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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“The second broad set of provisions relate to powers that can be exercised against any entity that has acted against Singapore's national security interests, regardless of whether they are designated or not. Currently, there are already existing laws to deal with egregious acts against national security. For example, under the Insolvency, Restructuring and Dissolution Act, the Court may order the winding up of a company if it is being used against Singapore's national security. However, winding up an entity could affect the continued provisioning of its functions, and may not be the desired outcome. In the investment management legislation of most overseas jurisdictions, there are similar concepts often referred to as "call-in" powers. The relevant authorities may "call-in" certain types of transactions for review, even though they may not have triggered filing and pre-approval requirements under the regime. Such "call-in" powers are typically exercised on national interest- or national security-related grounds. In some jurisdictions, they can be based on perceived risks without actual actions committed by the entity. The time limits of such "call-in" powers vary across jurisdictions. For example, this could range from five years in the UK to 10 years in Australia, and there is no time limit in the US. In Singapore's case, under clause 32, the Minister can review ownership or control transactions involving any entity only if two pre-requisites are met. 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.”
“Clause 28 allows the Minister to require the removal of an appointed key personnel of a designated entity, if this was done without the necessary approval or if any condition of approval has been breached. The Minister can also require the removal of any key personnel, if deemed necessary in the interest of national security. There are also provisions to ensure the continued performance of the critical functions by the designated entities. Under clause 26, the designated entities cannot be dissolved, terminated, wound up voluntarily or be subject to judicial management without the Minister's consent. In addition, parties cannot enforce security, judgment or Court order over designated entities, unless prior advance notice has been given to the Minister. This will allow the Minister to take the necessary actions to safeguard our national security interests. If there are Court proceedings involved, the Minister will be a party to such proceedings and the Court must consider any representations made by the Minister. Clauses 30 and 31 allow the Minister to issue Special Administration Orders – otherwise known as “step-in rights” – to direct the takeover of control of the affairs, businesses and property of a designated entity by another party. Other orders can also be issued, such as directing the designated entity to immediately take or cease any action or appointing a person to advise the designated entity in the proper conduct of its businesses or undertaking. I would like to assure Members that such powers will only be exercised in the interest of the continued provisioning of critical functions by the designated entity or Singapore's national security interests. When exercising such powers, we will always be mindful of shareholders' interests.”
“The Minister may also proactively issue such a notice if he is satisfied that it is in the interest of Singapore's national security to do so. Clauses 22 to 24 allow the Minister to issue remedial directions under a variety of circumstances – for example, if conditions of approval have been breached or false or misleading information was provided in relation to an application for approval. Such remedial directions may include directing the transfer or disposal of equity interest in the designated entity or any other direction that the Minister considers appropriate. Where a remedial direction has yet to be carried out, clause 25 has provisions to achieve the practical outcome of such a direction. Let me explain. As an example, if an initial remedial direction to divest equity interest has not been carried out, voting rights may not be exercised and no dividends may be paid in relation to the relevant equity. The Bill also includes oversight over the appointment of key personnel of the designated entities, such as the chief executive officer, board directors and chairperson of the board. Such individuals can influence the entity's policies, decisions and actions, including over the critical functions it provides. Under clause 27, a designated entity must obtain prior approval from the Minister to appoint key personnel. The Minister may consider any relevant factor in arriving at a decision. For example, if we receive information that a particular 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 in deciding whether approval would be granted.”
“They will need to seek the Minister's approval before becoming a 12%, 25% or 50% controller. Parties are, similarly, required to seek Minister's approval if they are becoming an indirect controller or acquiring parts of the business or undertaking as a going concern. On the other hand, sellers will have to seek Minister's approval before ceasing to be a 50% or 75% controller. Clause 16 allows the Minister the flexibility to vary such thresholds for specific entities as the situation warrants and, if so, to prescribe them in subsidiary legislation. Under clause 19, the Minister may approve applications by parties if he is satisfied that all of the following conditions are met. One, that the prospective acquirors or controllers and their associates are fit and proper persons. Two, that the designated entity will be able to continue providing its critical functions if the transaction proceeds after approval is granted. Three, that approving the transaction is not against Singapore's national security interests. The designated entity has a duty to report changes in ownership or control specified above to the Minister within seven days of it becoming aware of the event. This provides an additional safeguard to detect any potential attempts by parties to circumvent the notification and approval requirements and ensure that the entities stay vigilant to potential threats. Should prospective or existing controllers proceed with the transactions without seeking the necessary prior approvals from the Minister, clause 21 automatically renders such transactions void. However, materially affected parties may apply to the Minister to validate the transaction and the Minister may do so by issuing a validation notice.”
“In deciding which entities should be considered for designation, various factors will be considered. These include whether the entity provides a critical function in relation to Singapore's national security interests, such as a key provider of security-related functions, especially where there are few or no alternatives; and whether it is adequately covered by existing sectoral legislation. Conversely, should a designated entity subsequently cease to meet these criteria, its designation may be cancelled. Over the last few months, we have reached out to all the entities that are being considered for designation. That means, if you have not been approached, you are not currently being considered. The engagements will help us to better understand their perspectives and concerns, clarify the obligations should they eventually be designated and explore ways to mitigate the regulatory impact on their businesses. In the interest of transparency and to provide certainty to the entities and potential investors, clause 17 provides that all designations or cancellations of designation will be notified in the Gazette. Clauses 18 to 20 allow the Minister to exercise oversight over the ownership or control changes involving parties in positions to influence and direct the actions of the designated entities. These requirements will not apply retroactively, but only to new ownership or control changes after the entities have been designated. Notification or approval obligations will be imposed on prospective controllers, existing controllers and designated entities, based on specific thresholds that take reference from existing sectoral legislation. Buyers are required to notify the Minister within seven days after becoming a 5% controller.”
“Third, other general provisions. I would like to make it clear from the outset that, it is not the intention of the Government to directly interfere with the routine commercial decisions and operations of designated entities. The first broad set of provisions relate only to ownership and control over designated entities to ensure the reliability of critical functions that they provide as well as to safeguard Singapore's national security interests. Clause 17 allows the Minister to designate a specific entity based on national security considerations. This is quite unique to Singapore, as most overseas jurisdictions generally scope the designation broadly to cover all entities based on either activities they carry out or the sectors they operate in. Common overseas examples of these activities or sectors include those relating to communications, defence-related supply chains and advanced technologies. Most entities within these sectors or performing such activities will be regulated. But for Singapore, as the majority of critical entities here are already covered by existing sectoral legislation, we expect to designate only a handful of entities. This approach was deliberately chosen to reduce the regulatory burden of the Bill. Otherwise, every entity that falls within certain sectors or provide certain activities would all be included, regardless of whether the entity itself is critical to our national security interests. This would not only be administratively tedious but also impact Singapore's position as a business and investment hub. Instead, our targeted approach to designate only specific entities will achieve a better balance between national security and the impact on businesses.”
“Investors may then exploit their ownership and control over these entities to disrupt the delivery of essential goods and services, or access and use sensitive information to threaten our national security. It is, therefore, important to have adequate and effective investment management measures to safeguard our national security and ensure our economy remains resilient. This will provide businesses and investors with continued confidence in Singapore as a stable, trusted and well-connected global business and investment hub. While the sectoral legislation we have today has served us well, we need to continually assess our security needs and strengthen our safeguards, where necessary. The Significant Investments Review Bill is designed to complement the existing suite of sectoral safeguards, by introducing a new investment management regime. In designing this regime, we have studied the investment management legislation of other jurisdictions. We have also taken into account our current sectoral legislation. Allow me to share three key principles in the design of the Bill. First, the legislation should strike a careful balance between protecting our national security interests and minimising the impact on businesses and investors. Second, the Bill should apply to both foreign and local parties, while focusing on national security considerations. Third, the processes should be as transparent as possible, while taking into account national security considerations. Sir, let me now explain the key features of the Bill. I will cover three segments. First, provisions that apply only to designated entities. Second, provisions that apply to entities that have acted against Singapore’s national security interests, regardless of whether they have been designated.”
“This will help prevent actors from influencing critical entities in the financial and telecommunications sectors to undermine their stability and threaten our national security. We have taken a calibrated and balanced approach, which has enabled us to ride the winds of globalisation and benefit from the growth of the global economy. In recent years, we have seen several global financial crises that threatened to undermine the stability of economies and societies. We have lived through the COVID-19 pandemic that led to border restrictions and shortages of essential medical supplies. There is also increased use of protectionist measures amidst geopolitical contestations. Military conflicts have also brought about disruptions to critical supplies, such as energy and food. This has led to many countries prioritising domestic and national security considerations, leaning towards "near-shoring", "friend-shoring" and "re-shoring" of supply chains. Against this backdrop, it is timely that we update our investment management toolkit to ensure it remains adequate and effective. We are not alone in doing this. According to a 2023 United Nations report, at least 37 countries have introduced regulatory frameworks for the screening of investments on national security grounds since the 1990s. More recently, countries like Australia, China, Japan, Ireland, the United Kingdom (UK) and the United States (US) have introduced or enhanced their investment management regimes, with more planning to do so. Investors in a critical entity will normally have some form of influence or control of the entity’s decisions and operations.”
“Sir, I apologise for being late. I think you are very efficient, so the earlier Ministerial Statement has progressed very quickly. Sir, I beg to move, "That the Bill be now read a Second time." Sir, Singapore is an open economy, well connected to the rest of the world. This has allowed us to become a vibrant business hub and an attractive investment destination. We must remain open and continue to attract new investments so as to grow our economy and create good opportunities for our businesses and our people. However, we also recognise that the world has become increasingly complex and the economic environment more uncertain and challenging, creating new risks and vulnerabilities. We must constantly review and update our regulatory regime to keep pace with the changes in the global economic landscape and to strengthen the resilience of our economy in the face of new threats. Doing so will give our investors and businesses added confidence in our economy and our ability to respond to emerging challenges. Indeed, as an open economy, we can be vulnerable to actors that may seek to undermine our national security interests through ownership and control of critical business entities. Therefore, we must put in place adequate measures to safeguard our national security interests. In fact, we have been doing so through our sectoral legislation to mitigate such risks specific to the respective sectors. For instance, the Banking Act and Telecommunications Act require approval to be sought before a party acquires 12% of shares or voting power and before appointment of key personnel, such as the chief executive officer.”
“Seven new hotels are expected to be completed in 2024, with another nine in 20251. This will add approximately 3,300 new rooms over the next two years, which is a 4.6% increase in total hotel room stock as of 15 November 2023. The new hotels, which include a mix of economy to luxury hotels, will provide more options for visitors. The extent of increase in tourism receipts will depend on actual market conditions.”
“This question has been addressed by the oral reply to Questions 35 and 36 on the Order Paper for 7 November 2023. [Please refer to "Low-cost Dispute Resolution Platform for Dispute Resolution between Vehicle Leasing Firms and Vocational Drivers or Riders", Official Report, 7 November 2023, Vol 95, Issue 116, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“The Ministry of Trade and Industry is not aware of any investments involving Singapore businesses or entities in the Rempang Eco-City project in Batam.”
“A combination of factors, including the current high interest rate environment, macroeconomic uncertainties and geopolitical tensions, have resulted in lower equity funding for local startups. For the first nine months of 2023, the deal count for Singapore-based startups declined by 21%, compared to the same period in 20221. To support our startups' funding needs, we will continue to catalyse private sector investment through equity co-investment under the Startup SG Equity scheme, which aims to stimulate private sector investments into innovative, Singapore-based technology startups with intellectual property and global market potential. Startups could also leverage the Enterprise Financing Scheme (EFS) to meet their various financing needs, such as for working capital, mergers and acquisition and fixed assets. In particular, the EFS – Venture Debt Programme, which was recently enhanced in March 2023 to support venture debt loans backed by Redeemable Convertible Preference Shares, allows startups with irregular cashflows to have more flexibility with loan repayments.”
“Singapore's electricity consumption patterns have been reasonably consistent over the years. Demand typically peaks in the afternoons and overall demand is higher during the warmer months of each year in April, May and June. Reducing peak demand during the day can lower wholesale electricity prices during peak periods by avoiding the need to operate less-efficient and more expensive generation units. Time-Of-Use contracts charge lower electricity prices during off-peak periods. For residential consumers, they can already choose to subscribe to such contracts offered by licensed retailers. The Energy Market Authority (EMA)'s Demand Response (DR) programme also seeks to facilitate reduction in peak demand. Under the DR Programme, commercial and industrial consumers offer to reduce their loads when overall demand is high, in return for incentive payments. For households, EMA and SP Group intend to pilot the Residential Demand Response (R-DR) programme in the second half of 2024, to similarly offer an incentive when these households voluntarily reduce their electricity usage during peak demand periods.”
“In 2018, the Competition and Consumer Commission of Singapore (CCCS) imposed directions on Grab and Uber to reduce the anti-competitive impact of their merger, as Grab's market share had increased post-merger. CCCS's directions required Grab to maintain its pre-merger pricing and product options and remove exclusivity obligations imposed by Grab and Uber on drivers and taxi fleets. Other ride-hail platforms, including Gojek, Ryde and TADA, have since entered the market, reducing Grab's market share. In 2020, the Point-to-Point Transport Regulatory Framework was introduced by LTA. The new regulation mandated that licensed operators, including Grab, cannot prevent their drivers from driving for other operators. With the sectoral regulatory framework in place, CCCS released the directions imposed on Grab. CCCS will continue to work closely with the Land Transport Authority and the Public Transport Council to ensure that the Point-to-Point Transport sector remains open and contestable.”
“Vehicle leasing terms are commercial agreements between vehicle leasing firms and vocational drivers or riders. Based on vehicle registration records, there are over a thousand fleet owners in the point-to-point passenger transport rental market. The vehicle leasing firms offer different packages and contracts which cater to the different needs and preferences of drivers and riders. If disputes arise, aside from legal recourse through the courts, affected parties could consider lower-cost dispute resolution channels, such as mediation services offered by the Singapore Mediation Centre.”
“The Ministry of Trade and Industry (MTI) expects GDP growth for the full year to come in within the official forecast range of 0.5% to 1.5%. Looking ahead to 2024, GDP growth is likely to pick up modestly on the back of sustained growth in our tourism- and aviation-related sectors, as well as a gradual turnaround in the manufacturing sector. Nonetheless, there are significant uncertainties and downside risks in the global economy. These include the risks of more persistent-than-expected inflation in the advanced economies, as well as escalations in the Israel-Hamas conflict, the war in Ukraine and geopolitical tensions among major global powers. MTI will announce the GDP growth forecasts for 2023 and 2024 later this month.”
“Ocean Mineral Singapore Pte Ltd (OMS) has an exploration contract with the International Seabed Authority (ISA). However, the exploration contract does not allow OMS to commence exploitation of the deep seabed yet. Regulations governing exploitation are still being negotiated at ISA. Any future plans by Singapore companies for deep seabed mining, if and when permitted, will have to be aligned with the Marine Biological Diversity of Areas Beyond National Jurisdiction (BBNJ) Treaty. As a member of the ISA Council, Singapore will continue to contribute to developing regulations which ensure that any mining of the deep seabed is done with effective protection of the marine environment.”
“To ensure sufficient generation capacity in the years ahead, EMA has introduced a centralised process and will launch a Request for Proposal whenever we anticipate the need for new generation capacity in our power system. EMA launched the first request in July 2023 for new generation capacity to be ready by 2028. This year, EMA also commissioned Meranti Power to build, own and operate two 340 megawatt Open Cycle Gas Turbine units which can be brought online quickly in less than 10 minutes when there are unplanned supply disruptions. Finally, on grid reliability. Singapore’s grid has consistently achieved low annual average interruption times of less than one minute per customer. This makes our grid one of the most reliable in the world. EMA holds the national grid operator, SP Group, to stringent grid reliability standards. System demand and transmission network conditions are closely monitored in real time, 24/7, by EMA. SP Group also monitors our distribution network around-the-clock. EMA will ensure that SP Group continues to invest sufficiently in grid infrastructure to maintain grid reliability.”
“Singapore addresses energy resilience in three ways: (a) source diversity of natural gas supplies, (b) adequacy of generation capacity, and (c) grid reliability. First, on source diversity of gas supplies. About 95% of Singapore’s electricity needs are met by imported natural gas. We commissioned Singapore’s first liquefied natural gas (LNG) terminal 10 years ago to enable our power sector to complement the supply of piped natural gas from Indonesia and Malaysia. We are, therefore, able to import LNG from a diverse range of sources, including Australia, Qatar and the US. During the energy crisis that was brought about by the Russia-Ukraine war, the Energy Market Authority (EMA) introduced a standby LNG facility to ensure that our power generation companies would still have sufficient fuel for power generation. We expect natural gas to remain an important part of our energy mix. To this end, the Government will establish an entity to centralise the procurement and supply of gas for the power sector. This move will enable us to enter longer-term gas contracts for more stable prices and supply, as well as procure gas from diverse sources. Singapore LNG Corporation also plans to develop and build a second LNG terminal. This will address growing demand and enable Singapore to meet our power generation needs entirely with LNG, if necessary. Second, on adequacy of generation capacity. Over the years, we have ensured sufficient generation capacity to meet growing electricity demand. Our current reserve margin is above the required reserve margin of 27%, which is meant to safeguard system reliability in the event of outages of generating units.”
“On 13 October 2023, SP PowerGrid (SPPG) was upgrading the Potong Pasir Avenue 1 substation. As part of the upgrading works, SPPG’s workers routed the power supply to a backup cable to maintain electricity supply for residents of the block. However, the backup cable was damaged due to a termite infestation. This led to voltage fluctuations which caused household appliances to trip or malfunction in 41 units in Block 102. SPPG resolved the situation within 30 minutes of its occurrence. The Energy Market Authority has worked with SPPG to review their workflows for upgrading works. SPPG has also repaired the damaged cable and is working with the Jalan Besar Town Council to extend assistance to the affected residents.”
“The manufacturing sector accounts for about 22% of Singapore’s gross domestic product (GDP) and 13% of our total employment. The Ministry of Trade and Industry aims to maintain manufacturing’s share of GDP at around 20% and continue creating good manufacturing jobs for Singaporeans.”
“Singapore adopts a comprehensive approach to prevent and deter unauthorised arms sales and transfers from taking place through Singapore. Firstly, the Strategic Goods (Control) Act 2002 (SGCA) regulates the export, transshipment, transit, intangible transfer of technology and brokering of strategic goods and strategic goods technology. Any person or entity engaged in activities involving strategic goods or strategic goods technology must abide by the permit and registration requirements under SGCA. These include applying for a permit prior to the export, transshipment and transit of strategic goods and/or intangible transfer of technology listed in the Strategic Goods Control List, as well as for goods or technology which are intended or likely to be used for weapons of mass destruction purposes. In addition, persons who import, export or transship arms through Singapore must apply for a licence from the Singapore Police Force under the Arms and Explosives Act and must be assessed to be a "fit and proper" person as part of the licensing criteria. Secondly, the Inter-Ministry Committee on Export Controls coordinates across various Government agencies to ensure that Singapore complies strictly with our international obligations on international arms sales and transfers, as well as the United Nations' sanctions and embargoes against any country. Thirdly, the relevant agencies raise awareness through advisories and regular outreach programmes to ensure that Singapore-based businesses and shipping companies are aware of the latest regulatory requirements which they must comply with.”
“Public transport fares1 account for 1.6% of the Consumer Price Index (CPI)-All Items inflation basket and 2.5% of the Monetary Authority of Singapore (MAS) Core Inflation basket, which excludes private transport costs. Meanwhile, car prices, which include Certificate of Entitlement (COE) premiums, account for 7.4% of the CPI-All Items inflation basket. The recently announced 7% increase in public transport fares is expected to contribute 0.17 percentage point to the MAS Core Inflation rate in 2024. We are unable to project COE prices next year and, hence, their impact on inflation. The Government will continue to ensure that public transport remains affordable. We currently subsidise public transport services by more than $2 billion every year, or more than $1 for every journey. On top of this, the Public Transport Council has been able to moderate the fare increase this year due to an additional Government subsidy of about $300 million in 2024. At the same time, the Government will make available Public Transport Vouchers worth $50 each to help lower-income resident households cope with the fare increase. In addition to these public transport-related measures, the Government has enhanced cost-of-living support for all Singaporean households as part of the $1.1 billion Support Package announced in September. These include additional cash payments, CDC Vouchers and U-Save Rebates. This builds on existing support provided to households at Budget 2023, such as the enhancements to the permanent GST Voucher scheme and the Assurance Package. The Government is also helping businesses to manage rising costs. For instance, the Enterprise Financing Scheme was enhanced in Budget 2023 to help ease the cashflow and financing constraints of businesses.”
“Part 3B of the Consumer Protection (Fair Trading) Act provides for offences in relation to the obstruction of the Competition and Consumer Commission of Singapore’s investigation of potential unfair business practices. To date, no supplier has been prosecuted in Court for an offence under Part 3B of the Act.”
“The Energy Market Authority (EMA) closely monitors developments on alternative sources of energy, including nuclear energy. EMA is aware that some countries are now developing advanced reactor designs, such as small modular reactors. However, most of these designs are still undergoing research and development and have not begun commercial operations. The Government has not made any decision regarding the deployment of nuclear energy in Singapore. Such a decision will require detailed studies of the safety, reliability, affordability and environmental sustainability of nuclear energy in our local context.”
“From the commencement of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) on 23 June 2022 till the end of August 2023, about 270 gigawatt hours of electricity have been imported to Singapore from Lao PDR. At the Fourth LTMS Ministerial Meeting on 24 August 2023, all four countries agreed to continue trading up to 100 megawatts (MW) of electricity. The countries will also discuss enhancing LTMS-PIP, including trading capacities beyond 100 MW. LTMS-PIP shows that it is feasible and mutually beneficial for countries in our region to collaborate on cross-border electricity trading. The Project will accelerate our collective efforts towards the realisation of the ASEAN Power Grid and serve as a pathfinder towards enhanced interconnectivity, energy security and sustainability in our region. Beyond LTMS-PIP, the Energy Market Authority (EMA) has an ongoing Request for Proposal (RFP) for importing large-scale low-carbon electricity into Singapore. In March 2023, EMA issued its Conditional Approval (CA) for a proposal to import one gigawatt (GW) of electricity from Cambodia. In September 2023, EMA issued CAs to five projects to import a total of another two GW of low-carbon electricity from Indonesia into Singapore. If the projects are realised, they will bring us closer to our target of importing up to four GWs of low-carbon electricity by 2035. We will continue to award CAs to proposals that meet our requirements.”
“Ongoing geopolitical tensions between major economies have led to rising trade barriers and have dampened consumer and business confidence in many economies, including Singapore. In line with softer global demand, Singapore's manufacturing output and non-oil domestic exports declined by 6.6% and 16.2% year-on-year respectively between January and August 2023. This has, in turn, weighed on Singapore's gross domestic product growth, which is projected to come in at 0.5% to 1.5% for the full year, compared to the 3.6% achieved in 2022. We will press on with our Manufacturing 2030 plan to develop Singapore as a global business, innovation and talent hub for advanced manufacturing.”
“Industrial Light & Magic has not been awarded any tax incentive. The company’s closure is expected to affect more than 300 employees, about two-thirds of whom are locals. The Economic Development Board (EDB) and Workforce Singapore are working with the company to help affected employees seek alternative employment opportunities.”
“Even as we decarbonise the power sector, natural gas will continue to play a significant role as a transition fuel for Singapore and enable us to balance the energy trilemma of security, sustainability and cost competitiveness.”
“Both questions relate to Singapore’s energy transition for our power sector. Singapore is committed to achieving net-zero emissions by 2050. We are, therefore, making significant moves to increase the supply of low-carbon energy domestically. First, we are maximising solar deployment and are on track to attain our target of at least two Gigawatt-peak (GWp) of installed solar capacity by 2030. We are also funding research into new technologies that can help Singapore increase our solar energy yields. These include high-efficiency solar photovoltaic cells, building-attached photovoltaics and open-sea floating photovoltaics. Second, we are targeting to import up to four Gigawatt (GW) of low-carbon electricity by 2035, which is around 30% of Singapore’s projected electricity demand. Thus far, we have awarded Conditional Approvals for up to three GW of low-carbon electricity to be imported from Cambodia and Indonesia. Third, we are accelerating our exploration of low carbon alternatives. Singapore published our National Hydrogen Strategy last year. We are currently assessing the submissions from our Expression of Interest for low-carbon ammonia power generation and bunkering and will make an announcement in the coming months. We have also recently announced plans to undertake a nationwide study to assess Singapore’s potential for deep geothermal and carbon sequestration. Lastly, aside from research into solar technologies, we have committed $184 million into research and development, to unlock technological bottlenecks for hydrogen, carbon capture, utilisation and storage and other emerging low-carbon technologies.”
“To strengthen Singapore’s position as a trusted hub for businesses to invest with confidence, we must ensure that investments into critical entities do not affect Singapore’s economic resilience and national security interests. Today, there are ownership and control safeguards in sectoral legislation covering critical sectors, such as electricity, telecommunications, and banking and finance. For example, investors have to seek specific approvals from the relevant regulatory bodies. Globally, many countries have introduced or tightened their regulatory regimes to screen investments for national security reasons, with more countries, including traditionally open economies, such as Ireland and Switzerland, planning to do so as well. As part of our regular review of the efficacy and adequacy of our national security safeguards, the Ministry is now exploring new tools to manage significant investments into critical entities. We will be seeking feedback from industry representatives to better understand their perspectives and minimise the impact on businesses and investors.”
“Singapore and India enjoy a strong bilateral relationship. The energy transition is an emerging and potentially important area of collaboration. Both countries can study ways to support our respective net-zero goals, while ensuring energy security and resilience. Under the Energy Market Authority’s (EMA) Request for Proposal to import up to four Gigawatts (GW) of low-carbon electricity by 2035, we have received proposals for import from several countries in the region, including India. EMA has awarded Conditional Approvals (CAs) to import three GW of low-carbon electricity thus far. We continue to evaluate the proposals and will award CAs to those that meet our requirements.”
“Singapore’s manufacturing sector will be affected by dampened global demand and the electronics downturn. Nevertheless, there are bright spots, such as the aerospace segment, due to strong demand from air travel. The manufacturing sector added 4,400 jobs in the first half of 2023. Retrenchments also tapered, from 1,400 in the first quarter of 2023 to 500 in the second quarter. We expect employment in the sector to remain resilient in the medium term. Manufacturing will continue to be a key pillar of our economy in the long term, but companies must be prepared to continue to transform to stay competitive and relevant. The Government has many schemes to help manufacturing companies develop new capabilities, train their workers and undertake higher value-added activities. For example, manufacturing companies can tap on schemes, such as the Enterprise Financing Scheme – Working Capital Loan, Productivity Solutions Grant and Enterprise Development Grant, for their short-term cashflow needs or to adopt automation solutions. We encourage companies to make full use of our incentives to enhance their competitiveness.”
“The amount of support extended to small and medium enterprises (SMEs) through capability-building grants like the Productivity Solutions Grant, the Enterprise Development Grant and the Market Readiness Assistance Grant has doubled between 2019 and 2022. We have also seen a large number of applications in 2023 thus far. The number received in 2023 to date has already exceeded the number of applications received in 2019 over the same period of time. We are glad that businesses are investing in capability development, innovation and internationalisation and will continue to support them in their transformation journey.”
“The reserve margin, which provides for planned and unplanned outages of generating units to safeguard the reliability of our power system, is currently in excess of 30% today, which is above the 27% required reserve margin (RRM). While we expect the reserve margin to decrease over the next few years due to increasing demand, there will be sufficient generation capacity to meet the RRM of 27%. To ensure sufficient generation capacity, the Energy Market Authority (EMA) has introduced a new Centralised Process to launch a Request for Proposal when additional generation capacity is needed in our power system. Only companies awarded a licence under this process may plant new generation capacity. EMA launched the first RFP in July 2023 for new generation capacity needed in 2028. This process strikes a balance between ensuring sufficient capacity for grid security and reliability while minimising the risk of overcapacity. EMA has also been working with Singapore Power to upgrade our grid. These upgrades are planned in tandem with EMA’s Centralised Process. To mitigate potential delays to new generation capacity coming online, EMA is working with the generation companies on measures, such as the installation of temporary generation units and reviewing the retirement plans of the older generation plants. We are also continuing with our plans to decarbonise the power sector by 2050, by maximising solar deployment, importing low-carbon electricity and exploring low-carbon alternatives, such as hydrogen. To improve plant efficiency, EMA will also be introducing emission standards by end-2023.”
“Preparations for the 2023 Singapore Grand Prix are at an advanced stage and the race will continue as planned. The Government is working with all partners involved to ensure the success of the race. Since the inception of the Singapore Grand Prix, the Singapore Tourism Board has undertaken audits which covered contract compliance, procurement procedures and grant administration. We are unable to comment on any CPIB investigations that are ongoing.”
“Coal makes up around 1% of Singapore’s power generation capacity. The only generation plant that uses coal is the Tembusu Multi-Utilities Complex (TMUC), which produces not just electricity but also steam for industrial use. TMUC employs a mix of clean coal, that is, low-ash and low sulphur, as well as biomass, to reduce the overall carbon intensity of the plant’s emissions. We do not intend to build any new coal-powered plants. The timeline for phasing out the use of coal in Singapore’s energy production will depend on TMUC’s remaining asset life and the availability of viable alternatives for companies that TMUC currently supplies. We are working with the companies to explore bringing forward the timeline and mitigating the emissions where possible. Electricity demand in Singapore is projected to increase with economic growth, digitalisation and electrification. The 600 megawatt hydrogen-ready Keppel Sakra Cogen Plant will help to meet the demands of the system and ensure that we have reliable electricity supply.”
“As action against climate change gathers speed globally and takes on greater urgency, new jobs and roles are emerging as green businesses, technology, products and services are being formed. Currently, there is no global or widely accepted definition of what constitutes a "green economy". The Green Skills Committee set up by the Ministry, in partnership with SkillsFuture Singapore (SSG), has started to identify the jobs and skills associated with opportunities in these spheres. The Committee will not only size the workforce demand but also develop the required training programmes for workers. Meanwhile, the Government has rolled out training programmes under Workforce Singapore’s Career Conversion Programme and SSG’s SkillsFuture Career Transition Programmes to help our workers upskill and reskill. These programmes will support workers in taking on new roles, such as sustainability officers and carbon analysts, to help businesses decarbonise and implement their net-zero strategies. Our Institutes of Higher Learning also offer more than 250 sustainability-related Continuing Education and Training courses to equip the workforce with green skills. The Government is working closely with the Green Skills Committee, industry players and training providers to expand our efforts to help Singaporeans seize opportunities in the green economy.”
“The Energy and Chemicals sector is an important sector which contributes more than S$90 billion to Singapore’s manufacturing output and employs more than 25,000 workers. At the same time, it also creates products for the world. The Government closely monitors the developments in this sector and regularly reviews the strategy to enhance the sector’s economic contribution in alignment with our strategic priorities, including Singapore’s net-zero target for 2050. We also work closely with key stakeholders in the sector to understand and address the challenges they face.”
“The Singapore Tourism Board (STB) has commenced action to recover the disbursements made to ineligible persons and aims to complete this over the next few months. Individuals who fail to make repayments could be made ineligible for future campaigns that offer similar benefits to citizens. STB's retrospective checks after the Auditor-General's Office's audit indicated that all merchants onboarded to the SingapoRediscovers Vouchers scheme were eligible, hence, no clawback is required from merchants.”
“The direct impact of the expiry of the Black Sea grain deal on Singapore’s food supply and economy is expected to be manageable as Ukraine’s share of our grain imports is small. Nevertheless, the Government will continue to monitor the knock-on effects of the expired deal on global food markets and strengthen the resilience of our food supply through import source diversification, local production and food stockpiling.”
“Singapore has limited sources of renewable energy. We do not have sufficient wind speeds for wind farms, or the rivers needed for hydro-electric power. Solar is a viable source of renewable energy domestically. However, we do not have the land for large-scale solar farms. To overcome this constraint, we have adopted innovative ways to maximise deployment of solar photovoltaic systems, such as on reservoirs. Over the last 10 years, solar deployment in Singapore has grown more than 50 times, from about 16 Megawatt-Peak (MWp) at end-2013 to about 900 MWp as of the first quarter of 2023. We are on track to achieve our solar deployment target of at least two Gigawatt-Peak (GWp) by 2030. We are also working on the feasibility of importing up to four gigawatts (GW) of low-carbon electricity by 2035. If realised, this could supply about 30% of our projected energy needs in 2035. The Energy Market Authority (EMA) has launched a Request for Proposal (RFP) for parties that are interested to export electricity to Singapore. In March 2023, EMA issued a Conditional Approval for Keppel Energy Pte Ltd’s proposal to import one GW of electricity from Cambodia. We look forward to issuing more Conditional Approvals to other viable projects. In addition to RFP, Singapore has been working with our Southeast Asian neighbours on small-scale electricity import trials that serve as pathfinders for larger-scale projects. In June 2022, we commenced the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS PIP). This imports up to 100 megawatts (MW) of renewable hydropower from Lao PDR via Thailand and Malaysia using existing grid interconnections.”
“Bilateral goods trade between Singapore and Vietnam grew by around 11% per annum from S$20.9 billion in 2018 to S$31.3 billion in 2022. Bilateral services trade grew by around 14% per annum from S$4.4 billion in 2017 to S$7.4 billion in 2021.1 In 2022, Vietnam was Singapore’s 11th largest trading partner. Singapore’s Direct Investment Abroad (DIA) to Vietnam amounted to S$31 billion as of 2021.2 Vietnam is a fast-growing economy in our region, with a young and well-skilled workforce. Singapore companies have been entering Vietnam in sectors, such as infrastructure, manufacturing, logistics and consumer goods and services. There are also opportunities in the emerging areas of innovation, energy and sustainability. EnterpriseSG’s Market Readiness Assistance grant and its network of overseas centres and partners, such as the Singapore Business Federation (SBF)’s GlobalConnect@SBF, can help Singapore companies enter and expand their business in Vietnam.”
“The number of compulsory winding-up in Singapore has remained relatively stable over the last three years at an average of about 200 cases per year, which is comparable to the past 10-year average. The Government remains committed to supporting businesses to weather near-term challenges and pursue longer-term growth and transformation.”
“Singapore does not have sufficient near-surface underground heat resources, such as underground hot water or steam, to deploy conventional geothermal systems. However, with new developments in geothermal technology, there is potential to harness heat that is deep underground for power generation. The exploratory study led by researchers from the Nanyang Technological University found that in Admiralty, the heat at a depth of four to five kilometres could be sufficient for electricity generation. However, these new geothermal technologies that can harness heat at such great depths have yet to be commercially deployed. There are, therefore, no immediate plans for geothermal energy production in Singapore. To holistically assess Singapore’s geothermal potential, the Energy Market Authority will be launching a tender later this year to conduct a geophysical survey across Singapore. The survey will take a few years to complete. It will provide additional data to help in the assessment of geothermal energy as a potential source of renewable energy in Singapore.”
“The cost of organising the 2022 race was between $135 million and $140 million. This was similar to previous years of hosting the race. As per past years, the Government’s share was 60% of the total cost. The types of costs that the Government co-funded comprised items such as maintenance of the racetrack, setting up infrastructure for the event, such as grandstands, hospitality suites and providing security and medical services during the event.”
“The Formula One (F1) Singapore Grand Prix began in 2008 for a term of five years until 2012. This was renewed in a subsequent contract for five years until 2017 and, following that, for four years until 2021. The years 2020 and 2021 were disrupted by COVID-19. Since its debut in 2008, the race has generated more than S$1.5 billion incremental tourism receipts and attracted more than 550,000 unique international visitors. In addition, the race continues to reinforce Singapore’s reputation as a global city, attract Meetings, Incentives, Conferences and Exhibitions (MICE) events and business meetings, generate local business spend and create jobs for Singaporeans. The current contract to host the Singapore Grand Prix is the fourth contract renewal. Towards the end of the third contract term in 2021, the Singapore Tourism Board (STB) commissioned an independent consultancy study to evaluate the costs and benefits of a fourth term extension. The study concluded that the race would continue to bring significant benefits to Singapore. To allow time for international travel to recover after COVID-19 and to take into account the construction of NS Square, MTI and STB ascertained that an extension of seven years would be appropriate. The Government accepted STB’s recommendation in September 2021. Subsequently, STB entered a seven-year contract with Singapore Grand Prix in January 2022. We are unable to comment about any Corrupt Practices Investigation Bureau (CPIB) investigations that are ongoing.”
“Singapore welcomes closer economic cooperation with Johor and Malaysia. We look forward to discussing the proposed Johor-Singapore economic region with Malaysia at the upcoming 16th Joint Ministerial Committee for Iskandar Malaysia Meeting scheduled for 14 July 2023, which will be co-chaired by Minister for National Development Desmond Lee and Malaysian Minister of Economy Rafizi Ramli.”
“Electricity consumption tends to be higher during the typically hotter months of April, May and June. This year, peak electricity demand increased by about 8% from 7.3 gigawatts in February to 7.9 gigawatts in May. The impact on electricity costs for different consumers and businesses depends largely on usage patterns and the price plans that they are on. I wish to assure the House that there is sufficient generation and grid capacity to meet the increased electricity demand arising from higher temperatures. The existing installed capacity of Combined Cycle Gas Turbines used for power generation is 9.4 gigawatts, comfortably higher than the peak electricity demand of 7.9 gigawatts experienced in May. In addition, changes in climatic conditions are taken into consideration when the Energy Market Authority (EMA) updates its annual electricity demand forecasts. EMA uses these forecasts to plan for investments in electricity infrastructure. First, the forecast helps guide generation capacity investments. EMA announced last October that it would introduce a centralised tender approach in 2023 to facilitate and guide private investments in new generation capacity. The tender will be conducted in advance, before the new capacity is needed, taking into account the lead time required for construction and development. Should there be inadequate interest from the private sector to plant new capacity, EMA will build the required new capacity. This is to ensure that there is sufficient generation capacity to meet forecasted electricity demand. Second, the forecast also guides SP Group's investments in the upgrading of our power grid network, to meet projected electricity demand and the stringent grid reliability standards set by EMA.”