Gan Kim Yong
Singapore
“Consumer complaints relating to the secondary resale market for tickets to major events and concerts have generally remained low. Nonetheless, to protect the public from scams on secondary ticket resale platforms, the Police have imposed Code of Practice requirements under the Online Criminal Harms Act to require designated online service…”
“Singapore does not condone the use of forced labour. We criminalise forced labour in Singapore under various laws. Relevant Government Ministries and agencies, such as the Ministry of Manpower, Ministry of Home Affairs and Singapore Police Force, play their part in investigating complaints of suspected breaches in domestic laws that relat…”
“The Association of Banks in Singapore (ABS) discontinued the PayNow nickname feature as scammers had been exploiting the use of nicknames to impersonate legitimate entities and trusted individuals.”
“As of end-2025, around 6,900 private residential buildings have registered their solar installations with SP Group for the export of excess solar-generated electricity to the grid. The installed solar capacity of these residential buildings is 115.3 megawatt-peak (MWp), or around 5.5% of all current installed solar capacity in Singapore.”
“The one-year pilot extension of liquor trading hours has seen strong interest from businesses. As of 31 May 2026, the Police have approved 88 applications for the extension of liquor trading hours from public entertainment outlets in these areas.”
“The Government does not make projections of domestic or regional demand for renewable diesel or sustainable aviation fuel. Demand depends on commercial considerations, evolving market conditions and regulatory developments across different jurisdictions.”
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“For example, we have partnered local ecosystem players, such as Climate Impact X (CIX) and AirCarbon Exchange (ACX), to establish marketplaces for companies to access high-quality carbon credits. This entire value chain and ecosystem will require new skills. MOM, MOE, Workforce Singapore (WSG) and SkillsFuture Singapore (SSG) are working together to equip our workers with these new skills and for these new job opportunities. Another area that presents opportunities for Singapore is sustainable tourism. Eventually, global tourism will recover and become vibrant again as we emerge from the COVID-19 pandemic. Tourists are increasingly demanding sustainable travel options, such as eco-friendly hotels and attractions. This is why we have been taking steps to work with the tourism industry to move towards more sustainable operations, create sustainable products and experiences for our visitors to establish Singapore as a sustainable urban destination. This includes initiatives, such as the launch of the hotel sustainability roadmap later this month. This is a key milestone that will spur hotels to adopt sustainable operations. Last year, Sentosa received the Top 100 Destination Sustainability Stories Award. The Sentosa Development Corporation (SDC) also launched the Sentosa Carbon Neutral Network, Singapore's first business alliance committed to carbon neutrality by 2030. The network aims to help businesses develop sustainability solutions through the sharing of resources and expertise while also leveraging economies of scale and providing a common network to introduce larger-scale precinct level solutions.”
“The Government is pacing and managing the transition to ensure that electricity remains affordable and will provide assistance to vulnerable groups when necessary. We will continue to work closely with our industry partners and stakeholders to innovate and explore new solutions. Even as we push on with decarbonisation, there are exciting new economic opportunities, too. They are different sides of the same coin on sustainability. Green financing, for example, will grow as companies look to financing instruments to support their sustainable investments. Another opportunity is in the carbon services and carbon credits market. Firms and even countries will want to trade in carbon credits to offset their emissions and meet their climate goals. Mr Leon Perera suggested that we need to scrutinise and properly account for the carbon credits and, indeed, so. This also means that we will need monitoring, reporting and verification (MRV) services. These growth areas will lead to good jobs in the professional services. Mr Saktiandi Supaat asked how the Government will enable the development of Singapore's carbon markets. Today, there are more than 70 organisations in Singapore providing carbon services, which is the highest concentration of service providers in Southeast Asia. We will continue to work with the private sector, as well as with other countries, to develop carbon credit projects which have high environmental integrity and quality, as Mr Leon Perera talked about. These credits can be traded via trusted platforms in Singapore or can be used by corporates or the Government to meet climate targets.”
“To further expand the potential of solar deployment in Singapore, EMA is looking at ways to integrate energy storage systems into the grid, to overcome the intermittency of solar energy and manage the stability and resilience of our energy grid. But these efforts alone are not sufficient. Increasing the energy efficiency of our natural gas power plants can, at best, reduce carbon emissions by about 10%. Even if we maximise all available space in Singapore for solar deployment and account for efficiency improvements, we would still be unable to generate enough power to keep the lights on with solar energy alone. Meaningful abatement can only be achieved through tapping on renewable energy beyond our shores and by developing the use of other low-carbon alternatives in the longer term. In October last year, I announced that MTI and EMA plan to import up to four gigawatt (GW) of electricity by 2035. This will constitute around 30% or one-third of Singapore's electricity supply by then. In the interim, we will conduct small-scale 100 megawatt (MW) trials which will help us learn, build confidence and pave the way for our larger-scale sustainable electricity import projects. The energy transition will require trade-offs and we will need to accept changes to the way we live and work. In particular, the transition to more carbon-efficient generation and low-carbon technologies, accelerating the deployment of renewable energy and importing electricity, may not mean cheaper electricity, as Mr Shawn Huang pointed out. 1.00 pm We will need to invest in infrastructure and technology which will be costly and are likely to lead to higher electricity costs. This is an inevitable but necessary trade-off to build a better and greener world.”
“First, we will enhance the energy efficiency of power generation plants. Last year, we launched the second Genco Energy Efficiency (Genco EE) Grant Call to support generation companies in improving the efficiency of their existing power plants. EMA is evaluating the proposals and will announce the successful applicants later this year. We also amended the Electricity Act to empower EMA to require electricity generation licensees to meet greenhouse gas emissions standards. EMA will consult the industry on the specific standards later this year. Mr Saktiandi Supaat and Mr Shawn Huang asked for an update on our alternative energy deployment plans. They will be pleased to know that we are on track to achieving our solar deployment target of at least two gigawatt-peak (GWp) by 2030, which is equivalent to powering 350,000 households annually. Since 2015, our solar installed capacity has increased by over nine times to around 560 megawatt-peak (MWp) in the third quarter of 2021. We are finding ways to further accelerate solar deployment. Our public sector agencies are taking the lead in solar deployment. HDB, for example, recently launched the seventh SolarNova tender, to aggregate demand across HDB blocks and Government sites. Since 2020, JTC has also put in place a mandatory solar deployment scheme for its lessees. And to-date, over 224 MWp of solar has been deployed across JTC's industrial estates or around 40% of our total solar deployment. We are also exploring how we can overcome our land constraints. For example, PSA has installed vertical solar panels on its external walls of the PSA Tuas Port Maintenance Base Admin Building as a trial. The Government is also exploring the use of vertical solar panels on other surfaces.”
“Last November, we released the Sustainable Jurong Island report which outlines our plan to transform Jurong Island into a Sustainable Energy and Chemicals Park. The Park will operate sustainably and produce sustainable products for exports. By 2030, we target for the energy and chemicals (E&C) sector to increase its output of sustainable products by 1.5 times from 2019 levels and achieve at least two million tonnes of carbon abatement per annum from low-carbon solutions. For example, Shell Singapore has announced plans to halve its operational emissions by 2030 from 2016 levels. Another example is specialty materials manufacturer, Arkema, which will be setting up a new bio-factory on Jurong Island to produce high-performance polymers made from castor beans. The new plant will enable Arkema to increase its polymer production capacity by 50% to meet the rising global demand for sustainable, high-performance materials. Decarbonising Singapore's energy sector is key in greening Singapore's economy. The energy sector powers our industries and households and is a major emitter, contributing around 40% of Singapore's direct emissions. The demand for energy will grow as we digitalise our economy and electrify our transport and various processes. However, the energy transition is especially challenging for Singapore. Many of the renewable energy options adopted by other countries are not available to us. We have little wind, hydro or tidal power. Solar is our most viable form of renewable energy, but we have heavy cloud cover and limited land available to expand our solar energy deployment. Despite these limitations and complexities, we must continue to forge ahead to transform the energy sector and reduce its carbon footprint.”
“Mr Chairman, I am encouraged by Members' commitment to sustainability. Many have spoken about it and asked how we can do more to further our sustainability and climate ambition. Members also recognise that while Singapore must take bold steps to address climate change, we must remain pragmatic, managing the trade-offs for supporting our enterprises and helping our workers in the green transition. A few days ago, I outlined in this House our economic strategies for Singapore. Sustainability must underpin these economic strategies. First, we need to press on with our efforts to help our industries and enterprises decarbonise. Second, we need to help our enterprises and workforce harness sustainability as a competitive advantage, invest in innovation and seize new growth opportunities in the green economy. And third, we need to expand Singapore's global connection to capture cross-border opportunities. Singapore's transition to a low-carbon economy is critical not only to ensure that we are aligned with the global efforts on sustainable development, but also to leverage new opportunities in the emerging green economy. Today, I will focus on Government's Green Economy Strategy and I will cover four key areas. First, decarbonise our industries, including the energy sector, which is a major emitter. Second, drive new areas of growth in the green economy. Third, invest in the development of new low-carbon solutions. And fourth, deepen our workforce capabilities. First, let me talk about decarbonising our industries and the energy sector. Many companies have already embarked on the sustainability journey, for they know that not doing so would risk them losing relevance and market share. We will continue to support industries and enterprises in their transition efforts.”
“We will continue to monitor the situation closely and if necessary, introduce additional measures to help them cope with the challenges.”
“The Government is closely monitoring the rapidly evolving situation in Ukraine. The immediate and direct impact on our economy and firms has been manageable, for now. Singapore companies have a limited presence in Ukraine, and we do not import many essential supplies from Ukraine and the region. However, the longer-term and indirect impact of the Ukraine conflict on Singapore will be significant. One key area we will be significantly impacted by is energy cost, as we import most of our energy needs. We have already seen a spike in the global prices of oil and natural gas, which Russia is a major exporter of. The crisis will also further strain global supply chains, as Russia and Ukraine are major exporters of commodities such as wheat, and metals like nickel and palladium. Supply disruptions for these commodities will raise the prices of goods that use these commodities as intermediate input. For example, a global disruption in the supply of nickel could affect the production of stainless steel, which is used in the manufacturing and construction sectors. Disruptions to palladium supply will affect the semiconductor industry, and consequently the wider technology goods market. We are working with our key companies to review their business continuity plans, to minimise disruptions to their business operations. Singapore has adopted a multi-pronged strategy to manage supply chain risks, especially for essential goods, which we had enhanced during the COVID-19 pandemic. This includes diversifying our imports, stockpiling and producing locally where viable, as well as working with major importers and retailers to ramp up supply from alternative sources if necessary. Support measures have been announced at the Budget to help our businesses and households.”
“Chairman, can I just make a quick clarification? I mentioned $1 billion of tariff savings from our FTAs. That number was correct, but it was for 2020. I said last year but, actually, it is for 2020. Just for the record.”
“On this note, maybe Ms Low will be able to elaborate more on our CDC programmes in helping local industries. 1.00 pm”
“Sir, we have to acknowledge that Singapore has a very small domestic economy. It is not possible for us to support the entire population and our entire economy based on domestic consumption. During the pandemic, foreign visitor numbers dried up. We had significant barriers in terms of travel and tourists would not come because of the quarantine, the Stay-Home Notice (SHN) and all the border measures. And therefore, we had to support our local industry, particularly the tourism industry, and we rolled out the SingapoRediscover Vouchers to help to spur demand for the local and domestic industry. But we cannot do this in perpetuity because we just will not be able to support local industry purely by spending our way through. It is therefore important for us to have a strategy which Ms Low Yen Ling has explained. Our tourism industry is preparing ourselves for the eventual recovery. So, we need to continue to invest in our tourism sector, continue to invest in attracting foreign tourists to come to Singapore when the pandemic subsides. But it is also important in the meantime to continue to see what we can do to help local industries. I am sure our CDC vouchers – which Ms Low may be prepared to elaborate in a short while – has gone a long way in helping our domestic economy, particularly the heartland shops, retailers and markets and so on. We are rolling out additional CDC vouchers in the heartlands. This will go towards helping our domestic industry cope with the current challenges. But we have to be quite clear in our mind that it is not possible for the Government to purely support the industry through tax revenues. We need to continue to encourage our external economy, the export of both of our services and our goods, to be able to support our local economy.”
“Singapore, being an open economy, we will not be able to insulate ourselves from all these impacts. But the Minister for Finance has reassured all of us that we will continue to monitor the situation and if need be, we will provide more support and help for both businesses, our workers as well as our households.”
“Sir, all of us know that the crisis in Ukraine is still evolving. The impact, since the war started, has already been felt in many parts of the world. In Singapore, you can also see that energy prices have been on the rise. As for commodities, some of the food suppliers are also indicating that their raw material costs have gone up. We are beginning to feel the impact of the war in Ukraine. But at the same time, I should also caution that it is still early days. We have not felt the full impact of what the Ukraine crisis will have on the global economy as well as on Singapore's economy. Broadly, I can try to categorise the impact into three aspects. First, in terms of supplies. With the conflict between Ukraine and Russia, supplies from Ukraine and Russia, particularly Ukraine, would be affected. Singapore imports very little from Ukraine. Members may remember probably two years ago, even when the COVID-19 pandemic was ongoing, we were importing eggs from Ukraine. So, we do have some imports from Ukraine, but we have diversified supplies. We do have sufficient supply of basic food commodities. So, in terms of supplies, the world will see a shortage of supply of products from Ukraine and Russia. And secondly, the impact is not just on specific supplies, but also on supply chains. Analysts have indicated that the supply chain, which is already very tight with challenges of the pandemic, now, coupled with the Ukraine crisis, will be tightened even further. So, shipping lines may be affected. Flights are already affected, as all of us know. So, one is supplies; second, supply chains; and third, both of these will lead to higher costs. And higher costs will eventually impact everyone.”
“Sir, job redesign actually is an integral part of the ITM journey because, as Mr Taha has rightly pointed out, we want to help companies transform their business model, so as to take into account emerging trends and opportunities. But, at the same time, as you change the business model, you have to redesign the jobs so that they fit into the new business model. In the process of redesigning the jobs, we need to train the workers so that they are able to take on these new jobs that have been redesigned. So, remodelling of the businesses, redesigning the jobs and retraining of the workers are actually integral parts of the entire ITM journey. And I will be very happy for MTI to work together with MOM and the tripartite partners and the companies to embark on this journey of redesigning jobs for existing workers as well as senior workers, including the workers who are more experienced, to transform them so that we can provide them with new career opportunities.”
“So, this is the overall benefit of FTAs for Singapore. 12.45 pm”
“Chairman, I thank Assoc Prof Jamus Lim for the question. Services trade constitute about 40% of our total exports. So, it constitutes a very important component of our total export and we will continue to help our companies to export our services. As I mentioned earlier in my speech, there are significant opportunities in the export of services, including the green economy as well as digital services. This will also include our professional services. In terms of the FTA utilisation, for FTAs, we have to look at it carefully. On the one hand, FTAs provide preferential access for our exports in terms of tariff savings because they allow us to have tariff-free access to important markets. The tariff savings constituted, I think if I remember correctly, about $1 billion last year. So, that is an important savings for our businesses. It means that, otherwise, they would have to pay $1 billion in tariffs to other countries. But FTAs are not just about tariff savings because they also provide greater transparency for the rules and regulations that will allow our businesses to be able to do business in these countries more easily. Certain FTAs also provide protection in terms of our investments in these countries and that will allow our companies that have investments in these countries to have security with regard to their investment, to allow them to be able to operate freely within those markets. So, I think we have to look at FTAs in totality. It is not just specifically on tariffs but it allows many other forms of access. A lot of these access may not be recorded, including protection of IPs and protection of investments. And also, it provides a framework for data exchange. Some of these are very critical to our businesses when they do business in other countries.”
“We have several collaborations already in place with the US. One is the Partnership for Growth and Innovation which was announced during the visit of US Vice President. We are in the midst of a discussion with the Department of Commerce on how we can take this further in introducing initiatives to encourage businesses on both sides to tap on opportunities in each other's countries. We are also discussing the possibility of establishing an Indo-Pacific Economic Framework to allow collaboration among Indo-Pacific economies. This is multilateral, it is not just between Singapore and the US. We want to continue to explore platforms for collaboration between this region and the US, because the US' participation and engagement in this region and in the economy of this region is very important. We certainly look forward to further collaboration between Singapore and the US, as well as the region and the US.”
“So, we need to progressively restore working onsite and this will help us to open up our economy and allow the economy to recover faster. Third, which is also very critical, is our global connection. Singapore is a hub city. We are a hub for business, for travel, for talent, for ideas, for investments. This international connectivity is very crucial. And that is why we are continuing to open up our interconnectivity. We introduced the Vaccinated Travel Lane (VTL). We are bringing in more and more important visitors. We are also allowing more workers to return from overseas, some of whom have returned to their home countries and are unable to come back. The construction sector, for example, is still facing constraints and we hope to be able to bring back more of these workers through the opening of VTLs. At the Committee of Supply of MOT, I am sure Minister S Iswaran will elaborate on this. These are the three aspects which are very important and we will continue to look at these to allow the economy to continue on its journey of recovery. The Member also asked about the CPTPP. This is a very important agreement that we have entered into and this year Singapore will be chairing the Commission for CPTPP. CPTPP is a very high standard trade agreement that requires its members to meet very stringent trade practices. This will benefit the global multilateral rules-based trading system. Therefore, Singapore and CPTPP members welcome economies which are able to meet these high standards, including the US and other economies. But whether the US is able to join the CPTPP is something that we will need to continue to discuss with and engage the US on. Beyond CPTPP, Singapore has also been encouraging the US to continue its engagement in the Asian region and in particular, ASEAN.”
“Mr Chairman, I would like to thank the Member for the two very important questions. First, on COVID-19 and our progress for opening up and our economic recovery efforts. I should first clarify that while the numbers have stabilised over the last few days, which may suggest that we are probably nearing the peak, but anything could happen. So, it is important for us to make sure that we continue to monitor and watch carefully, before opening up in a big way. It is also important to recognise that with all the measures that we have been put in place, we have been able to keep the critical cases low and ICU capacity has been kept manageable. But at the same time, the large number of cases also means that the hospitals are very, very busy. So, it is important for us to ensure that the healthcare system is protected and to allow the patients to be taken care of properly. This will then give us more capacity to open up. The Member is correct that it is important for our economy that we continue in our journey to living with COVID-19. There are three aspects of our economic recovery that are very important. First, the safe management measures (SMMs) that we impose, have put a strain on many of our economic sectors, particularly the domestic-facing sectors, such as the F&B and retail sectors. They face significant challenges because of restrictions on gathering and the safe distancing measures that they have to put in place. Second, it is important to progressively allow workers to go back to work. So far, we have a requirement for 50% of employees to work from home, where practicable. But we have to recognise that it is important for businesses to bring their workers together because there are many team efforts that cannot be done with workers working from home.”
“Sir, let me conclude. Our enterprises and workers have come far in the fight against the pandemic. The pandemic is not yet over, and the future will continue to surprise us and challenge us in more ways than one. The conflict in Ukraine will add bumps on our road to recovery and growth. But let us look ahead into the future with confidence and resolve. We will need to work hard to build on our strong fundamentals, strengthen our agility to respond to uncertainties and amass the fortitude to make adjustments that can be painful in the short run, but will pay handsome dividends in the long run. The chapters of our Economy 2030 vision are filled with exciting stories waiting to be written. As we continue our work to grow and develop our economy, we can look forward to a wide spectrum of new career and business opportunities for our workers and enterprises to explore. Some of these may not even exist today. As long as we continue to stand together as one, as we have done through the pandemic, and look upon the future with a spirit of enterprise and discovery, I have every confidence that we will make progress towards building a future economy that will meet the aspirations of our workers and companies, and inspire generations of Singaporeans to come. [Applause.]”
“Companies need to step up, to consistently and persistently invest in human capital to recruit, retain and nurture talent. Workers too need to play their part and be open to learning new skills and adapting to new roles. As the Minister for Finance announced in the Budget speech, we have relaxed the eligibility criteria for the SkillsFuture Enterprise Credit (SFEC) for one year, to enable more small and microenterprises to tap on the credits and upskill their workforce. There is simply no substitute for well-structured on-the-job training. Besides ensuring that workers are trained in relevant skills, such investments by employers can also help create a highly engaged and productive workforce. I agree with Ms Foo Mee Har that initiatives like the Company Training Committees, or CTCs, play an important role in this regard. NTUC Deputy Secretary-General Chee Hong Tat had earlier spoken at length about how CTCs have supported companies in their transformation efforts during the Budget debate. I would like to assure Ms Foo that even smaller companies such as SMEs can also benefit from CTCs. 11.30 am One example is Vicinity Studio, a local content production company founded in 2017. The company worked with its union – the Creative Media and Publishing Union, or CMPU, and the NTUC Training and Placement ecosystem to conduct an Operations Technology Roadmap, and developed a three-year workplan to transform its business and workforce. This helped Vicinity take steps to improve its HR capabilities and staff competencies. The studio has since grown its business and hired 13 additional new staff, some of whom are interns and SGUnited Trainees. I urge enterprises to tap on these available resources and work with us to strengthen our economy and workers together.”
“In addition, we are working with industry and the Institutes of Higher Learning (IHLs) to develop more talent in the trading of commodities such as Liquified Natural Gas (LNG) and carbon credits. Let me now talk about enterprises. Our Singapore Economy 2030 vision needs to be supported by a vibrant ecosystem of Singapore enterprises that are future-ready, globally competitive and possess deep innovative capabilities. These enterprises will then create new jobs and meaningful careers for Singaporeans. We will therefore embark on an Enterprise 2030 strategy, to scale up efforts to identify and support promising local businesses, including through the Singapore Global Enterprises initiative to support their growth into global champions. Second Minister Tan See Leng will elaborate on the concrete steps that we will be taking. Our Singapore Economy 2030 vision would be neither achievable nor meaningful, if it is not anchored on an unwavering belief in uplifting our people. Enterprises also need a strong workforce with the right skillsets and capabilities to succeed. Mr Liang Eng Hwa, Mr Shawn Huang and Mr Saktiandi Supaat asked how the Government is building a future-ready workforce. This must be a whole-of-economy effort with close coordination and collaboration between workers, companies and the Government. The Minister for Education Mr Chan Chun Sing and Minister for Manpower Dr Tan See Leng will be elaborating on initiatives to develop our local workforce, and help displaced workers upskill and reskill, so that they can continue to fulfil their potential by taking on new job roles or moving to emerging sectors in a nimble fashion. I agree with Ms Janet Ang that company-led training (CLT) is critical.”
“To do so, Enterprise Singapore will tap on its full range of programme offerings, such as Scale-up SG and the Enterprise Leadership for Transformation Programme, and provide bespoke support tailored to each firm's unique circumstances and ambitions. These will cover areas such as talent development, innovation, internationalisation and financing. For instance, Fish International Sourcing House (FISH), is a homegrown seafood trader and graduate of the Enterprise Leadership for Transformation Programme. It has established presence in over 90 markets. To grow its trading business further, the company plans to invest more than $20 million to set up a 240,000-square feet seafood processing and innovation centre in Singapore, which will enable it to seize new growth opportunities. In addition, FISH intends to almost triple its current headcount of 25 by hiring another 45 employees over the next few years. FISH is also poised to have an impact on our larger trading ecosystem by partnering Singapore enterprises and helping them break into new markets, by allowing them to leverage its existing strong overseas distribution network to grow. Growing our trading volume will create good jobs for our people. The trading sector is one of Singapore's largest employers with over 300,000 employees in 2020, of which the majority are locals and close to 70% are PMET jobs. To take on the many attractive opportunities that will emerge from the continued growth of this sector, we must build a workforce with skills and knowledge needed. We have embarked on a suite of workforce upgrading initiatives for the trade sector, such as the creation of a Jobs Transformation Map and a Career Conversion Programme for Wholesale Trade Professionals.”
“We will continue to work with like-minded partners such as UK, South Korea, Australia, New Zealand and others, to secure benefits for our companies and our people. Ms Mariam Jaafar asked about FTAs. It is important to help our enterprises, especially the SMEs, utilise and benefit from FTAs. Singapore's network of 27 FTAs has brought many benefits to our companies, including tariff savings, stronger intellectual property and investment protection, a more conducive business environment and increased regulatory transparency. We will continue to work with industry partners, including the Singapore Business Federation, to proactively engage SMEs and provide them with the necessary support to take advantage of our FTAs. Second, we will embark on a Trade 2030 strategy to grow our trading volume, widen the types of trading activities in Singapore and expand trade with other parts of the world. From 2020 to 2030, we aim to grow our export value from $805 billion to at least $1 trillion and double our offshore trade value from US$1 trillion to US$2 trillion. We also want to capture more re-exports and transshipment flows, to embed Singapore more deeply into the global supply chains. To achieve this ambition, we need to redouble our efforts to build a strong ecosystem in trading companies and activities. We will boost our efforts to attract leading Global Traders and increase value capture for Singapore by anchoring more of their upstream, downstream and innovation activities here. These Global Traders will also serve as platforms to help other Singapore companies to break into overseas markets. We will also accelerate efforts to grow a strong core of Singapore Global Traders, which are locally grown traders that command global scale and are highly innovative.”
“This will support companies to hire and train ITE graduates for critical technician and assistant engineer roles through on-the-job training, with career progression pathways and competitive salaries. Let me now talk about trade. Given our small domestic market, global connectivity is essential to help our enterprises grow beyond our borders. As one of the world's leading business and transport hubs located in one of the most economically dynamic part of the world, we are in a very strong position to take advantage of growth opportunities in the region. Ms Janet Ang asked how we will secure Singapore's status as a key node in the global trading network. Mr Edward Chia also asked how we are helping our companies seize regional opportunities. We are embarking on a few key moves. First, we are proactively strengthening regional economic integration through ASEAN and other platforms. This is particularly important in a bifurcated world with increased protectionism and global competition. Greater regional cooperation and integration will not only enhance access to markets and create opportunities for our businesses, but also enlarge the economic pie for our entire region. We are playing a leading role in key regional Free Trade Agreements (FTAs), such as the Regional Comprehensive Economic Partnership, or RCEP, which is the world's largest FTA, and as the Chair of the Commission of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, this year. We will also continue to facilitate trade by shaping the rules of the game and setting high standards in emerging areas. We are pioneering new agreements, such as Digital Agreements, which facilitate cross-border data flows and digital trade, as well as Green Economy Agreements.”
“To level up the industry's talent development capabilities, the Singapore Precision Engineering and Technology Association (SPETA) will work with industry partners such as the Singapore Semiconductor Industry Association and our Institutes of Higher Learning to develop a Manufacturing Employer Handbook. The Handbook will provide a range of human capital best practices and resources, to support companies in developing structured career development and progression pathways for their employees. SPETA will identify and work with at least 20 companies to pilot the adoption of these practices and pathways. We are also working with companies to offer additional high-quality internship opportunities for students in the ITE. We aim to secure at least 200 places from 60 companies by the end of 2022. These internships can go a long way in shaping students' perception of the sector and kindle their interest. One example is KABAM Robotics, a robotics solution provider headquartered in Singapore in the service robotics industry. KABAM currently has three interns in roles such as software and hardware development and is looking to bring on another five soon. One of its past interns, Ms Rachel Lim from the Temasek Polytechnic School of Engineering, was given the opportunity to work in the Products team to support the design, development and assembly of robots, as well as conduct performance testing and analysis. Rachel enjoyed her stint so much that she has decided to join KABAM as a full-time Product Engineer starting next week. I look forward to more of such conversion stories in the near future. We will also work with selected companies to pilot the Accelerated Pathways for Technicians and Assistant Engineers Grant for Manufacturing, or APT(M) Grant.”
“To make a further push towards our Manufacturing 2030 (M2030) ambitions, we will redouble efforts to grow a vibrant core of Singapore Global Manufacturers that are deeply innovative and can deliver distinctive offerings to their customers. Our economic agencies will provide bespoke support for manufacturers with strong potential, to deepen their capabilities and expand their global reach. One example of a globally oriented Singapore manufacturer is Akribis Systems, a global leader in motion control solutions. Akribis owns core technologies in direct drive motor components, robotic actuators and linear stages which are critical to build high precision equipment for the semiconductor, electronics and medtech industries. Akribis is headquartered in Singapore and has a factory and innovation centre here. It has significant global reach, with its overseas businesses contributing to over 75% of its total revenue. We must continue to strengthen Singaporeans' interest in manufacturing and develop a strong local pipeline of talent. We also need to ensure that Singaporeans can access the good job opportunities in the sector. To do so, companies need to offer attractive career progression pathways in line with technological changes and ensure these prospects are accessible and exciting. We will therefore launch the M2030 Careers Initiative to work with the industry to achieve this, targeting especially our graduates from the Polytechnics and the Institute of Technical Education (ITE), who have been trained with industry-relevant skills.”
“5 billion in total Fixed Asset Investment, creating over 6,000 jobs when these projects are completed. Let me share with you a few examples where we are leveraging technology for manufacturing, in particular advanced manufacturing, to allow us to produce goods higher up in the manufacturing value chain. GE Aviation Engine Services Singapore, which I visited last year, recently became the first maintenance repair and overhaul (MRO) facility in the world to use advanced additive manufacturing technology to repair airfoil components in commercial jet engines. This will further entrench its position as GE Aviation's largest site globally for engine component MRO and strengthen Singapore's aerospace industry. 11.15 am Advanced manufacturing in food-related value chains also offers exciting growth opportunities, especially in areas with strong synergy with sustainability. Plant-based food, for example, is projected to grow by 100 times by 2050 across the world. Oatside is one such local plant-based startup and Singapore's first homegrown oat milk brand. It focuses on sustainable sourcing and production and is tapping on Enterprise Singapore's Market Readiness Assistance grant to gear up for expansion in Southeast Asia, Korea, Japan, China and the Middle East. I thought Members would be excited to try this local product, so I have arranged for Oatside milk to be served in the dining areas here at Parliament. You can try the milk on its own or have it with some freshly made coffee from Hook Coffee, a local coffee company that has expanded significantly through leveraging e-commerce.”
“Mr Edward Chia spoke about consumer-facing businesses. Digitalisation can also be a powerful transformation tool to help consumer-facing businesses. They help them improve productivity and to engage new customers. Sephora is a good example. Singapore houses Sephora's Digital Centre of Excellence in areas such as marketing, creative and design and data analysis. One of the solutions it created in-house here in Singapore is the Virtual Artist Kiosk, which relies on augmented reality to reflect the various lipstick colours on their consumers through a digital screen. Real-time analytics, such as user engagement and the popularity of products, are then channelled back to Sephora's platform. Second Minister Tan See Leng will speak more about what we are doing to help firms seize opportunities in digitalisation. Even as we invest in our services ecosystem, we will continue to build up a strong manufacturing sector. Thanks to our continued investments over the years, we have a thriving and competitive manufacturing ecosystem which exports products all over the world. For example, we account for 11% of the global semiconductor market and 20% of global semiconductor equipment is manufactured in Singapore. We are also a major player in the biomedical industry and pharmaceutical companies have been producing lifesaving drugs from Singapore to supply to global markets. Mr Baey Yam Keng asked for an update on our Manufacturing 2030 vision and the opportunities in this sector. We launched Manufacturing 2030 last year, with the aim of increasing manufacturing value-add by 50% in 10 years. We have already made good progress. Last year, the sector grew very significantly by 13.2% and received $8.”
“Technologies such as blockchain, artificial intelligence and machine learning, as well as augmented and virtual reality, have the potential to fundamentally transform how we interact with the world around us. As more companies accelerate investments in digitalisation, there will also be increased demand for services such as consultancy and marketing. For example, as businesses move online, companies will need the expertise of marketing services firms to create more personalised advertising campaigns with the use of data analytics and marketing technology, or "martech" tools, and to engage customers through immersive user experiences through gamification, and augmented and virtual reality. Firms will also need to build new capabilities through collaborating with partners from other industries to co-create multidisciplinary solutions, including in areas such as logistics. I am glad to see many homegrown companies leveraging global opportunities afforded by the digital economy. Many of you would have heard of Nium, a Singapore-based fintech unicorn that builds white label cross-border payment solutions. Today, its software is getting money to people and businesses in over 190 markets. Another example is AP Media, a Singapore marketing firm that specialises in interactive and video content production. At the height of the pandemic, AP Media developed a livestreaming and virtual conference tool which was used for Singapore's first virtual fashion show called "The Front Row". The online portal houses a 3D arena, which visitors can virtually navigate runway shows, panels, workshops and podcasts. AP Media's creative technology has since been deployed in several international projects, notably Louis Vuitton's fashion show and Razer's Global Virtual Conference.”
“The ongoing ITM Refresh seeks to enable the sector to capitalise on digital manufacturing and create good jobs in growth areas such as additive manufacturing and robotics. The other ITM 2025 reviews are also in progress and will take into account the outcomes achieved from the earlier round of ITMs. More details will be shared when ready. Ms Jessica Tan asked about growth and emerging opportunities and business sectors. For the longer term, we need a collective vision for the economy – the Singapore Economy 2030 vision – which will outline our ambition, provide direction and coordinate actions across key pillars of our economy. Together, these efforts will put our industries, enterprises and workers on a firmer footing for long-term, sustainable growth. Let me share our vision for the four key pillars of the Singapore Economy 2030, namely services, manufacturing, trade and enterprises. Let me start with the services sector, which Mr Don Wee talked about. Singapore has a large and diversified services sector. It represents more than 70% of our economy, comprising industries such as finance and insurance, information and communications, professional services and logistics. The bulk of our services sector is export-oriented and has shown remarkable resilience through the pandemic. Looking ahead, there are two major waves of opportunities – sustainability and digitalisation. I will speak more on sustainability and our Green Economy Strategy, as part of the Joint Segment on the Singapore Green Plan, next week. Digitalisation is a secular trend which will disrupt all our industries.”
“As Ms Mariam Jaafar said in her speech, we must work hard to secure our position as a stable and trusted global business hub, which includes steadily reopening our borders, committing to a strategy of COVID-19 resilience and welcoming investments, ideas and people from all over the world. We also face challenges at home. I know many are concerned about how doing business is getting more expensive and costly, as Mr Liang Eng Hwa pointed out. The Minister for Finance in his round up speech explained what the Government is doing to support businesses and assured the House that we will monitor the situation closely and step up our support if necessary. While there are headwinds, there are also many exciting developments in key sectors across our economy. To position ourselves for growth and seize these opportunities, we must continue to invest in our fundamentals and build up strong capabilities in our enterprises and our people. We have already started on this important work. The Future Economy Council is refreshing all 23 Industry Transformation Maps, or ITMs, to refine our transformation strategy up to 2025. Mr Sharael Taha, Ms Jessica Tan and Mr Pritam Singh asked about the progress of the ITMs. We are currently working closely with industry stakeholders, unions and academia to update our ITMs, to address emerging trends and opportunities. These include digitalisation, resilience and as Mr Sharael Taha suggested, sustainability. Jobs and skills, including the upskilling of workers, is also a key thrust of ITM 2025. Let me use the Precision Engineering ITM as an example. The Precision Engineering ITM aimed to add 3,000 PMET jobs from 2015 to 2020. The sector is doing well and as of 2019, the number of PMET jobs in the sector has already increased by about 4,000.”
“He also announced an extension of various loan schemes administered by Enterprise Singapore, to facilitate access to financing for Small and Medium Enterprises, or SMEs. We will also do more to give the tourism industry a further lift, as we prepare for international travel to return eventually. Minister of State Low Yen Ling will provide more details in her speech. I am heartened that many of our enterprises do not want to just sit on their hands and wait for the pandemic to pass. Instead, they want to make full use of this time-out period, to uplift themselves and their workers, so that they are ready to sprint ahead when the pandemic subsides. Last year alone, Enterprise Singapore supported over 22,000 enterprises in their transformation efforts, an increase of 44% compared to the year before. Transformation will become even more important in the years ahead. Ms Mariam Jaafar and Mr Edward Chia asked about the economic headwinds we may face in the coming years and what we are doing to enhance Singapore's competitiveness. There are several major challenges. Our external environment is increasingly volatile and uncertain. Pandemics and extreme weather conditions are becoming more common. Technology and business cycles are shortening and changes in international economic regulations, such as the impending BEPS 2.0, will affect how we attract and anchor investments here. Geopolitical shifts, big power contestation and rising protectionism are also underway. The ongoing crisis in Ukraine is yet another reminder that peace and security, the foundation for economic growth, cannot be taken for granted. As a small and open economy, we cannot insulate ourselves from these external factors. We will need to muster the agility and fortitude to adapt and stay ahead.”
“Mr Chairman, we are now in the third year of the COVID-19 pandemic. Our enterprises and our workers have shown tremendous resilience, particularly our frontline workers and our healthcare workers, amidst a challenging and constantly evolving environment. Our strong economic fundamentals, such as our excellent infrastructure, our vibrant innovation ecosystem, our extensive connectivity to the region and the world, and our trusted and robust regulatory environment, also provided us the ballast to ride out the storm. Together, we achieved a strong recovery last year. We rebounded from the worst recession since Independence, growing by 7.6% in 2021. In particular, the manufacturing, information and communications, finance and insurance and wholesale trade sectors recorded strong growth. We also remained attractive to global investors, securing commitments of $11.8 billion in Fixed Asset Investment and $5.2 billion in Total Business Expenditure in 2021. These projects are expected to create more than 17,300 jobs and close to $17 billion in value-added per annum. Labour market conditions have also improved considerably. Median real income grew by 0.9% after accounting for inflation and our resident unemployment rate has come down to 3.2%, which is close to pre-COVID-19 levels. The Government has leaned forward to provide generous support to help enterprises through the past two years. We recognise that the recovery has been uneven across sectors and we will continue to extend assistance in a targeted manner. The Finance Minister announced that we will be supporting firms in sectors which have been most affected by COVID-19 restrictions, through a Small Business Recovery Grant (SBRG) of $1,000 per local employee, up to $10,000 per firm.”
“sg/non-financial-assistance/for-singapore-companies/free-trade-agreements/ftas/tariff-finder. The Tariff Finder provides information on the preferential tariffs to more than 150 destinations (covering Singapore's bilateral, regional and plurilateral FTAs), the relevant Rules of Origin, and other general requirements necessary for exportation.”
“After the signing of the RCEP Agreement on 15 November 2020, MTI has been working closely with Enterprise Singapore (ESG) and the Singapore Business Federation to reach out to companies on how they can benefit from and utilise the RCEP Agreement. In 2021, as part of the lead up to the entry into force of the RCEP Agreement, the Ministry and our partners organised two webinars which were attended by more than 400 participants from over 200 Singapore-based companies. These webinars introduced participants to the RCEP Agreement, highlighted key benefits and demonstrated how businesses could use the Agreement. The Ministry also worked closely with the media to facilitate their understanding and reporting of the Agreement and its benefits to Singaporeans. In 2022, we will continue to organise such outreach sessions and also conduct in-depth sectoral sessions that target different business segments and highlight the relevant benefits under the RCEP Agreement. In addition to these webinars, the Ministry has published three guidebooks: (i) Understanding Trade in Goods and Rules of Origin under the RCEP: Benefits for Businesses; (ii) Understanding the RCEP Services, Investments and E-Commerce Chapters; and (iii) Understanding the RCEP Intellectual Property Chapter: Benefits for Businesses. These guidebooks were designed to help businesses understand and utilise the RCEP Agreement and include examples of how the RCEP Agreement will benefit them and help save costs. These guidebooks were distributed at the webinars and can be found via this weblink: https://www.mti.gov.sg/Improving-Trade/Free-Trade-Agreements/RCEP. Businesses can also take advantage of ESG's Tariff Finder at this weblink: https://www.enterprisesg.gov.”
“The Regional Comprehensive Economic Partnership (RCEP) Agreement has entered into force for 11 out of the 15 RCEP Parties. The Agreement entered into force on 1 January 2022 for 10 Parties, namely Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Viet Nam, and on 1 February 2022 for the Republic of Korea. The Agreement will enter into force for Malaysia on 18 March 2022. On average, the RCEP Agreement will eliminate tariffs on about 92% of all goods traded amongst RCEP Parties. Not all products will enjoy tariff elimination immediately upon entry into force of the Agreement. Some of this will be done in a phased approach. The timeframe for this tariff elimination varies based on product and by RCEP Party. The details of tariff concessions provided by each RCEP Party can be found at: https://www.mti.gov.sg/Improving-Trade/Free-Trade-Agreements/RCEP. Another benefit of the RCEP Agreement is that it provides a streamlined and common set of Rules of Origin for each product for all RCEP Parties, also known as Product Specific Rules. This allows businesses to save time and costs as they only need to meet a single rule of origin when exporting to the 15 RCEP countries. Companies will also be able to cumulate inputs from RCEP countries in order to enjoy preferential market access. These Product Specific Rules and cumulative rules of origin are implemented immediately upon the entry into force of the Agreement for the RCEP Party. As RCEP has just entered into force, more time will be needed to analyse the impact of the RCEP Agreement on Singapore.”
“Sir, the conflict in Ukraine is a stark reminder that as a small country and open economy, we are vulnerable to the vagaries of international developments, be they military conflict, global inflation or supply chain disruptions, or other trends like technology and climate change. It is crucial that we strengthen our defences against such external shocks and to do that, we need to build a vibrant, diversified and resilient economy as well as forge a cohesive and united society. While there are significant challenges ahead, I am confident that we can weather these headwinds if we work together – the people, the businesses and the Government. This way, we can face the future with confidence.”
“This is in addition to the wide range of support measures for seniors and low-income families that the Government has enhanced such as the Silver Support (SS) Scheme and the Workfare Income Supplement (WIS) Scheme. Regular support measures such as the Public Transport Vouchers and the Permanent GST Voucher (GSTV) scheme also help ease the higher cost of living for many Singaporeans. This is a reflection of our commitment to give more support to those who need it most. Households that still need extra help can also continue to apply to ComCare for financial assistance. The Government will monitor the inflation situation carefully and will not hesitate to provide more help should there be a need to. Sir, beyond the immediate challenges at hand, in the longer term, Singapore will continue to face resource constraints such as manpower. There is an urgent need for our enterprises to digitalise and improve their productivity. Firms that are resource-intensive must recognise the need to transform their businesses and workforce, so that they are able to do more with less and unlock new business opportunities and access new markets and customers. Workers must also recognise that the best way for them to compete and stay employable in an increasingly volatile environment is to constantly learn and upgrade themselves, so that they remain relevant and productive. I will share more about the challenges and economic opportunities that we see and how we will help businesses and workers overcome the challenges and capture these opportunities during the Committee of Supply debate on MTI later this week.”
“The Small Business Recovery Grant (SBRG) of $1,000 per local employee up to a cap of $10,000 per firm will help eligible firms in sectors most badly affected by COVID-19. The extension of enhanced Enterprise Loan Schemes will facilitate SMEs continued access to financing and ease their cashflow. The enhanced SkillsFuture Enterprise Credit, or SFEC, will now be available to more small and microenterprises and the enhancement of the Productivity Solutions Grant will provide support for a broader range of solutions. Together, more firms will be able to tap on Government support to improve their efficiency and reduce their reliance on manpower. To encourage take-up, the Government will intensify our outreach to SMEs by proactively reaching out to them through the trade associations and chambers, as well as through Enterprise Singapore. Households have also been affected by the rise in inflation, especially from higher utilities and grocery bills. The Government will continue to lean forward and help them manage the higher cost of living. The Household Support Package introduced as part of this Budget will help HDB households, which will receive double the quantum of their quarterly U-Save Vouchers in 2022 to help them defray the cost of higher electricity bills. The support measures are not limited to just HDB households. All Singaporean households will receive an additional $100 in Community Development Council Vouchers to help them with their daily expenses. All children under the age of 21 will receive a top-up of $200 to their Child Development Account (CDAs), Education Savings Account (ESAs) or Post-Secondary Education Account (PSEA) to help them with their education needs.”
“Some Members expressed concerns about electricity prices. As Second Minister Tan See Leng explained to the House last year and recently in February this year, MTI and the Energy Market Authority (EMA) have put in place several measures to enhance our energy security and resilience and moderate the volatility in electricity prices. These include ensuring that the electricity gencos have sufficient fuel reserves, establishing a standby fuel facility which gencos can tap on to produce electricity and introducing the Temporary Retail Electricity Contracting Support, or TRECS Scheme. We have already extended TRECS from March to May and will extend it further if necessary. We are also working with gencos and electricity retailers to offer more supplies under such contracts. Notwithstanding these measures, with the ongoing conflict between Russia and Ukraine, electricity prices are likely to remain elevated, or even increase further. Members also spoke about the challenges that businesses faced in labour shortage and rising manpower costs. I am heartened that Members appreciate the difficult balance we need to achieve between ensuring sufficient manpower for our enterprises and uplifting the capabilities and employment outcomes of our domestic workforce, especially our lower-income workers. Singapore will continue to build a conducive environment for enterprises to grow, our economy to remain open and competitive, and for our workers to benefit from the growth. Minister for Manpower Tan See Leng will share more on what the Government is doing to help firms, especially the SMEs, manage the impact of our manpower policy changes. The Minister for Finance had also announced a suite of measures in his Budget speech to support businesses, especially SMEs to cope with higher costs.”
“The conflict has added considerable volatility and stress on what is an already challenging business environment arising from supply chain disruptions, higher electricity and fuel prices, and a tight labour market. Households have been similarly affected by these inflationary pressures. The Government understands the strains that businesses and households are under and we will do our best to help them. We have put in place a multi-prong strategy to do so. First, we will work with industries and firms to keep Singapore's economy competitive so that it can continue to sustain real wage growth for Singaporeans. Despite inflation having gone up, the real median income of full-time employed residents for 2021 grew by close to 1% in a COVID-19 year. The growth was significantly higher at 4.4% for lower-income residents at the lowest 20th percentile. Second, MAS on 25 January this year, raised the rate of appreciation of the trade-weighted Singapore dollar. A stronger Singapore dollar will help moderate impact of external cost pressures. Third, the Government works with a wide range of stakeholders to carefully manage the various cost drivers. In January this year, Minister of State Low Yen Ling shared with Members in detail, our measures to address inflationary pressures. These include carefully managing the supply of industrial and commercial space to help manage rental costs, working closely with industry partners to ensure that the prices of daily necessities are competitive and affordable, including diversifying food import sources to reduce our vulnerability to global price fluctuations and working with the Consumers Association of Singapore (CASE) to promote price transparency and help consumers make informed decisions.”
“We must also be prepared for the follow-on impact on trade and investment flows. A protracted conflict will affect business confidence and weigh on global economies and impact their recovery from the pandemic. So, what does this mean for Singapore's economy? We earlier projected our GDP would grow by 3% to 5% this year with CPI all items inflation ranging between 2.4% and 3.5% and the MAS core inflation between 2% and 3%. The Ukraine crisis has clouded our economic outlook. The actual impact on Singapore's GDP growth and inflation is difficult to estimate at this stage, given significant uncertainties. A lot will depend on how the conflict unfolds, the global response to the situation, and the longer-term impact on the global economy. However, what is clear is that inflationary pressures are likely to rise further in the near-term, especially through an increase in the prices of oil-related items in the first instance. The downside risks to our economy have also increased significantly. Some may ask, can we shield Singapore from the impact of these external factors? As an open economy, we will not be able to totally insulate Singapore from the impact of higher global costs. Some ask whether we can help businesses and households. The Small Business Recovery Grant (SBRG) and the Household Support Package (HSP) we announced at the Budget will help our businesses and households, and I will talk about them shortly. We will continue to monitor the situation closely and if necessary, introduce additional measures to help them cope with the challenges. Businesses are understandably concerned. After two years of the pandemic, many have been looking forward to ride the wave of a strong recovery in the global economy this year.”
“These measures will certainly come at a cost to us too. But I hope Singaporeans will understand why we need to make a clear stand, even if there is a price to pay, as Minister Balakrishnan has explained. One key area we will be significantly impacted by the conflict in Ukraine is energy cost, as we import most of our energy needs. We have already seen in recent months a spike in the global prices of oil and natural gas, which Russia is a major exporter of. For example, liquefied natural gas (LNG) prices have doubled from about $17 dollars per one million British Thermal Units (MMBTU), around half a year ago to about $35 currently. The Brent Crude benchmark also surged past US$100 per barrel just a few days ago, compared to US$71 average we saw last year. Motorists must therefore expect pump prices for petrol and diesel here to rise in time. Electricity rates for both businesses and households will also increase in tandem with escalating global energy costs. These will undoubtedly impact Singaporeans and further raise the cost of living here. The crisis will also further strain global supply chains as Russia and Ukraine are major exporters of commodities such as wheat and metals like nickel and palladium. Supply disruptions for these commodities will raise the prices of goods that use these commodities as intermediate input. For example, a global disruption in the supply of nickel could affect the production of stainless steel used in manufacturing and construction sectors. Disruptions to palladium supply will affect the semiconductor industry and consequently, the wider technology goods market. We are working with our key companies to review their business continuity plans to minimise disruptions to their business operations.”
“Mr Speaker, thank you for allowing me to speak at the Budget debate. I rise in support of the Budget. Please allow me to speak on the impact the conflict in Ukraine has on Singapore's economy. I will also respond to Members' comments on what we can do to help businesses and Singaporeans to cope with the rising inflation and the challenges ahead. Let me start with the situation in Ukraine. Minister for Foreign Affairs, Dr Vivian Balakrishnan, had earlier delivered a Ministerial Statement on the matter. I will focus on its potential impact on Singapore's economy. We are closely monitoring the rapidly unfolding situation. Our initial assessment is that the immediate and direct impact on our economy and firms has been manageable for now. Singapore companies have a limited presence in Ukraine, and we do not import many essential supplies from Ukraine and the region. We have adopted a multi-prong strategy to manage supply chain risks, especially for essential goods which we had enhanced during the COVID-19 pandemic. This includes diversifying our imports, stockpiling and producing locally where viable, and working with major importers and retailers to ramp up supply from alternative sources if necessary. Having said that, the conflict is still evolving and the situation could change very quickly. Make no mistake. While Ukraine may seem very far away from Singapore, the conflict there will have real and significant impact on all of us. With the sanctions being imposed on Russia by various countries and the disruption to supplies, global prices of energy and other products are set to rise in the coming weeks. Earlier today, Minister Vivian Balakrishnan announced that we will act in concert with like-minded countries to impose appropriate sanctions and restrictions on Russia.”
“The Code of Conduct for Leasing of Retail Premises in Singapore, issued by the Fair Tenancy Industry Committee (FTIC) last year, has established guidelines to enable fair and balanced lease negotiations between landlords and tenants, including sole proprietors. The FTIC has also established an accessible dispute resolution channel through the Singapore Mediation Centre. The Singapore Business Federation facilitates the work of the FTIC, which includes members of major tenants and landlords, as well as trade associations and chambers (TACs). Tenants who have queries or require any assistance can approach the FTIC for help. Details are available on the FTIC's website at www.ftic.org.sg.”
“The Economic Development Board releases yearly data on the principal statistics of the manufacturing sector by capital structure on its website: https://www.edb.gov.sg/en/about-edb/media-releases-publications.html?tab=manufacturing-statistics. Historical data from 2016 to 20201 are provided in the tables below.”
“We will continue our heightened level of surveillance, especially during this challenging period, to prevent profiteering and other anti-competitive conduct. We encourage consumers to report to MTI any suspected cases.”
“MTI and the Competition and Consumer Commission of Singapore (CCCS) take a multi-pronged approach against profiteering, including promoting competition, helping consumers make informed decisions, and encouraging a diversified supply chain. CCCS investigates all reports of anti-competitive behaviour by businesses, and firmly enforces action against such conduct. The CCCS’ Guidelines on Price Transparency states clearly the standards for ensuring transparent and accurate pricing which are essential for a well-functioning market. CCCS also works with CASE to leverage technology to help consumers make informed decisions on their purchases. For example, the Price Kaki app developed by CASE allows consumers to easily compare prices of groceries or hawker food items from different sellers. Besides promoting good business practices and consumer habits, the Government also works with businesses to ensure there is ample supply of essential goods. For example, we have been actively diversifying our food supply sources and, more recently, working with manufacturers and distributors to ensure a reliable supply of face masks. The Government keeps a close watch on the prices of essential goods and will not hesitate to investigate any reports of profiteering behaviour. The incidence of profiteering has, generally, been low. However, there have been exceptions, such as the initial high prices of masks at the early stage of the pandemic. When this happened, the Government stepped in quickly to investigate the merchants involved and issued letters of demand compelling them to declare their basis of pricing. This resulted in the merchants reducing their prices to more reasonable levels.”
“In 2021, there were 179,500 Overseas Singaporeans1 (OS), of whom 123,900 were in the working ages of 20 to 64 years. However, we do not have data on the number of OS or overseas permanent residents working in each city and the fields they are working in.”