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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“To support enterprises' use of e-commerce platforms, we will enhance the Double Tax Deduction for Internationalisation by expanding the scope of qualifying costs to include costs incurred to support growth via e-commerce. These may include costs arising from business advisory, product listing and marketing content development. Beyond schemes and trade agreements, we have also facilitated partnerships between global companies and local enterprises to help local enterprises internationalise. One example is Singapore garment manufacturer Teo Garments and 3D apparel design solution provider Browzwear's partnership with Lidl & Kaufland Asia, the sourcing arm for Schwarz Group, a food and retail industry leader in Europe. This has allowed our companies to scale and gain access to the European market, leveraging on Lidl & Kaufland's extensive consumer base. Companies that are further along in their growth and internationalisation journeys often require bespoke support to fully unlock their potential and develop into truly global companies. One such example is Sing Fuels, a home-grown marine bunker and lubricant trader that supplies to more than 350 ports globally. Through its partnership in Scale-Up, our flagship programme to support high-growth enterprises, Sing Fuels has sharpened its business growth plans, developed a market entry strategy into Africa for the lubricant business and also set up a clean energy arm, which trades and undertakes research and development into more sustainable fuels. Sing Fuels is also leveraging on EDB's Corporate Venture Launchpad to develop a technology platform that addresses operational and capital challenges in the marine fuel industry.”
“Enterprise Singapore also has a range of schemes to help Singapore companies address common pain points and support them through the different stages of their internationalisation journey. In 2022, we supported 2,000 enterprises to embark on internationalisation activities, which was 25% more than the year before. To help companies break into new markets, we will make further enhancements to our existing programmes. For the Market Readiness Assistance scheme (MRA), we had in 2020 introduced a time-limited higher grant cap of $100,000 until 31 March 2023, which is next month. I am heartened to hear from Ms Janet Ang of the value that the industry sees in the MRA. As many companies' internationalisation plans have been disrupted by the pandemic, we will extend the enhanced grant cap by another two years until 31 March 2025. Ms He Ting Ru suggested having an Exim Bank for our local companies. We have indeed provided financing support to enterprises through various financing schemes to help them venture into overseas markets. These include the Enterprise Financing Scheme or EFS-Trade Loan and EFS-Project Loan. Ten years ago, we also set up Clifford to provide financing for local companies doing infrastructural projects abroad. To improve access to financing for local enterprises expanding to emerging markets, we will pilot the expansion of the pool of participating financial institutions for the EFS to include selected foreign-based financial institutions and multilateral development banks with strong expertise and appetite in emerging markets such as the International Finance Corporation and the Asian Development Bank. Specific to green financing, we recently launched EFS-Green, in addition to MAS' green financing initiatives.”
“To ensure that Singapore captures even more value from the capital, businesses and networks that the investors bring, the Economic Development Board will enhance the GIP by raising the investment quantum to ensure greater contributions from these investors and to direct more funds and resources into our local ecosystem. In addition, the scope of the GIP-select funds will be adjusted to capture more value from a wider pool of investors. EDB will share more details in due course. To build a strong Singapore Economy 2030, we cannot just rely on foreign investments. Nurturing a deep bench of local enterprises that are innovative, future-oriented and which can find success beyond Singapore shores is a key priority. Ms Janet Ang asked how MTI is assisting local companies to seize new opportunities and compete successfully in international markets. One way we do so is through our strong trade connectivity, leveraging on the network of 27 Free Trade Agreements (FTAs) that we have. Such agreements help reduce uncertainties, risks and friction that businesses face when venturing into overseas markets. For example, Prima Food's ready-to-cook products are now sold in over 40 markets, facilitated by preferential access through our FTAs. Prima also exports products like wheat flour and premixes to Japan under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which provides tariff savings of about 20%. We are also making inroads in pioneering new agreements in emerging areas to create opportunities for our businesses. To date, we have signed four Digital Economy Agreements and concluded the first Green Economy Agreement with Australia last year.”
“Apart from productivity indicators, each NPF project also has specific KPIs that they must meet, in areas like upskilling of individuals and development of industry platforms, such as centres of excellence – all of which contribute to productivity growth. We will continue to ensure that funds are used judiciously to support investment promotion, enhance our productivity and deliver tangible benefits to our businesses and workers. Apart from providing support through the NPF, I want to emphasise that investment promotion incentives which are aligned with international rules will remain relevant and important to companies not subject to the global minimum effective tax rate under the BEPS Pillar. 12.45 pm Therefore, we have extended our Pioneer Certificate, Development and Expansion Incentive and Investment Allowance tax incentives for an additional five years until 31 December 2028. This will allow us to attract investments which are expected to generate significant economic contributions to Singapore over time. Besides companies, we also want to attract high calibre investors who can strengthen our ecosystem. Such investors bring with them capital that support the growth of our local businesses and create good jobs for more Singaporeans. They also provide valuable networks to connect us to the region and beyond as well as contribute their entrepreneurial skills to our business ecosystem. The Global Investor Programme (GIP) is one way through which we attract and anchor these investors in Singapore. The programme has delivered tangible outcomes for Singapore. Over the past 11 years, GIP investors have brought in around $5.5 billion in total business expenditure, generating over 24,000 jobs in Singapore.”
“Ministry of Trade and Industry (MTI) has continuously sharpened our toolkit to ensure that Singapore remains competitive in attracting and retaining investments. In this regard, the Government has topped up the National Productivity Fund, or NPF in short, and will expand its scope to include investment promotion as a supportable activity. This is in addition to its existing focus on productivity improvements, and continuing education and training. I agree with Mr Sharael Taha on the importance of ensuring that projects supported by the NPF lead to real productivity improvements. We currently fund a diverse portfolio of programmes and schemes under NPF, ranging from sector-specific ones like the Construction Productivity and Capability Fund (CPCF) under the Building and Construction Authority (BCA), to horizontal programmes, like the SkillsFuture Enterprise Credit scheme. These schemes have, thus far, achieved positive results. One example is the Increase SME Productivity with Infocomm Adoption and Transformation, it is a long name, but in short, it is iSPRINT programme. iSPRINT programme helped about 10,000 SMEs leverage infocomm technology solutions to improve their business operations and increase productivity. A 2016 study showed that the median firm saw an increase in revenue of 3.1% after adopting solutions under the scheme, compared to firms that had not adopted the solutions. iSPRINT has ceased in 2018, but SMEs can continue to tap on the SMEs Go Digital programme, which provides a range of support to meet businesses' digitalisation needs.”
“Minister of State Alvin Tan will elaborate on how we are supporting our companies to seize opportunities in digitalisation and sustainability in his speech. Even as we press on with the transformation of industries, we must continue to strengthen Singapore's position as a global hub for businesses, innovation, investors and talents. This has allowed us to attract global companies and investors to invest in Singapore, creating opportunities and jobs, even in the depths of the COVID-19 pandemic. We must work even harder to secure Singapore's competitiveness as an investment location. This is crucial, as the international tax landscape is also going through a significant and fundamental change with the introduction of Base Erosion and Profit Shifting 2.0, or BEPS 2.0 in short. Several Members rightly pointed out that Singapore will, indeed, be affected. We need to carefully assess the impact of BEPS 2.0 on affected Multinational Enterprises, or MNEs, here, and on our overall competitiveness as a global business hub. Deputy Prime Minister Wong has announced our intention to implement Pillar 2 from 2025 and introduce a Domestic Top-up Tax at the same time, to top-up the effective tax rate of MNE groups in Singapore to 15%. Giving companies notice now will allow affected MNEs time to assess the impact on their operations, and for our economic agencies to work with them to address their concerns and support their continued growth in Singapore. As Deputy Prime Minister Wong has said, we will also continue to monitor international developments and adjust our implementation timeline as needed. Mr Sharael Taha asked about the use of non-tax incentives to enhance our competitiveness.”
“More importantly, digital technology can unlock companies' ability to innovate and develop new services and products. Examples of such transformation are everywhere. Let me just take, for instance, telehealth. We saw the sector take off during COVID-19, as people turned to seeing their doctors online instead of visiting the clinics physically. Today, Singapore has a growing telehealth ecosystem, with several companies that have started to expand their operations overseas. One example is Doctor Anywhere, which was founded in 2017. The homegrown company grew its user base in Singapore by three-fold and expanded to Malaysia and the Philippines in the midst of COVID-19. Today, it is present in six key Southeast Asian markets, and in time to come, I am sure Doctor Anywhere will be everywhere. In the area of sustainability, investors and customers are raising their expectations. This may be a challenge, but many Members also rightfully highlighted the opportunities this presents for our companies. Having a clear sustainability strategy and statement will increasingly be an advantage when serving global markets, and companies need to urgently re-think how to transform their business models and operations to thrive in a low-carbon world. There are ready solutions, such as more energy-efficient equipment, for which Government funding support is available. Koda, a leading Original Design Manufacturer of furniture, is a good example of a company that is transforming itself to compete in a low-carbon world. The company has implemented a comprehensive environmental tracking and management system for its furniture manufacturing operations. It is also developing a comprehensive sustainability strategy.”
“Close to 26,000 PMET jobs were created during this period, far exceeding the target of 12,000 jobs. On the other hand, under the Precision Engineering ITM, we had set a nominal VA growth target of 8% and a job creation target of 3,000 PMET jobs by 2020. Over the period 2016 to 2021, the sector exceeded its VA target and achieved growth of 11.2% per annum. But it did not do as well in job creation, creating over 2,000 PMET jobs, partly because of the COVID-19 pandemic. While COVID-19 has disrupted the progress of our ITMs, we have since embarked on a refresh of the ITM strategies – the ITM 2025 refresh. To take into account our experience during the pandemic and address emerging priorities, such as sustainability and the need for greater economic resilience. We should allow some time for these strategies to take root, and then assess again the progress of the ITM 2025 strategies. In essence, ITMs reflect the story of our economic development and constant transformation to respond to challenges and stay ahead of the curve. Ms Jessica Tan and Mr Saktiandi Supaat rightly pointed out that these same challenges can also create opportunities that businesses can capture. Two aspects stand out: digitalisation and sustainability. COVID-19 gave a decisive push for many businesses to adopt digital tools, such as digital shopfronts and e-payments. Going forward, digitalisation will remain critical in helping companies raise productivity and optimise their operations, and to alleviate higher costs and manpower challenges. As supply chains increase in complexity and unpredictability, digital capabilities will also allow companies to have greater visibility of their operations and pre-empt bottlenecks.”
“The Government will work with stakeholders to help Singaporeans upskill and reskill, so that they, too, can tap on opportunities and realise their career aspirations in this sector. Minister of State Alvin Tan will elaborate on our strategies in this regard, including the Professional Services ITM 2025. The Professional Services ITM is one of the 23 ITMs that the Government introduced in partnership with the Future Economy Council Clusters, to support industry transformation. Several members, including Mr Pritam Singh during the Budget debate, asked about our ITMs. The 23 ITM sectors have led the way in terms of economic growth and industry transformation. However, the COVID-19 pandemic had inevitably affected the progress of some of them. Across the 23 ITMs, from 2016 when they were introduced to 2021, their VA, in real terms, grew by 2.9% per annum. This was marginally above the performance of the economy as a whole, which was at 2.8% per annum. However, if we only look at the period just prior to COVID-19, from 2016 to 2019, the VA in real terms for the 23 ITMs sector, grew by 3.5% per annum, which was a fair bit higher than the performance of the economy as a whole, averaging 3.1% per annum. The ITM sectors, as a whole, also did better for productivity, which grew by 4% per annum for the period 2016 to 2021, compared to the overall economy at 3.5% per annum. On jobs, despite the impact of COVID-19, there was a net creation of about 134,000 resident jobs from 2016 to 2021. Some ITM sectors performed better than others. The Financial Services sector achieved real VA growth of 6.8% per annum from 2016 to 2021, exceeding the real VA growth target of 4.3% set for the period from 2016 and 2020.”
“Last year, I spoke about the Singapore Economy 2030 vision, in particular about our Manufacturing 2030 and Trade 2030 strategies. Today, I will introduce our Services 2030 vision, and elaborate on what we are doing as part of our Enterprise 2030 strategy. On Services 2030, our Services cluster encompasses very diverse sectors. It includes outward-oriented sectors such as Information and Communications, and Professional Services, as well as domestic-facing ones, such as the Retail Trade and F&B services. It is also a very large cluster, accounting for around 70% of our Gross Domestic Product (GDP). Our Services 2030 vision seeks to harness the growth opportunities in digitalisation and sustainability, and anchor Singapore as a leading, vibrant hub for businesses, lifestyle and tourism. In particular, the Modern Services cluster comprises some of the fastest-growing sectors in our economy. Within this decade, we aim to grow the Value-Added (VA), from the Modern Services cluster by at least 50% and create more than 100,000 additional jobs. A good example is the Professional Services sector within these Modern Services. It is a diverse group too, including company headquarters, professional services firms providing consulting, legal and accounting services. Together, they contribute to Singapore's vibrant business and innovative ecosystem. Today, I am pleased to announce the launch of the Professional Services Industry Transformation Map 2025, or ITM 2025, which will play an important role in strengthening Singapore's role as a leading business hub. Our Professional Services sector is well-positioned to seize opportunities for business growth driven by digitalisation, sustainability, emerging markets and new customer segments in Southeast Asia.”
“As AI technology improves and becomes integrated in more applications, such as ChatGPT, which many of us are familiar with and I hope none of us are using it to prepare our speeches. [Laughter.] These applications could take over tasks in areas such as marketing and sales, IT and engineering, and change the way we do business. 12.30 pm I agree with Mr Don Wee, that climate change is the defining challenge of our time. The transition to net-zero emissions will be one of the deepest and broadest transformations to our economy. It will affect almost every industry, every company, from energy to manufacturing, transport to financial services. Several Members have spoken about manpower constraints. Indeed, manpower has always been a constraint. Our local workforce is ageing and we are faced with the stark reality of a slowing local workforce growth. If we are to keep our economy vibrant, we must continue to deepen our skills and accommodate new arrivals to complement our local workforce, so that we can allow our companies to grow. This will require difficult trade-offs to be made carefully, not just at the company-level, but also as an economy and as a society. While these shifts may seem daunting, we are moving forward from a strong position, given our robust fundamentals. These include our efficient infrastructure, extensive physical and trade connectivity, a highly-skilled workforce which we continuously invest in, and our nimble and enabling policy environment. These were the same fundamentals that saw us through the COVID-19 pandemic and which demonstrated to our businesses and investors that Singapore is a reliable partner, even in a crisis. We can, therefore, take heart that if we are willing to work hard and work together, we can turn challenges into opportunities.”
“Several Members highlighted that businesses are having difficulties managing rising costs. Mr Derrick Goh and Mr Shawn Huang asked how the Government will assist businesses in overcoming these challenges. The current inflationary environment is a global phenomenon. The Singapore Government has adopted a range of measures to mitigate the impact of inflation. We have undertaken several rounds of monetary policy tightening and rolled out three support packages last year, totalling more than $3.5 billion, to address cost-of-living concerns. In addition, Deputy Prime Minister Lawrence Wong has also announced several measures this year to support our businesses, including an extension of the enhancements to the Enterprise Financing Scheme to help enterprises access credit, as well as an extension of the Energy Efficiency Grant to encourage businesses to invest in raising their energy efficiency. Minister of State Low Yen Ling will share more details in her speech. Given that we are a small and open economy, we cannot be totally insulated from these global inflationary pressures. For us to remain competitive, we must continue to improve efficiency and raise productivity. If we look beyond the near term, there are major structural shifts in our operating environment that will create both challenges and opportunities for Singapore. The multilateral open trading system is under pressure and geopolitical tensions are increasingly shaping countries' economic strategies. These developments will undoubtedly have implications on the global economy as well as Singapore's economy. New technologies are disrupting industries and business models, such as Artificial Intelligence (AI) for example.”
“We secured record commitments of $22.5 billion in Fixed Asset Investments, in areas, such as semiconductors, aerospace and agri-food, as well as generated $6.2 billion in Total Business Expenditure. When the committed investments are fully implemented, we expect them to create over 17,000 jobs, and more than $20 billion in value-added per year for Singapore. Our employment situation also improved, with the annual average resident unemployment rate falling to a four-year low of 2.9% in 2022. Nominal median gross monthly income for resident full-time workers grew by 8.3% in the same period. After taking into account inflation, real median income grew by 2.0%. While higher wages add to the costs for businesses, the key is to ensure that productivity increases to support higher wages. In this way, both businesses and workers will benefit. Mr Liang Eng Hwa also asked about the outlook for 2023 and the challenges that businesses need to prepare for. We expect the Singapore economy to grow by 0.5% to 2.5% in 2023. Growth in the major advanced economies, such as the US and Europe, will slow amidst tightening financial conditions, which will crimp consumption and investment spending. The possibility of recessions in these economies cannot be ruled out. On the upside, Asian economies are expected to continue growing. Southeast Asian economies will benefit from the ongoing recovery in domestic and tourism demand, while China's reopening is likely to provide some lift to global demand. Global supply chains have recovered from the worst effects of the pandemic, but they continue to be affected by the Russia-Ukraine war and reshaped by efforts to re-shore or "friend-shore" operations and production. As a result, transport and logistics costs are likely to remain elevated.”
“Mr Chairman, let me first thank Members for your comments, suggestions and your views. After more than three years of fighting the COVID-19 virus, we have now arrived at DORSCON Green. Economic activities have largely resumed, and life has more or less returned to normal. I must record my thanks and appreciation to our workers who have kept our economy going and our essential services flowing during the pandemic. But even as we emerged from the COVID-19 pandemic, new challenges surfaced. The outbreak of the Russia-Ukraine war compounded the supply chain disruptions triggered by COVID-19, driving up prices of energy, food and almost everything else. Global inflation soared, which led many countries to tighten their monetary policies, causing the global economy to slow down. As a small and open economy, Singapore felt the effects of these global developments keenly. Mr Liang Eng Hwa asked how the Singapore economy performed in 2022. Let me give a quick recap. Our economy grew 3.6% in 2022. Outward-oriented industries, such as electronics, chemicals, and finance and insurance, were affected by weaker external demand. However, as countries emerged reopened their borders, the strong recovery in air travel and international arrivals have given a boost to our aviation- and tourism-related sectors, as well as consumer-facing sectors, such as retail trade and food and beverages (F&B) services. The professional services sector also benefitted from the lifting of travel restrictions, as businesses could better service and engage their customers overseas. Singapore's position as a global business hub remained strong, as companies anchored their corporate and manufacturing activities here to strengthen the resilience of their supply chains and operations.”
“We have made progress in growing the Advanced Air Mobility (AAM) ecosystem in Singapore since Volocopter first flew its prototype Electric Vertical Take Off and Landing (eVTOL) aircraft, or "air taxi" over Marina Bay in 2019. In particular, we are pursuing initiatives in research and development, commercialisation, manufacturing and maintenance, repair and overhaul of eVTOL aircraft. We are also exploring the feasibility of a piloted eVTOL aircraft commercial trial in Singapore. The capacity of such services and the number of jobs created will depend on the specific operating models, which are still under development.”
“The Competition and Consumer Commission of Singapore (CCCS) conducts market surveillance and reviews all feedback on suspected anti-competitive behaviour. There has been no evidence of anti-competitive conduct in relation to food items such as chicken, pork and seafood. Members of the public who are aware of anti-competitive activity are encouraged to provide the information to CCCS. CCCS will not hesitate to take enforcement action against anti-competitive practices.”
“We do not have such granular information about the funding gaps in the biotech sector. That said, we expect the sector to grow by around 8% per annum1 and for its funding needs to increase correspondingly. The Government is supporting the sector’s funding needs in several ways. First, sector-specific initiatives such as the Singapore Therapeutics Development Review (STDR) programme run by A*STAR nurtures our existing base of researchers and grooms them into potential biotech founders. EnterpriseSG continues to grow our biotech venture ecosystem in Singapore by working with venture capitalists and builders to channel more investments to Singapore-based biotech startups. Biotech companies in Singapore have various schemes to tap into. For example, the Startup SG Tech grant and the Startup SG Equity investment scheme help to de-risk early developments and catalyse private investments. During Budget 2020, S$300 million was added to the Startup SG Equity scheme to catalyse more than S$800 million of private funding for deep-tech startups. The Government has also committed $25 billion to the Research, Innovation and Enterprise (RIE) 2025 plan.”
“Our key food imports from Australia include vegetables, meat and wheat. The Australian government is confident that Australia’s export position for agriculture in 2023 remains strong. In the wake of climate change, we can expect extreme weather conditions to affect global food supply. To prevent and mitigate the impact of such disruptions, the Government adopts a multi-pronged strategy involving import diversification, stockpiling and local production. At present, we import food from over 180 countries and regions. We are also developing our local agri-food industry to grow more food locally, as a buffer during supply disruptions. As Singapore imports more than 90% of our food, we will not be able to insulate ourselves entirely from supply chain disruptions. We encourage consumers to be flexible and adaptable to different food types and forms and for the industry to maintain robust contingency plans to adapt to the evolving conditions.”
“I thank Ms He Ting Ru for her question. I have addressed them in my combined reply to Question Nos 44, 45 and 46 on the Order Paper for 6 February 2023. [Please refer to "Impact of Collapse of Sun Cable Project on Singapore's Renewable Energy Targets", Official Report, 6 February 2023, Vol 95, Issue 81, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“The Committee Against Profiteering (CAP) received 286 feedback submissions from 1 April 2022 to 31 January 2023. Of these, 26 cases involved specific allegations of Goods and Services Tax (GST) misrepresentation. CAP followed up on the feedback swiftly by working with partner agencies and organisations on the ground, including the Competition and Consumer Commission of Singapore (CCCP), the Consumers Association of Singapore (CASE) and the People’s Association (PA) to engage the relevant businesses to seek the reasons for the price increases. Thus far, the businesses engaged have been cooperative and have committed to being more transparent about their pricing with consumers. We will continue to monitor the situation closely.”
“We also encourage our tourism businesses to use technology to raise productivity and pursue manpower-lean business models.”
“Singapore’s tourism sector recovered strongly in 2022. With increasing flight capacity and connectivity, we expect international visitor arrivals (IVA) to reach 12 to 14 million visitors in 2023, or about 70% of pre-pandemic levels. Along this trend, we expect IVA to return to pre-pandemic levels of about 19 million as early as 2024. Tourist arrivals will depend on the prevailing economic conditions and other factors, such as border-related policies. In 2022, our top source markets for international visitors were largely similar to that prior to the COVID-19 pandemic, with the exception of China. In the next three years, we expect Asia-Pacific markets to be our main sources of international visitor arrivals, with China joining them as it continues reopening. We also expect to continue to appeal to key visitor segments such as families and business travellers, given our commitment to and reputation for safe travel and the wide range of events we offer to both leisure and business travellers. We are also positioning ourselves to capture emerging market segments like wellness and sustainability. To meet this growing demand, our tourism sector has increased hiring. Our total tourism workforce was around 65,000 as of September 2022, which was about 78% of 2019 levels. We will continue to support our tourism sector’s hiring efforts and attract and retain workers through our job redesign and upskilling programmes. For instance, our Tourism Careers Hub, a joint initiative by our Singapore Tourism Board (STB) and NTUC, has placed more than 500 workers in our tourism sector since its launch in 2022 by providing career coaching, skills upgrading and job matching.”
“The Committee Against Profiteering (CAP) received 286 feedback submissions from 1 April 2022 to 31 January 2023. Of these, 26 cases involved specific allegations of GST misrepresentation. The CAP followed up on the feedback swiftly by working with partner agencies and organisations on the ground, including the Competition and Consumer Commission of Singapore, the Consumers Association of Singapore (CASE) and the People’s Association (PA) to engage the relevant businesses to seek the reasons for the price increases. Thus far, the businesses engaged have been cooperative and have committed to being more transparent about their pricing with consumers. We will continue to monitor the situation closely.”
“For example, IMDA’s Tech Skills Accelerator (TeSA) has trained and placed more than 13,000 individuals into good tech jobs with another 180,000 trained in emerging tech areas including cybersecurity, artificial intelligence and data analytics; (d) we are also establishing forward-looking digital trade rules through Digital Economy Agreements with our partners to connect our tech ecosystem to the world.”
“The dot-com crash reminds us that we must always be prepared for market volatility. We must consistently strengthen our fundamentals and take a long-term view. This means building the capabilities of our enterprises and people and ensuring that Singapore remains an open and trusted location for companies to anchor their operations, innovate and hire. We remain optimistic about the long-term prospects of the tech sector, notwithstanding the recent layoffs. Even after accounting for the recent retrenchments, the Information and Communications (I&C) sector remains one of our economy’s fastest growing sectors. The sector’s resident workforce has been growing by more than 40% in the last five years. This reflects strong underlying optimism for the future. We will support the sector’s growth in several ways: (a) we will continue to build our tech ecosystem by attracting tech companies, talent and investments into Singapore and investing in our local tech companies; (b) through initiatives such as the Partnerships for Capability Transformation (PACT) programme which supports projects in areas including business development, co-innovation and capabilities improvement, we will strengthen partnerships between our multinational companies and local small and medium enterprises. We will also facilitate collaboration and partnerships between companies to help them grow, innovate, and pursue new business opportunities at home and abroad; (c) we will continue to invest in training and upskilling our tech workforce so that they can take on these tech jobs that we have created.”
“Strong international collaborations are also necessary to facilitate commercial electricity trading projects and the development of regional power grids to support both Singapore’s and regional decarbonisation, and enhance our collective energy security and resilience. To this end, Singapore has signed Memoranda of Understanding with Brunei, Cambodia, Indonesia, Lao PDR and Vietnam in the past year, to strengthen our energy collaborations, and develop regional power grids and cross-border electricity trading. We are also working with the US Department of Energy on the Feasibility Study on Regional Energy Connectivity in Southeast Asia, with the aim of enhancing energy connectivity in the region so as to improve energy security and strengthen grid resilience. We have also embarked on small-scale projects such as the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, under which we are importing up to 100 megawatts (MW) of hydropower from Lao PDR. On 30 January 2023, YTL PowerSeraya and TNB Genco exchanged a Cross-Border Purchase Agreement to import 100 MW of electricity from Malaysia as part of a two-year trial. We look forward to the implementation of this project and further small-scale import projects which serve as important pathfinders for scaling up electricity trading.”
“My response will also address the Parliamentary Question filed by Ms He Ting Ru due for a later Sitting on the same topic. Singapore currently relies on natural gas, the cleanest source of fossil fuel, for almost all our power generation. To decarbonise our power sector, we are tapping on three sources of clean energy. First, we are accelerating the deployment of solar energy, which is the most viable renewable energy source in Singapore. Second, we are working with our regional partners to develop regional power grids and import up to four gigawatts (GW) of low-carbon electricity by 2035. Last but not least, we are exploring new alternative sources of energy such as hydrogen and geothermal energy. We published our National Hydrogen Strategy in October last year and have launched an Expression of Interest (EOI) exercise for an ammonia power generation project to be operational from 2027. There are abundant renewable energy resources in the region and beyond, and considerable interest from companies to bring electricity into Singapore. The Energy Market Authority (EMA) has received more than 20 proposals for its ongoing Requests for Proposals exercise. Sun Cable’s proposal is one of them. As part of the tender process, EMA has been clarifying our technical requirements with Sun Cable. However, Singapore has not made any commitment, financial or otherwise, into the Sun Cable project. Singapore therefore bears no financial impact from the recent actions taken by Sun Cable to enter into voluntary administration. EMA remains on track to import up to four GW by 2035. Discussions with companies on the projects are in progress. We also welcome Sun Cable to resume discussions when it is ready to do so.”
“The Sustainable Jurong Island strategy aims to increase the output of sustainable products manufactured on Jurong Island to 1.5 times 2019 levels by 2030 and four times 2019 levels by 20501. This growth is expected to exceed that of all other products, as companies seize green growth opportunities and pursue their emissions targets.”
“Given that Russian crude oil accounted for only 2% of Singapore's crude oil imports on average from 2017 to 2021, we do not expect the G7's price cap policy to have a significant direct impact on our Energy and Chemicals sector. We have also not received feedback from companies adversely affected by this policy. We have nevertheless issued an advisory for companies to consider any potential impact on their operations that may arise from the policy. This advisory can be found on the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) websites.”
“This question has been addressed in the combined oral reply to Question Nos 6 to 13 on the Order Paper for the 9 January 2023 Sitting.”
“As of Q1 2022, there were 1,891 solar photovoltaic installations in the private residential sector. The total installed capacity from the private residential sector is approximately 22.1 megawatt-peak (MWp), or 3.3% of the total installed capacity.”
“Some companies have also, admirably, made efforts to cushion the price increase for their customers. For example, major retailers like National Trades Union Congress (NTUC) FairPrice, Sheng Siong and Giant have announced that they will be absorbing the 2023 GST increase on essential items for the first three to six months of the year. The Government will continue to monitor the situation and is prepared to do more if necessary.”
“Between January and November 2022, global food prices rose by 15.9% compared to the same period of the previous year. As Singapore imports most of our food supplies, we are inevitably experiencing higher food prices as well as price fluctuations. The Government has put in place several measures to mitigate the effects of rising food prices. The first is having a strong Singapore dollar. The last five rounds of tightening of Singapore's exchange rate-centred monetary policy have helped to moderate the pass-through effects of external inflationary pressures. Second, we continue to diversify our sources of food supply to reduce our exposure to supply disruptions or price surges in specific regions or countries. We also encourage Singaporeans to consider different food choices to help manage their budget. In addition, consumers can shop wisely and stretch their dollars by using the Price Kaki App developed by Consumers Association of Singapore (CASE) to compare the prices of food items from different suppliers. Third, the Government provides support to households to help defray their expenses. The support provided in 2022 through the various support packages covers fully the inflation in cost of living for lower-income and retiree households in 2022 on average, and over half of that for middle-income households. In October 2022, the Government announced a further $1.5 billion Support Package. The package includes the Community Development Council (CDC) Vouchers Scheme, the latest tranche of which was just launched on 3 January 2023. All Singaporean households are eligible for a total of $300 worth CDC Vouchers in 2023 which they can use at participating hawkers, heartland merchants and supermarkets for their daily essentials.”
“Singapore has committed to achieving net-zero emissions by 2050 and has put in place various measures to achieve this target. We are decarbonising our energy sources progressively, starting with greater use of locally generated solar power. We also aim to achieve four gigawatts of imported electricity by 2035 and diversify to new sources of green energy like hydrogen. We launched our National Hydrogen Strategy in October last year. The strategy outlined the steps we will take to develop low-carbon hydrogen as a decarbonisation pathway for Singapore. This includes manufacturing sectors where hydrogen can potentially serve as either a low-carbon feedstock or fuel to reduce the carbon footprint of industrial activities. At the sectoral level, the economic agencies are working closely with emissions-intensive industries to restructure their activities towards greater sustainability. As part of Sustainable Jurong Island, the Economic Development Board (EDB) is working with the Energy and Chemicals sector to increase the production of sustainable products, such as high-value specialty chemicals and materials and bio-based fuels and chemicals. We are also collaborating on system-wide solutions like increased renewable deployment and carbon capture, utilisation and storage (CCUS). At the enterprise level, the Government has introduced schemes, such as the Resource Efficiency Grant for Emissions (REG(E)) and Energy Efficiency Fund (E2F) to help companies become more energy efficient. Under the Enterprise Sustainability Programme (ESP), we also provide capability development and funding support for companies to develop their sustainability strategies. The Government will continue to work closely with and support the industry in the transition towards a low-carbon economy.”
“The Government partners sponsoring companies, including local small- and medium-sized enterprises (SMEs), to award the Singapore-Industry Scholarships (SgIS) to Singaporeans undertaking their undergraduate studies. After graduating, SgIS scholars contribute to a range of industries, including infocomm and media, lifestyle and food, electronics, and supply chain management. In addition, there are other industry-specific scholarships offered by sector agencies which local SMEs can tap on, such as the SG Digital Scholarships offered by the Infocomm Media Development Authority (IMDA). Besides scholarships, EnterpriseSG and the Ministry of Education (MOE) also partner local SMEs and other companies on various talent development programmes to help them attract and develop young talent. This includes the Global Ready Talent Programme which encourages and supports young Singaporeans to undertake local and overseas internships in our Singapore enterprises, as well as Work-Study Programmes where students from our educational institutes learn through structured on-the-job training.”
“Scale-Up SG is Enterprise Singapore (ESG)'s flagship programme to support local companies with high-growth potential to scale effectively, and become leaders in their fields and future global champions. Participants work closely with ESG and programme partners on management development, business innovation, market penetration and other areas that will help accelerate their growth. As these companies grow, they will contribute to Singapore's economy, create good jobs for Singaporeans and strengthen the Singapore brand. We have taken in seven cohorts – a total of 80 enterprises – into the programme since 2019. It will take time – perhaps years, for these companies to reach their fullest potential. Nevertheless, we are seeing some promising signs. For example, among the first three cohorts of the programme, 85% have created new businesses or products, and more than half have expanded into new overseas markets. The companies have also collectively created some 500 professional, managerial, executive and technician (PMET) jobs. ESG is gathering feedback from participating companies to refine the programme and develop new tools to support their growth.”
“Singapore has limited scalable sources of renewable energy domestically. We do not have the land nor sufficient wind speeds for large solar or wind farms, or the rivers needed for hydroelectric power. Therefore, Singapore will need to stay open to various kinds of low-carbon energy sources. It is in this context that the Energy 2050 Committee developed three possible scenarios through which Singapore could achieve net zero by 2050; of these, the "Emergent Technology Trailblazer" scenario included the option of deploying nuclear energy in the future. While advanced reactor designs that are being developed, such as the Small Modular Reactors and "Generation IV" technologies, have the potential to be much safer than many of the plants in operation today, most of them are still undergoing research and development and have not begun commercial operations. The Energy Market Authority is monitoring developments on nuclear technologies, and this includes floating options. Any decision to deploy new energy technologies, such as nuclear, will be carefully considered against its safety, reliability, affordability and environmental sustainability in Singapore's context. In addition, these technologies will need to comply with stringent standards in line with the best practices of countries which have experience in ensuring the safety of such technologies. In the meantime, we must continue with our efforts to enhance energy efficiency across all sectors and encourage energy conservation by consumers to play their part to conserve energy, to reduce our overall demand and reliance on energy. We will also continue to explore and tap on other low-carbon energy sources, such as solar, regional power grids, low-carbon hydrogen and carbon capture, utilisation and storage (CCUS).”
“Singapore imports Piped Natural Gas (PNG) from Malaysia and Indonesia through PNG importers. Gas supply contracts are negotiated by PNG importers on a commercial basis. We are unable to divulge the specifics of these contracts, including their expiry dates, as these are commercially sensitive. Even as we seek to decarbonise our power sector, natural gas will continue to play an important role in the energy transition and feature in Singapore's 2030 energy mix. To safeguard our energy security, Singapore will continue to ensure that our energy sources, including our natural gas supplies, are well diversified. For example, since 2013, we have supplemented our PNG supply with Liquefied Natural Gas (LNG), which allows us to import gas from further afield.”
“While our Piped Natural Gas (PNG) supply from Indonesia will decline from 2023, this will not affect consumers’ electricity supply. Our Liquefied Natural Gas (LNG) terminal has sufficient capacity to meet all of Singapore’s gas needs on its own. Singapore’s gas users can buy gas from multiple gas suppliers, including term LNG importers, which can supply LNG to gas users under Gas Sales Agreements with durations of one year or longer. To safeguard our energy security in the longer term, we will continue to diversify our energy sources, such as by maximising solar deployment and importing low-carbon electricity from the region. The Energy Market Authority has launched Request for Proposals (RFPs) for electricity import projects and has received more than 20 proposals to import electricity from five countries – Australia, Indonesia, Lao PDR, Malaysia and Thailand. We remain on track to meet our electricity import target of 4GW by 2035. Collectively, these measures will reduce our reliance on natural gas and make our power system more resilient.”
“We will support this growth in a number of ways: (a) We will continue to build our domestic tech ecosystem by attracting tech companies, talent, and investments into Singapore, and investing in our local tech companies; (b) We will strengthen partnerships between MNCs and local SMEs and support their innovation activities strategically; (b) We will continue to invest in training and upskilling our tech workforce so they can take on these jobs and create new ones; and (d) We are also establishing forward-looking digital trade rules through Digital Economy Agreements (DEAs) to connect our tech ecosystem to the world. The Government will continue to monitor global developments and ensure that our digital economy remains competitive and resilient.”
“The Information & Communications (I&C) sector is one of the fastest growing sectors in our economy, with its workforce growing by more than 40% in the last five years. Notwithstanding recent layoffs by some tech companies, there was strong hiring demand in the sector this year. There were 12,100 job vacancies in the I&C sector in June 2022, more than triple the 3,800 vacancies in June 2020. Most I&C workers have also been able to secure another job soon after retrenchment, with the rate of re-entry into employment within six months post-retrenchment for residents in Q2 2022 being higher than in the overall economy. We have put in place measures to support retrenched workers. This includes interventions by the Taskforce for Responsible Retrenchment and Employment Facilitation (RTF) to offer career advisory and coaching services, and information kits on career resources to help affected workers transition to new jobs. The Minister for Manpower elaborated on these measures yesterday in his response to the Parliamentary Questions that have been filed on this matter. [Please refer to "Impact of Layoffs by Big Tech Companies and Support Available for Affected Employees", Official Report, 28 November 2022, Vol 95, Issue 76, Oral Answers to Questions section.] We continue to believe that the I&C sector is poised for growth.”
“Over the last five years, the total installed generation capacity has decreased from 13.5 gigawatts (GW) in 2018, to 11.8 GW in 2022, with the retirement of older power generating units. This is higher than our current peak demand of around 7.8 GW. The reserve margin, which provides for planned and unplanned outages of generating units to safeguard the reliability of our power system, is currently around 50%. This is above the 27% required reserve margin (RRM). Generation capacity is expected to remain around the current levels over the next few years before new generation units enter the system from 2025. While we can expect the reserve margin to tighten over the next few years due to increasing demand, there will be sufficient generation capacity to meet the RRM of 27%. The Energy Market Authority (EMA) has been encouraging generation companies to build more capacity to meet growing demand. In August 2022, Keppel Infrastructure announced plans to develop a 600-MW advanced combined cycle gas turbine power plant. To ensure sufficient generation capacity over the longer term, EMA will introduce a centralised approach to facilitate and guide private investments in new generation capacity through a competitive tender. The tender will be conducted in advance of when the new capacity is needed, taking into account the lead time required for construction and development. Should there be inadequate interest to plant new capacity, EMA will build the required new capacity.”
“The short-run marginal cost (SRMC) and long-run marginal cost (LRMC) have averaged at $157 per megawatt hour and $202 per megawatt hour respectively for the period January to October 2022. SRMC reflects the variable costs, including fuel, while LRMC reflects both the fixed costs and the variable costs. The Uniform Singapore Energy Price (USEP) is the wholesale price of electricity determined in the Singapore Wholesale Electricity Market. The USEP fluctuates every half-hour and is determined by various factors. Besides fuel costs, which have surged over the past year due to the ongoing global energy crisis, the USEP is also influenced by prevailing demand and supply conditions which may fluctuate significantly within the day. It is not meaningful to compare the USEP to the regulated tariff, which is served by long-term gas supply with fuel costs indexed to oil prices. Between January and October this year, the USEP has averaged at around $300 per megawatt hour, which reflects the higher fuel costs and prevailing demand and supply conditions. The vast majority of consumers do not buy electricity in the wholesale market at the USEP. Consumers who prefer greater price certainty can consider buying electricity from a retailer in the Open Electricity Market or, in the case of households and smaller consumers, at the regulated tariff from SP Group.”
“I thank the Member for the question. This question has been addressed in my reply to Question Nos 32 and 33 for oral answer on the Order Paper for 7 November 2022. [Please refer to "Support for Development of Green Local Firms and Uptake of Enterprise Sustainability Programme", Official Report, 7 November 2022, Vol 95, Issue 73, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“This question was addressed in the reply to Questions Nos 32 and 33 on the Order Paper for 7 November 2022. [Please refer to "Support for Development of Green Local Firms and Uptake of Enterprise Sustainability Programme", Official Report, 7 November 2022, Vol 95, Issue 73, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“We also enhanced the SkillsFuture Enterprise Credit of up to $10,000 per company to embark on both workforce and enterprise transformation in tandem. Companies requiring more customised help can continue to tap on the Enterprise Development Grant, as well as other grants offered by our economic agencies for purposes like training and resource efficiency. We will also press on with our Manufacturing 2030 journey to position Singapore as a global business, innovation, and talent hub for advanced manufacturing. This is done through a three-pronged strategy. First, to attract frontier investments, we are strengthening our ecosystem to make Singapore the top choice for investors. Second, we are supporting promising local enterprises to adopt Industry 4.0 technologies, pursue internationalisation and embrace innovation. Third, we are strengthening the pipeline of skilled local talent, by partnering employers to develop structured career progression pathways, working with our Institutes of Higher Learning on skills development, and supporting the skills upgrading of older workers. We hope that companies will take full advantage of these schemes to strengthen themselves, transform their business, upskill their workers and stay competitive.”
“Weakening growth around the world amidst protracted supply disruptions and synchronised monetary policy tightening have led to a decline in Singapore's manufacturing Purchasing Managers' Index, or PMI, since May 2022. Similarly, growth in manufacturing output, as proxied by the Industrial Production Index (IPI), has slowed in recent months. Notwithstanding the slowdown in the manufacturing sector, advance estimates show that the Singapore economy grew by 4.4% on a year-on-year basis in the third quarter of 2022, extending the 4.5% growth in the previous quarter. Growth was supported in part by the recovery in tourism-related and consumer-facing sectors. While growth is projected to slow in the fourth quarter of the year due to weaker external demand, the economy remains on track to grow by 3% to 4% for 2022 as a whole. For 2023, growth is likely to slow further in tandem with the global economy. Singapore is an open economy. If major markets experience protracted or sharp slowdowns, we may not be able to avoid a recession. The Government will support our companies to better withstand the storm and emerge stronger. For example, to alleviate businesses' cashflow constraints, we have increased the maximum loan quanta of the Enterprise Financing Scheme (EFS)-Working Capital Loan and EFS-Trade Loan to $500,000 and $10 million respectively, up from $300,000 and $5 million respectively. We have also stepped up our efforts to raise productivity, build capabilities and transform our businesses to seize new opportunities. This is the only sustainable way for businesses to maintain a competitive edge in the global economy. Over the next four years, the Government has set aside $600 million to scale up the Productivity Solutions Grant to support more than 100,000 projects.”
“Singapore currently has a network of 27 Free Trade Agreements (FTAs). They have helped our companies access global markets by lowering tariff and non-tariff barriers for Singapore's goods, reducing restrictions for our services sectors and enhancing protection for investments. It is not meaningful to compare FTAs in terms of which agreement delivered the most benefits, as the extent and types of trade we have with each trading partner are unique and different. Moreover, the FTAs do not have the same coverage and are also entered into at different times. When new trade partners join our FTA network, the value of our existing FTAs increases as the benefits will apply to a larger market. Singapore's attractiveness as a trade and investment hub will also be enhanced. From 2016 to 2021, our total tariff savings from FTAs almost doubled from S$700 million to S$1.3 billion. Over the same period, domestic exports to our FTA partners grew by 26%, from S$190 billion to S$239 billion. From 2016 to 2020, our stock of direct investments in our FTA partners also increased by about 26% from S$611 billion to S$772 billion. In addition to tariff savings, improved efficiency from trade facilitation through FTAs has helped reduce business costs and import costs for goods and services exported from and imported into Singapore. Apart from FTAs, we are continuing to diversify the sources of our daily necessities through trade with our FTA partners. Maintaining a strong Singapore dollar is also helping to dampen imported inflation. In addition, the Government has rolled out a series of support packages and measures to help households and businesses cope with higher prices during this challenging period, with more support for those with greater needs.”
“The Code of Conduct for Leasing of Retail Premises in Singapore was introduced by the Fair Tenancy Pro Tem Committee in March 2021 to enable fairer and more balanced retail lease negotiations. The Code cannot be applied retroactively to existing contracts. Tenants who think that their lease agreements contain unfair terms may wish to seek recourse through mediation and other legal channels. We encourage landlords to act fairly towards their tenants. Going forward, the Ministry of Trade and Industry (MTI) will introduce legislation to make compliance with the Code mandatory for new and renewed qualifying retail leases. This will include a dispute resolution framework involving mediation and adjudication services for complaints of non-compliance. Ahead of the legislation, the Code is presently adopted voluntarily by all Government landlords and nine major private landlords.”
“Since the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) commenced on 23 June 2022 until 31 October 2022, more than 170,000 megawatt hours (MWh) of electricity had been imported to Singapore from Lao PDR. The flow of electricity has been stable. The LTMS-PIP shows that it is economically and technically feasible for electricity to be traded across long distances, and that it can be mutually beneficial for countries in our region to collaborate on cross-border electricity trading. The LTMS-PIP will accelerate our collective efforts towards the realisation of the ASEAN Power Grid (APG), and will serve as the pathfinder towards enhanced interconnectivity, energy security and sustainability in our region. At the third LTMS Ministerial Meeting held on 15 September 2022, Ministers from the four countries issued a joint statement that welcomed further discussions on enhancements and future plans to support multilateral power trade.”