to strengthen the rules-based trading architecture, to widen our economic space and tap on global opportunities. This will allow us to evolve innovative trade cooperation models across different geographies, enlarge our community of trading partners and establish connections with new markets. We will continue to deepen cooperation with our global partners to grow trade and attract investments. We will engage our partners through current platforms, like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Indo-Pacific Economic Framework for Prosperity, as well as via bilateral partnerships, like the US-Singapore Partnership for Growth and Innovation, China-Singapore FTA and the India-Singapore Ministerial Roundtable. Closer to home, the Southeast Asian region is projected to grow more quickly than the global economy over the next five years. Within ASEAN, trade in goods grew by about 30% from US$645 billion in 2018 to US$857 billion in 2022. ASEAN, as a grouping, is also strengthening external relations with our partners. Under Indonesia's Chairmanship last year, ASEAN concluded negotiations to upgrade the ASEAN-Australia-New Zealand FTA. We are currently negotiating an FTA with Canada, as well as upgrading and reviewing ASEAN's Agreements with China and India. We have also stepped up cooperation with our immediate neighbours.”
“To allow businesses to benefit more from SFEC, we will extend the claims submission deadline by one year to 30 June 2025. We will continue refining our support for enterprises to deepen workforce and enterprise transformation. Minister of State Low Yen Ling will also speak about additional measures to specifically support our heartland enterprises. While we tackle near-term challenges, we must continue to invest in our longer-term future and build a resilient and vibrant economy. To achieve this, we need to be GUTC. By GUTC, we mean four strategies: Grow our economy; Unlock our resource potential; Transform our businesses; and Connect to strengthen our status as a global business hub and, therefore, GUTC. Let me focus on our strategy to grow our Singapore economy, while each of my colleagues will elaborate on the other three strategies. We will grow our economy through three key thrusts: leveraging our trade networks; promoting investment and the adoption of new technologies; and developing our talent. First, on leveraging our trade networks. Singapore is well-placed to benefit from growth in our region and beyond. Our extensive connectivity has been and will continue to be our key competitive advantage. Singapore has established a strong reputation as a well-connected, reliable and trusted logistics and transportation hub. Amid shifts in global supply chains, businesses and investors continue to be attracted to Singapore due to our robust infrastructure, pro-business policies and skilled workforce. FDI has grown by over 50%, from $1.9 trillion five years ago, to reach approximately $2.9 trillion as at end of 2023. This trajectory is expected to continue.”
“As the global markets are still recovering, we will extend the enhanced maximum loan quantum of $10 million for one year until 31 March 2025, but at a 50% risk-sharing. This is in line with Mr Mark Lee's call to support Singapore businesses as they expand overseas. During the pandemic, we had also expanded the EFS-Project Loan scheme to include domestic construction projects which were badly affected. Most construction projects are now back on schedule and the sector is generally recovering, although some companies are still facing challenges. Hence, we will extend the support for domestic construction projects under EFS-Project Loan (Domestic) by one year until 31 March 2025 to help the industry, but at a lower maximum loan quantum of $15 million instead of $30 million. In addition, we will permanently increase the maximum loan quantum of the EFS-Working Capital Loan to $500,000. We temporarily increased the cap during the pandemic when businesses were facing severe cash flow constraints. Since then, while cash flow has improved, the working capital needs of SMEs have, in fact, increased, amidst the increased business volumes and costs. Making the higher maximum loan quantum permanent will better support our SMEs. Since 2020, more than 30,000 enterprises have utilised the SkillsFuture Enterprise Credit (SFEC) to support the training and upgrading of their employees and to pursue enterprise transformation. This includes Aux Media Group. This is an event and concert organiser. It used SFEC to offset costs of their digital workflow transformation project. The company also used SFEC to send their employees for SkillsFuture training courses, ranging from human resource to drone piloting, to meet the company's needs.”
“The Package has three components: Corporate Income Tax Rebate to help with cash flow; adjustments to the Enterprise Financing Scheme to help businesses access loan financing; and an extension of the SkillsFuture Enterprise Credit to support transformation and skills training efforts. First, let me explain the Corporate Income Tax Rebate. Companies due for corporate income tax in Year of Assessment 2024 will receive a 50% rebate, subject to a cap of $40,000. To ensure that smaller companies, even those that pay little or no income tax, can also benefit from the rebate, companies that employed at least one local employee in 2023 will receive a minimum cash payout of $2,000. The corporate income tax rebate will benefit many enterprises, especially the SMEs. Next, we will adjust the Enterprise Financing Scheme (EFS) that facilitates access to loan financing. During the pandemic, we significantly enhanced the EFS to provide stronger support for businesses. We have since reviewed and adjusted the EFS to better suit current business needs. For example, internationalisation plans were significantly disrupted during the pandemic when global markets came to a standstill. To help companies sustain their efforts, we doubled the maximum loan quantum for the EFS-Trade Loan to $10 million and increased the Government's risk-share to 70%. One company that has used the EFS to internationalise is Apeiron Bioenergy, which produces clean fuel from waste products. The company tapped on the EFS-Trade Loan and EFS-Green to deliver its first contract of used cooking oil, a clean biofuel feedstock to the US market and expand its facilities in Asia and the United Arab Emirates.”
“Chairman, let me first thank Members for their thoughtful comments. The past few years have been very challenging. As a small and open economy, Singapore felt keenly the impact of uncertainties arising from the pandemic and structural shifts in the global economy. But we did not let this put us down. We pressed on with our transformation journey and helped our businesses turn challenges into opportunities. During the COVID-19 pandemic, we experienced our worst recession since Independence. Our top priority then was to support our companies through this unprecedented crisis and protect jobs for Singaporeans. Even before the pandemic was over, new challenges surfaced. Global food and energy prices rose sharply due to supply chain disruptions, which then led to global inflation. Interest rates were raised, as central banks around the world sought to counter inflationary pressures. Geopolitical contestation and strategic competition between major powers, such as the US and China intensified. Conflicts in Ukraine and the Middle East erupted and there is a growing urgency to address climate change. Amidst these challenges, our economy grew 1.1% in 2023. For 2024, we expect our GDP to grow by between 1% and 3% and inflation to moderate. Nonetheless, our external environment remains volatile and uncertain, as several Members have pointed out. Many businesses, especially SMEs, are concerned about increased business costs and access to financing. They have also asked for more support to pursue transformation and training to stay competitive and capture new opportunities. Mr Shawn Huang asked about support for enterprises. We are setting aside $1.3 billion for the Enterprise Support Package to address these near-term challenges.”
“In the last three years, about 36,400 companies have received support under the Productivity Solutions Grant (PSG). The average quantum of support for PSG was about $6,600 per project. Close to 95% of all complete submissions were approved.”
“From 2021 to 2023, over 23,300 companies obtained more than $21 billion in loans supported by the Enterprise Financing Scheme (EFS). The average amount borrowed varies across the different types of EFS facilities, such as working capital, fixed asset and trade loans. As EFS loans are processed by participating financial institutions, the Government does not have data on rejection rates.”
“Businesses expanding overseas would need to comply with the prevailing Environmental, Social, and Governance (ESG) requirements in those markets. However, as ESG requirements and recommended practices vary across economies, it is not possible for the Government to track compliance. Through Enterprise Singapore and the Singapore Standards Council, the Government encourages companies in Singapore to adopt relevant international and local standards related to sustainability. Enterprise Singapore has also launched the Enterprise Sustainability Programme, which includes courses, playbooks and schemes to help with decarbonisation.”
“The emergence of a dominant player is not problematic per se, as long as it does not abuse its position to undermine consumer, driver or supplier interests or create barriers that prevent the entry of new players and competitors. The Point-to-Point (P2P) Transport Industry Act sets out the regulatory framework for P2P operators. This includes maintaining an open and contestable market and prohibiting operators from offering exclusive arrangements that "lock in" drivers and prevent them from driving for competitors. In addition, the Competition and Consumer Commission of Singapore is empowered under the Competition Act to take enforcement action against anti-competitive mergers or the abuse of dominant position.”
“Most of the 23 Industry Transformation Maps (ITMs) have been refreshed over the last two years. Their strategies and plans are consistent with our international commitments on sustainability, and our national ambitions to achieve net zero emissions by 2050.”
“From 2021 to 2023, the Consumers Association of Singapore (CASE) received an average of 178 feedback per annum pertaining to unfair practices by hair salons. Of those that sought CASE's assistance in their negotiations with the hair salons, the resolution rate was more than 70%. CASE escalates the egregious cases to the Competition and Consumer Commission of Singapore (CCCS) for investigation under the Consumer Protection (Fair Trading) Act. Where appropriate, CCCS will apply for a Court injunction to restrain errant businesses from continuing with its unfair practices.”
“Gallium Nitride is an emerging material for semiconductor chips. Singapore is setting up the National Gallium Nitride Technology Centre which will feature technology developed by Nanyang Technological University and DSO National Laboratories, and support companies with prototyping and commercialisation. The Centre is being fitted out now and we expect it to become operational next year. The Centre will prioritise growing the talent base for Singapore in this field, through involving students from Institutes of Higher Learning in the Centre’s research projects. Over time, we expect the Centre to nurture a healthy pipeline of research scientists and engineers in this growing field. The Centre aims to stimulate R&D and manufacturing of Gallium Nitride devices and promote collaboration between industry and academia to generate new Intellectual Property. It will also provide access to shared infrastructure that they might not have been able to develop on their own. These outcomes will contribute towards Singapore's Manufacturing 2030 vision and create high value jobs for Singaporeans.”
“SGX has also improved access to regional capital markets, such as through the recent Memorandum of Understanding with the Indonesia Stock Exchange, to explore collaborative opportunities, while providing bespoke capital market solutions to support the needs of our high-growth companies.”
“Singapore is doing well as a financial hub. We remain the largest Foreign Exchange (FX) centre in Asia and a key regional gateway in asset management. Major players in banking, insurance, capital markets and asset management continue to expand here, bringing with them new capabilities and product innovation. At the same time, the Monetary Authority of Singapore (MAS) is actively collaborating with the industry players to capture new growth opportunities in fintech, artificial intelligence (AI) and sustainable finance. However, the last two years have been more challenging for equity markets globally as a result of inflationary pressures and the high interest rate environment. In 2023, the total number of initial public offerings (IPOs) and IPO proceeds globally declined to 1,298 IPOs and US$123.2 billion raised, from the 2021 peak of 2,436 IPOs and US$459.9 billion raised1. The equity markets in Singapore and the region have been similarly affected. Since their establishment in 2022, the Anchor Fund @ 65 and Growth IPO Fund have invested in a total of nine companies. Both funds are working closely with their portfolio companies to prepare them for IPO when the opportunity arises. This includes, advising the companies on the listing requirements of the Singapore Exchange (SGX), driving growth and profitability and facilitating engagements with investment banks and market makers. The efforts of the funds complement a broader suite of initiatives to improve the attractiveness of SGX for IPOs. This includes MAS' Grant for Equity Market Singapore (GEMS) scheme, which helps to defray listing costs and increase research coverage of SGX-listed stocks.”
“The Monetary Authority of Singapore's (MAS) Core Inflation is projected to average 2.5% to 3.5% in 2024, compared to 4.2% in 2023. The Goods and Sales Tax rate increase is estimated to contribute slightly less than one-percentage point to core inflation, which has been taken into account in the projection. Other contributors to core inflation include higher electricity and gas tariffs in the first quarter of the year arising from the increase in oil prices towards the end of 2023, as well as higher water prices from April due to increases in production costs, as announced earlier. MAS has announced that it will keep the exchange rate policy band on a steady appreciation path. This will continue to dampen imported inflation and support medium-term price stability. The Government will continue to monitor inflation trends and help households and businesses adjust where necessary.”
“This question has been addressed in the combined oral reply to Parliamentary Question Nos 25 to 27 on the Order Paper for the 5 February 2024 Sitting. [Please refer to "Reviewing F1 Contracts with Singapore Government and Strengthening Guidelines for Investment-oriented Agencies that Engage with Private Entities", Official Report, 5 February 2024, Vol 95, Issue 120, Oral Answers to Questions section.]”
“The Government has a range of measures to support enterprises in boosting their productivity. We assess the productivity impact of these measures at the national level. From 2017 to 2022, national productivity in terms of real value-added per worker grew by 2.0% per annum. Over the same period, real gross median income for full-time employed residents grew at a commensurate 1.8% per annum. Productivity growth has thus supported real wage growth over the past few years. Over the longer term, however, for real wage growth to be sustainable, it needs to be accompanied by strong productivity growth. The steady growth in productivity has also contributed to our competitiveness. Over the past five years, Singapore has retained our position as one of the top five most competitive economies in the IMD World Competitiveness Rankings. It is thus vital for enterprises and workers to press on with efforts to raise productivity, as this will contribute to better wages for workers and enhanced competitiveness for our enterprises. The Government will render its full support throughout this journey.”
“The Committee Against Profiteering (CAP) reviews and investigates feedback on unjustified price increases of essential products and services that use the Goods and Services Tax (GST) increase as an excuse. The CAP has not seen a significant increase in such feedback in January 2024 and has not received allegations of anti-competitive behaviour during this period.”
“Since its introduction in September 2022, Enterprise Singapore has approved nearly 5,000 applications from close to 2,000 companies for the Energy Efficiency Grant (EEG). By switching to more energy-efficient equipment, companies can enjoy long-term savings in their electricity bills. This, in turn, helps alleviate cost pressures and improve profitability. The EEG is currently available to companies in the food services, food manufacturing and retail sectors. We are reviewing the scheme, in response to industry feedback, that the grant could be beneficial to other sectors as well. Improving energy efficiency and combating climate change requires a concerted whole-of-nation effort. The Government is committed to supporting our companies on this journey.”
“The Ministry of Trade and Industry welcomes inputs and suggestions from Trade Associations and Chambers on the proposed Johor-Singapore Special Economic Zone (JS-SEZ). We have started working with the Singapore Business Federation to plan for an investors forum on the JS-SEZ. Beyond this, we intend to regularly seek industry feedback as discussions on the JS-SEZ progress.”
“The Committee Against Profiteering (CAP) reviews and investigates feedback on unjustified price increases of essential products and services that use the GST increase as an excuse. The CAP has not seen a significant increase in such feedback in January 2024 and has not received allegations of anti-competitive behaviour during this period.”
“The Competition and Consumer Commission of Singapore (CCCS) is currently developing a set of guidelines to help companies make fair and accurate claims about the "green" credentials of their products. These guidelines will help companies avoid unintentional greenwashing that could amount to unfair practices under the Consumer Protection (Fair Trading) Act. CCCS will seek public feedback on the guidelines in due course.”
“In response to attacks on vessels and tankers in the Red Sea, major shipping lines have re-routed long-haul trans-Pacific and Asia-Europe services via the Cape of Good Hope, which adds 10 to 15 days of transit. This has led to some delays in Singapore’s imports from Europe that are typically transported via the Red Sea, such as petrochemicals, specialty chemicals and machinery. The disruptions in the Red Sea have also raised sea freight charges. Businesses have provided feedback that these repercussions are manageable thus far, as the proportion of goods that are shipped from Europe by sea is small compared to Singapore’s total global imports. The Ministry of Trade and Industry has projected that Singapore’s economy will grow by 1% to 3% this year. The Monetary Authority of Singapore' Core Inflation is expected to moderate to 2.5% to 3.5%, from 4.2% last year, given that global energy and food commodity prices, as well as the costs of most other imported goods, have fallen. These forecasts have accounted for the current Red Sea situation. Should the conflict escalate further, we expect additional downside risks to gross domestic product (GDP) growth and upside risks to inflation. We will continue to monitor developments closely including engaging with our business community.”
“The Code of Conduct for Leasing of Retail Premises in Singapore is an industry-led effort and a product of extensive deliberations between both tenant and landlord representatives, as well as relevant trade associations and chambers, to identify and resolve key issues in the leasing of retail spaces. It is currently overseen by the Fair Tenancy Industry Committee, an industry body comprising tenant and landlord representatives. Industry stakeholders involved in lease agreements for private hire cars, such as leasing companies, drivers and relevant industry bodies, may wish to consider if a similar industry-led approach is relevant in their case. The Government welcomes stakeholder-driven efforts to ensure that the PHC leasing industry is fair and competitive.”
“The Red Sea situation remains volatile. Major shipping lines have progressively suspended transit through the Red Sea and rerouted their vessels via the Cape of Good Hope. Despite this diversion in shipping routes leading to an additional 10 to 15 days of transit, businesses have assessed that the delays are still manageable thus far. In the short term, we can weather the impact of the Red Sea situation on the flow of supplies to Singapore. We have sufficient stockpiles of critical supplies. In addition, more time-sensitive cargo is transported by air rather than via the Red Sea. Likewise, Singapore’s oil supply is not expected to be significantly impacted, as oil from the surrounding Middle Eastern region is primarily transported through the Strait of Hormuz. However, we can expect some increase in sea freight costs from the longer voyages and higher insurance costs. If the Red Sea situation worsens, the supply chain disruptions may cause an indirect longer-term impact. We will continue to monitor the situation closely and work with businesses to manage their supply chains and strengthen their contingency plans.”
“The Government does not have specific schemes to help businesses with higher Certificate of Entitlement (COE) prices. Instead, we have broad-based and sector-specific programmes to assist businesses. These include schemes to support companies with their operational cash-flow needs, such as the Enterprise Financing Scheme-Working Capital Loan. There are programmes to help companies invest in upgrades, innovation and growth, such as the Enterprise Development Grant. Businesses can visit the GoBusiness portal (gobusiness.gov.sg) for more information on these schemes. In 2018, Enterprise Singapore and the retail industry collaborated to develop the Urban Logistics Offsite Consolidation Centre pilot, which consolidates last-mile delivery through third-party logistics (3PL). The programme aimed to improve productivity for companies by consolidating deliveries at an intermediate site, thus reducing the number of total deliveries made to malls. However, the adoption rate for this pilot was low, with only 13 companies participating. Feedback from companies indicated a preference for maintaining existing long-term logistics contracts with 3PLs or their fleet, as this option provides them with greater control over service requirements like frequency of delivery. In addition, the companies did not enjoy cost efficiencies from the pilot due to multiple handling of goods.”
“There were 1.23 million visitor arrivals from mainland China between January and November 2023. Mainland Chinese visitors spent S$1.12 billion in tourism receipts between January and June 2023. Corrected for the same period, these represent 37% and 56% of 2019's visitor arrivals and tourism receipt figures respectively1. In 2023, mainland Chinese travellers showed a preference for domestic over outbound travel in general and flight connectivity between China and Singapore was still recovering to pre-pandemic levels. As of December 2023, weekly flight passenger services2 between China and Singapore have recovered to 78% of 2019's figures. As outbound travel from China and flight connectivity continue to pick up, the recovery of Chinese visitor arrivals and spending in Singapore should follow suit. The Ministry of Trade and Industry and the Singapore Tourism Board, together with other relevant agencies, had assessed that the 30-day mutual visa exemption arrangement with China will increase Singapore's attractiveness as a tourist destination for Chinese visitors and boost visitor arrivals and spending in Singapore across the retail, F&B and related sectors in the tourism industry. Equally important, the longer visa exemption will also make it more convenient for Singaporeans to travel for leisure into China and Singapore businesses to explore opportunities and network with their counterparts to grow their business in the Chinese market.”
“The Startup SG Founder scheme offers a grant for first-time entrepreneurs with innovative business ideas. It also provides mentorship support through the Accredited Mentor Partners (AMPs) programme. Applications for the scheme are evaluated based on the merit of the proposed business plan and the founding team, together with other eligibility criteria. Enterprise Singapore and AMPs do not require applicants to disclose whether they have disabilities. We welcome persons from all eligible backgrounds, including persons with disabilities, to apply for the scheme.”
“The Department of Statistics does not compile statistics on gross domestic product produced by Singaporeans and Singaporean-owned companies. Singaporeans accounted for around 62% of total assessable income under personal income tax, for the Year of Assessment 2023. Statistics on assessable income attributable to Singaporean-owned companies are not available as the Inland Revenue Authority of Singapore does not track corporate taxpayers by their ownership status.”
“The Ministry of Trade and Industry and the Monetary Authority of Singapore have projected that Singapore's gross domestic product growth will come in at 1.0% to 3.0%, while Consumer Price Index – All Items inflation will average 3.0% to 4.0% in 2024. These projections take into account global inflation trends and an expected recovery in the electronics cycle this year.”
“First, expanding and deepening economic connectivity for Singapore through international economic partnerships and agreements. Second, renewing Singapore's relevance to the world by furthering cooperation in strategic growth areas, such as sustainability and digitalisation. Third, remaining open as well as protecting Singapore's access to key resources and preferential trade status, by leveraging existing and new collaborations; as well as international engagements. We will continue to establish strong supply ecosystems and work with businesses, including encouraging them to adopt supply chain resilience efforts, such as diversification of sources to better cope with global supply chain disruptions. As a small and open economy, Singapore will need to keep at adapting our economic strategies in response to the changing global landscape. I am heartened that Members have acknowledged the necessity and importance of this Bill, and support the Ministry's approach in balancing between economic growth and national security considerations. With the support of the House today, this Bill will strengthen Singapore's position as a trusted hub for businesses to invest with confidence. Sir, I beg to move. 3.16 pm”
“In response to Mr Mark Lee, yes, parties can also appeal to the Tribunal on Special Administration Orders. Mr Leong Mun Wai also asked about Police powers and why they should be given the powers to enter premises without warrant to carry out their investigations. This power is already consistent with the powers given to the Police under the Criminal Procedure Code, as well as many other domestic legislations to allow them to carry out their investigations. In matters relating to national security, these matters are time-sensitive and it is important to allow the Police officers and commercial affairs officers the flexibility and the ability to carry out their investigation in relation to this Bill. Assoc Prof Razwana Begum had some queries about the implementation of the Act. We will set up the Office of Significant Investments Review under MTI, which will be the Competent Authority to administer and operationalise the Act. The Office will also serve as a dedicated one-stop touchpoint and closely engage all stakeholders to address their concerns and to minimise the impact on them, if any. Sir, I believe I have addressed the key issues that have been raised by Members. The Bill will strengthen our position as a trusted hub for businesses to invest with confidence in a stable, safe and secure Singapore. It provides an updated toolkit of levers to enhance our economic resilience and strengthen national security amidst a rapidly evolving and increasingly complex operating landscape. At the same time, I agree with Mr Mark Lee and Mr Don Wee that we should continue to build on our key fundamentals and strengths which underpin our attractiveness as a business hub, to capture new opportunities and support our businesses. We are doing so through three broad strategies.”
“To ensure independent decision-making by members of the Reviewing Tribunal, the Bill expressly states that the Minister cannot alter the remuneration and terms of service to their disadvantage once they are appointed by the President. Further, as Ms Foo Mee Har has highlighted, members of the Reviewing Tribunal will also have the same legal protection and immunity as a High Court Judge. Mr Louis Ng asked if the Reviewing Tribunal will be separately provided with all information, including information that may not be disclosed to the appellant, to make their decisions; and if so, whether the Reviewing Tribunal can take this into account when deciding on the appeal. Yes, the intent is to ensure that appeals before a Reviewing Tribunal are properly heard and thoroughly considered. As such, the Reviewing Tribunal will be able to rely on all available information in making its decision on the appeal. We will also be working out the rules of the Tribunal in the coming months, which will be published in the subsidiary legislation. Mr Yip Hon Weng asked whether the Reviewing Tribunal's decision will be binding on the Minister. The answer is yes. Mr Louis Chua and Mr Leong Mun Wai asked about the limited judicial review provision in the Bill. As Mr Chua himself has pointed out, there is the possibility of ill-intentioned parties threatening our national security interests via ownership and control transactions. It will not be suitable to make the Courts serve as an oversight body, given that decisions under the Bill may involve national security considerations and may, indeed, rely on evidence from intelligence sources that would be highly sensitive. I should reiterate that parties can already appeal to the Reviewing Tribunal on decisions by the Minister.”
“As mentioned in my Second Reading speech, the Minister for Home Affairs can also issue a certificate stating that he is satisfied that the entity has acted so. Mr Yip Hon Weng asked if the Government will publish its decisions and the basis for doing so. Sir, we may not publish decisions or disclose the reasons for these decisions as they could pertain to sensitive matters of national security. Notwithstanding this, we may do so on a discretionary basis depending on the case-specific circumstances. Mr Louis Chua cited the examples of the publication of annual reports in overseas jurisdictions and asked if we will have subsidiary legislation on disclosure of information relating to the Bill's implementation. Given that we intend to designate only a handful of entities under the Act and such designation will be notified in the Gazette, there may not be a need for the publication of an annual report per se. Mr Liang Eng Hwa, Mr Yip Hon Weng, Mr Shawn Huang and Mr Mark Lee raised the need for safeguards and a robust oversight mechanism. Any aggrieved party can seek reconsideration from the Minister for his decisions. They may also further appeal to an independent Reviewing Tribunal. Ms Foo Mee Har and Mr Yip Hon Weng raised specific queries about the composition of the Reviewing Tribunal. We will consult the Chief Justice on the nomination of the Supreme Court Judges, who will serve as chairpersons of the Reviewing Tribunal. The other members of the Reviewing Tribunal will be selected based on their areas of expertise and standing, just like any other tribunals or independent committees.”
“We do not expect there to be significant economic impact on the vast majority of non-designated entities, which have no proactive obligation to track, monitor or report transactions. As I have mentioned in my Second Reading speech, currently under the Insolvency, Restructuring and Dissolution Act, the Court may order the winding up of a company if it is used against Singapore's national security. The Bill provides a more appropriate and calibrated approach than winding up the company. Following the review of the transaction under the Bill, directions may be issued, such as directing the transacting party to transfer or dispose of his equity interest in the entity. This will allow the entity to directly address the risk or harm, while continuing to operate. Mr Liang Eng Hwa had a query about the considerations behind the two-year time bar. The two-year time bar seeks to strike a balance between providing a sufficient runway to commence a review under the Bill and giving investors certainty as to when transactions would no longer be subject to such powers. Relatedly, Mr Mark Lee said that notwithstanding the time bar for the Minister's issuance of a review notice, there is no time limit for Minister's directions thereafter. We should ensure that the Minister has adequate time to conduct thorough assessments, as I have mentioned earlier, as well as carefully consider what appropriate directions ought to be issued. Nonetheless, let me assure Members that the Government will endeavour to resolve such national security-related matters expeditiously. Mr Louis Chua had a specific query on how the Government will satisfy itself that an entity has acted against our national security interests. This will be dependent on the circumstances of the case.”
“We will endeavour to process all applications expeditiously and avoid undue delays. Applicants are also welcome to check in with the office on the progress of their applications. Ms Foo Mee Har and Mr Yip Hon Weng raised concerns about the impact of ownership and control provisions on designated entities, especially on minority shareholders. Sir, we will be mindful of all shareholders and be judicious in the exercise of our powers, though this must be balanced against the need to ensure the reliability of critical functions that they provide and Singapore's national security interests. For example, for the Special Administration Order involving the transfer of property, rights and liabilities from the designated entity to a prescribed transferee, a payment scheme will also be established to determine the amount of payment to be made. Mr Louis Ng, Mr Mark Lee and Mr Louis Chua have raised clarifications about the powers that can be exercised against any entity that has acted against the national security interests. We have consulted key stakeholders and they generally recognise the need for the powers to take action against any entity that have acted against our national security interests, even if they have not been designated under the Bill. They understood it should apply only to very few entities. As mentioned in my Second Reading speech, two conditions must be met before powers under the Bill can be exercised. First, the entity must have acted against our national security interests and not merely pose potential threats to our national security. Second, the ownership or control transaction must have occurred within the two years prior to the above-mentioned action by the entity against our national security interests.”
“This is based on qualitative tests of control, for example, whether parties are able to determine the policy of the designated entity. Mr Neil Parekh asked about scenarios that may warrant remedial directions. They may be issued under certain circumstances. For example, a party may be ordered to transfer or dispose of equity interests held in the designated entities, if conditions of approval have not been complied with. Mr Don Wee asked about the considerations underlying the Minister's decision on the timeframe stated in the remedial directions. The Minister will take into account all relevant factors and circumstances of each case. This would include balancing between addressing the extent of national security risk or harm and affording the parties reasonable time to perform the necessary action. Mr Louis Chua asked about the factors that the Minister could consider in assessing the appointment or removal of key personnel. As mentioned in the example in my Second Reading speech, if we receive information that an individual has a track record of engaging in conduct or activities that could undermine our national security interests, then this would be taken into consideration. Ms Foo Mee Har, Mr Yip Hon Weng, Mr Mark Lee and Mr Neil Parekh raised concerns about the clarity and efficiency of review processes. Sir, we have not imposed a constraint on turnaround times for the Minister's decisions in this legislation. This is because they may be diverse and complex considerations relating to specific cases. The Minister should be allowed adequate time to conduct thorough assessments. And as mentioned in my Second Reading speech, we will set up a dedicated office under the Ministry. The office will work closely with the designated entities and affected parties.”
“If, for example, the contravention occurred due to active action on the part of its associates, then the accused will likely need to demonstrate that it had no prior knowledge of this. For completeness, even if an accused successfully proves that it was not aware of the contravention when it occurred, to avail itself of the defence, it will have to comply with other provisions in the Bill. These include, notifying the Minister of the contravention within the specified period after he has become aware of it and complying with the remedial directions that the Minister might have issued. Mr Louis Ng asked why the thresholds for defence differ for similar provisions across clauses 18 and 19. The thresholds are different as they were set, taking into account the contexts and other associated measures. Mr Louis Chua asked about the rationale for notification obligations that are applicable to 5% controllers. As the Member has pointed out, this is like that of the "substantial shareholder" definition in other legislation, such as the Companies Act and the Securities and Futures Act. This will allow the Minister to know that someone has now become a substantial shareholder in an entity. Mr Louis Chua also asked if the Bill sufficiently covers various scenarios under which control may be effectively transferred, such as via different classes of shares or specific resolutions. On his cited example where this is done via different classes of shares, the direct control thresholds may apply, as they are determined based on holding of equity interests or voting power in the designated entity. On his other example where this is done via specific resolution, the approval obligations relating to indirect control would be also applicable.”
“The Ministry will be judicious in exercising the powers under the Act and set out clear processes where possible, to minimise the overall impact on businesses and investors. On the specific obligations under the Bill, Mr Don Wee asked how the Government will assess complicated fund sources and identify the beneficial owners. We will be as thorough as possible, including consolidating and making sense of information from various sources. But I concede that there will indeed be challenges in detecting instances of non-compliance when ownership structures are complex. This is, indeed, why we need adequate flexibility to be able to respond to emerging national security threats. Mr Louis Ng commented that the definition of "associates" under the Bill is very wide. The definition is actually quite clearly set out in the Bill. For example, those with familial relations or employees of the same employer would be deemed as "associates". Mr Louis Ng also asked how monitoring of shareholding of one's associates may be carried out in practice by individuals. In practice, if an incoming controller is an individual and is aware that its associates also have shareholding in the designated entities, it should take active steps to ensure that it is able to comply with the notification and approval requirements. For example, it could reach out to its associates and request that all parties update each other if they plan to make any changes to their respective shareholding. Mr Louis Ng asked for examples of what a non-compliant party will need to show to prove that they were not aware of a contravention. This would be fact-dependent, depending on the specific facts and circumstances of each case.”
“Mr Neil Parekh asked whether there will be inconsistencies in regulation of entities with a similar economic risk profile. Entities with similar profiles and importance to our national security interests will generally be equally considered for designation, although there may be other considerations that eventually result in different designation decisions. Mr Yip Hon Weng, Ms Foo Mee Har, Mr Don Wee, Mr Neil Parekh, Mr Raj Thomas and Mr Louis Chua asked about potential entities that may be designated. As most critical entities in Singapore are already adequately covered by existing sectoral legislation, we expect only a handful of critical entities to be designated under this Bill. Designated entities who are of the view that they no longer meet the designation criteria may also engage the Office of Significant Investments Review to request for a review of their designation status. As mentioned in my Second Reading speech, we have reached out to all the entities that are being considered for designation and are in close discussions with them to understand their perspectives and explore ways to mitigate the regulatory impact on them. I would encourage Members not to speculate at this point, which particular entities will be designated. And as mentioned in my Second Reading speech, after the Act comes into force, all designations will be notified in the Gazette. We intend to review the list and carry out assessments from time to time, as required. Nonetheless, we do not expect to significantly expand the list of entities in the near future. The addition of any entity to the list will be a carefully considered decision, which will continue to be based on whether designation is necessary in the interests of Singapore's national security.”
“As I have mentioned in my Second Reading speech, an example would be if an entity is a key provider of security-related functions, especially where there are few or no alternatives, then this entity will be a critical entity. Ms Foo Mee Har and Mr Neil Parekh asked how sector-specific legislation will interact with the new Bill. The Bill is not an omnibus legislation and does not supersede ownership and control provisions in sectoral legislation. Sectoral legislation is intended to address sector-specific considerations, including those beyond national security interests, and may set out different obligations than those under this Bill. The Bill is intended to complement existing legislation and focus mainly on national security-related issues. Mr Shawn Huang and Mr Leong Mun Wai asked how the Bill will affect designated entities' operations, capabilities and infrastructure. As mentioned in my Second Reading speech, the Bill's provisions relate only to ownership and control over designated entities and the Government has no intention to directly interfere with routine commercial decisions and operations of the designated entities. Mr Liang Eng Hwa, Ms Foo Mee Har, Mr Don Wee and Mr Shawn Huang asked about specific factors that will be taken into consideration in designating entities. Mr Leong also asked which sectors will be covered by this Bill. I have covered this in my Second Reading speech. To reiterate, we do not intend to designate specific sectors, but rather, we will designate specific entities. Considerations would include, whether the entity provides a critical function in relation to Singapore's national security interests and whether the entity is adequately covered by sectoral legislation already.”
“Mr Shawn Huang asked what constitutes "significant investments" under this Bill. We will focus on entities that would be significant to Singapore's national security interests, rather than to take a more expansive and comprehensive approach that other overseas investment screening regimes have adopted, as suggested by Mr Neil Parekh. Ms Foo Mee Har, Mr Yip Hon Weng, Mr Neil Parekh, Assoc Prof Razwana Begum, Mr Raj Thomas and Mr Louis Chua have all asked for greater clarity on the definition of "national security". Sir, I join many Members in asking for more and clearer definition of "national security". But sometimes, more is less. Having discussed and deliberated extensively – internally and with our advisors and various parties – and taking into account legislation introduced by other jurisdictions; I came to a conclusion that sometimes, less is more. Especially, in today's world where the global landscape changes very quickly. I would like to assure Members that we will be very judicious in implementing our Bill, but we need the flexibility to allow us to respond very quickly to changes in the global landscape. National security considerations will evolve over time, and we need to keep the scope wide to allow us sufficient flexibility so that we can respond to unanticipated circumstances in good time. Providing a specific definition of "national security" or specific examples of such threats would not only constrain our ability to act quickly to address new risks that may emerge over time, but also expose Singapore's vulnerabilities. Having said that, broadly speaking, in the context of the Bill, national security would cover areas critical to Singapore's sovereignty and security, including our economic security and the continued delivery of our essential services.”
“Mr Speaker, Sir, I thank hon Members for their support of the Bill as well as their comments and suggestions. I note that Mr Leong Mun Wai has not supported the Bill and I hope I can explain to him all his questions, and I hope he will reconsider his decision. Allow me to now address some of the key points and questions Members have raised. In developing the Bill, we have studied carefully the investment management legislation of other jurisdictions as well as our own current sectoral legislation. The Bill's provisions are largely similar to those in overseas legislation and are quite similar to those in our existing sectoral legislation, which most investors would therefore be familiar with. These provisions are also consistent with our international trade obligations, a concern raised by several Members. We have reached out to various local and international communities to explain the intent of the Bill. We have reassured them that the Bill has been carefully calibrated to balance between having adequate oversight over the ownership and control of these critical entities, while ensuring that Singapore's economy remains open and business-friendly, as well as investor-friendly. This will address the concerns raised by Mr Yip Hon Weng, Mr Shawn Huang and Mr Neil Parekh Nimil Rajnikant. Mr Don Wee asked about the impact of existing sectoral legislation on companies in sectors, such as utilities and banking. While this will be more appropriately addressed by the respective sector lead agencies, I can assure Mr Wee that they have been working closely with the industry to address their concerns and minimise any adverse impact. Let me emphasise that the provisions in this Bill will not be applied retroactively, a concern raised by Mr Mark Lee.”
“We will work closely with the industry and affected stakeholders and implement this Bill in a calibrated and balanced manner. This approach will allow Singapore to remain a trusted and reliable business hub, where investors can continue to invest and operate with confidence and create more opportunities for Singapore and Singaporeans. Sir, I beg to move. [(proc text) Question proposed. (proc text)]”
“Clauses 40 to 45 provide details of the Reviewing Tribunal, while clause 46 provides for limited judicial review only on grounds of failure to comply with any procedural requirement of the Act, or the regulations or rules made under the Act. These processes are modelled after similar provisions in other legislation here that deal with Singapore's national security interests, such as the Foreign Interference (Countermeasures) Act. Under the Ministry of Trade and Industry (MTI), we will set up the Office of Significant Investments Review. The Office will serve as a dedicated one-stop touchpoint to engage affected stakeholders and provide them with guidance and clarifications. It will also coordinate and oversee the implementation of the Act. In closing, I would like to take this opportunity to thank various industry representatives, such as those from the law firms, financial institutions, accountancy firms and general business community, which we have consulted and which have provided valuable input in helping us refine the Bill and take into account potential impact on businesses and investors. As described, the Bill intends to provide Singapore with an updated toolkit to manage threats posed by significant investments into critical entities. I would like to reiterate that the provisions under the Bill have been intentionally calibrated to protect Singapore's national security interests, while minimising impact on affected stakeholders so that our corporate landscape remains vibrant and attractive to bona-fide investors. Singapore has always strived to be a responsible partner on the global stage. Our actions are based on clear and consistent principles.”
“Penalties will be differentiated depending on whether the party guilty of the offence is an individual or an entity. Fixed monetary penalties may be insufficient deterrence for certain offences that are meant to safeguard our national security interests. This is especially so as the Bill would cover transactions across a wide range of values, as well as entities in diverse sectors and of different sizes as well as varying financial abilities. For high-value transactions or large businesses with significant revenue, a fixed penalty quantum may neither be a sufficient deterrent nor result in a proportionate penalty in the event of non-compliance. On the other hand, for low-value transactions or small-sized businesses, going with the transaction value or annual turnover alone could translate to penalty amounts that run into similar issues. As such, for both individuals and entities, the maximum applicable penalty will be based on the higher of an absolute quantum cap or the transaction value, where applicable. If there is no transaction value, for entities, the maximum penalty will be based on the higher of an absolute quantum cap or 10% of the annual turnover. For individuals, imprisonment is also a possible penalty. While the penalties themselves are significant, they need to be an effective deterrent as we are dealing here with actions that may impact national security. Clauses 38 and 39 set out processes for parties that wish to seek reconsideration from the Minister for his decisions and to make further appeals to an independent Reviewing Tribunal.”
“The Minister for Home Affairs, as the Minister-in-charge of internal security, can issue a certificate stating that he is satisfied that the entity has acted against the national security interest of Singapore; which will be treated as conclusive evidence for the purposes of this Bill. Following the review of the transaction, a range of directions may be issued, such as directing the transacting party to transfer or dispose of his equity interest in the entity; or directing the entity to restrict disclosure of confidential information to any person. Let me now move on to the last segment on other general and miscellaneous provisions under the Bill. Under clause 12, powers under the Bill can be exercised against any individual regardless of their citizenship or residency status; and any entity, regardless of the type or domicile location. As mentioned earlier, this takes into account that threats may emanate from various sources or channelled through various entities and we will need sufficient flexibility to exercise our legislative levers. Further, under clauses 17 and 32, entities that may be classified as designated entities, or for which post-transaction powers may apply, would include those that are incorporated, formed, or established in Singapore; carry out activities in Singapore; or provide goods and services to persons in Singapore. Clauses 47 to 50 provide a range of enforcement powers that authorised officers, Police officers and Commercial Affairs officers may exercise. All of them have powers to require any individual or entity to provide information relating to the Bill. Police officers and Commercial Affairs officers will also have powers to enter premises for investigation under the Bill.”