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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“First, we must strengthen our positioning in existing growth sectors and establish a strong foothold in new areas of growth, as pointed out by Mr Sharael Taha. One existing growth area is advanced manufacturing. Over the decades, we have established Singapore as a global node in key sectors such as semiconductors, healthcare, specialty chemicals and aerospace. I attended the opening of ST Engineering's new engine MRO facility last week. In addition to ST Engineering, we are also a key aerospace manufacturing and MRO site for leading firms such as SIA Engineering, GE Aerospace, Rolls Royce and Collins Aerospace. Singapore accounts for 10% of the global output for the MRO market and close to 20% of the global market share in engine MRO. We are supporting companies to build new repair and process development capabilities, deploy robotics and automation solutions and conduct research and development (R&D) in AI, additive repairs and electrification technologies. These moves will strengthen Singapore's positioning as Asia's leading aerospace hub and a critical node in global supply chains. We have also established our position as a leading services hub, such as in commodity trading, digital industries, tourism, financial services and professional services. We will build on this foundation to further reinforce Singapore's status as a services hub for the region, especially with the fast-growing digital economy. We must also position ourselves well to establish a strong, early foothold in new growth sectors. One such area is in precision medicine, which is projected to grow at an average of 11% annually to reach a size of US$300 billion globally by 2035.”
“Our current support measures, including those announced at this year's Budget and Committee of Supply, are still relevant and helpful. These include extensions and enhancements to the Double Tax Deduction for Internationalisation, the Market Readiness Assistance Grant as well as the Enterprise Financing Scheme. We have also announced that we will roll out the Business Adaptation Grant from next month to help companies impacted by the tariffs to adapt their business operations and strengthen their supply chain resilience. We will also support our workers. To help our jobseekers better identify suitable job opportunities, we have stepped up our career advisory and guidance services, including through NTUC and e2i. We will roll out the GRaduate Industry Traineeships Programme from next month to help fresh graduates gain industry experience and skills, which will facilitate their transition into full-time employment. We are prepared to do more for our companies and our workers if necessary. The global developments we have seen over the past few months are not a passing storm. Instead, they point towards a changed world – a new norm that is more fragmented, with sharper competition for investments and a shift towards economic security and national interest. These call for a new economic blueprint to steer Singapore forward in this changed world. That is why we embarked on the Economic Strategy Review. The Economic Strategy Review is consulting and engaging stakeholders and will submit its recommendations next year. I will not want to preempt their conclusions at this point. But let me just talk broadly about our approach.”
“It has a young population, a rising middle class and good physical and digital connectivity, and it is poised to be one of the fastest growing regions in the world. Technology, while it may disrupt industries and jobs, can also open up new frontiers for research and innovation and drive the creation of new products and services and even new industries. Similarly, the low-carbon transition will catalyse the growth of the green economy such as green manufacturing, clean energy, carbon services and trading, and sustainable finance. Five months ago, we had set up the Singapore Economic Resilience Taskforce to support firms and workers in navigating the immediate headwinds as well as to refresh our longer-term economic blueprint so that we can secure our place in the new economic order. While there is now greater certainty, greater clarity over the tariff rates that the US has imposed on many of its key trading partners, significant uncertainties remain. Negotiations with several countries, including China and India, are still ongoing. Details on how the deals will be implemented remain unclear. In fact, we have already seen a number of conflicting interpretations emerge. The US has hinted at further sectoral tariffs such as on semiconductors and pharmaceuticals and that these are imminent. I just want to take this opportunity to clarify that these two sectors contribute about 7% of our GDP, not 40% as Mr Pritam Singh pointed out. But I should say that even at 7%, they are significant. The full effects of these tariffs will take time to flow through in the months and years ahead. The Singapore Economic Resilience Taskforce will continue to monitor the developments and assess the impact of the tariffs on our businesses and workers.”
“Mr Speaker, thank you for allowing me to speak and to join in the debate to thank the President. Sir, over the last six decades, Singapore has built a strong and dynamic economy driven by global enterprises, homegrown champions and an ecosystem of small and medium enterprises. This has in turn created good jobs, lifted real wages and raised the standard of living for Singaporeans. Our success has been built on solid fundamentals – sustained investments in infrastructure, extensive global connectivity, a skilled workforce and a pro-business environment. Just as importantly, being a small and open economy, we have benefited from an open, rules-based, multilateral trading system. This has enabled companies here to participate in global supply chains, benefit from global economic growth as well as established Singapore as a hub for goods, services, capital and talent. But we are now facing three fundamental challenges. In many parts of the world, countries are turning inward, erecting barriers to trade and investment and prioritising economic security and national interest. The rapid acceleration of technological advancements such as AI will disrupt industries and jobs. Last but not least, our resource constraints, such as land, carbon and manpower, will become increasingly binding. However, amidst these challenges and difficulties, there are opportunities and new possibilities. Companies around the world are looking to diversify their production bases and supply chains in response to the evolving global economic landscape. This will create new opportunities for us to capture new investments and enter new markets. Our region has strong growth potential.”
“First, we will work to decarbonise our energy mix, by advancing domestic solar deployment, pursuing cross-border electricity trade and considering potential green energy solutions like geothermal and nuclear for the future. Second, we will continue to pursue key mitigation measures such as carbon capture, utilisation and storage. Third, we will work with industry to develop robust transition plans for businesses. At the same time, Singapore will need to prepare for the growing physical impact of climate change, especially rising sea levels and heat. In addition to our existing plans on coastal protection, we will work with businesses and other stakeholders to strengthen climate adaptation. This includes boosting heat resilience and partnering neighbouring countries to tackle transboundary climate risks. To support Singapore’s efforts, global cooperation and action is essential. As such, the Government will continue to advocate for global standards and regulations, while exploring international collaborations that support our mitigation efforts. We have signed eight Article 6 carbon credits Implementation Agreements to grow our pipeline of high-quality credits. The Government’s ability to work in an integrated and collaborative way, as well as to think ahead and plan for the long term, has served us well and will remain essential. As we navigate the challenges ahead, the Strategy Group will continue to lead the Public Service in advancing today’s priorities, while preparing for tomorrow’s possibilities.”
“We have support measures spanning housing, healthcare and education, to financial and caregiving support, with recent enhancements to our parental leave schemes to provide parents with 30 weeks of paid leave in the child’s first year. More support has also been extended to families with three or more children through the new Large Families Scheme. In this term, we will do more to help parents better manage their work and family commitments and work with stakeholders such as employers and community partners to build a culture that celebrates and values families. As our seniors live healthier and longer lives, we will do more to harness longevity as an opportunity. The Government will continue to support seniors to lead active and healthy lives, stay employed if they wish and age with confidence. We will also enhance our built environment and service provisions, so our seniors can be well cared for in their homes and connected to their communities. Our foreign workforce and immigration policies play an important role in mitigating the impact of low birth rates and ageing, on the economy and society. The Government will carefully manage our foreign worker and immigration flows, while helping newcomers integrate into our society. We will also work with stakeholders to support new citizens in connecting with their local communities and building stronger bonds. Continued investment in climate action is critical for Singapore’s long-term competitiveness and survival. Singapore remains committed to our net zero emissions by 2050 target. This year, the Government announced our target to reduce emissions to between 45 and 50 million tonnes of carbon dioxide equivalent in 2035 as part of our 2035 Nationally Determined Contribution. We will follow through with concrete action.”
“The Strategy Group will continue to lead the Public Service to develop and implement strategic priorities and tackle long-term national challenges, to build a better Singapore for all. We begin this new term of Government in a more uncertain, fragmented and dangerous world. We have to contend with a changing global order, big power contestation and a more volatile economic outlook, which present headwinds for a small and open economy like Singapore. We must be nimble and adapt quickly, to continue to secure good outcomes and seize new opportunities for Singapore and Singaporeans. The Strategy Group has developed a set of strategic priorities to: (a) secure Singapore’s place in a changed world; (b) transform our economy to keep it competitive; (c) expand opportunities and strengthen assurances for all; (d) unite Singaporeans; and (e) forge stronger partnerships with individuals, communities and businesses to shape Singapore’s future together. The Strategy Group will drive whole-of-Government efforts to implement our national priorities, while ensuring that agencies work together to address critical cross-cutting issues, achieve greater synergies and manage trade-offs optimally across policy domains. At the same time, the Strategy Group will sharpen foresight and sense-making to better anticipate future challenges and opportunities and develop robust strategies in response. The Government must deal with two demographic challenges – a declining fertility rate and a rapidly ageing population. To address Singapore’s low fertility rate, the Government will redouble our efforts to support marriage and parenthood, and build a Singapore Made For Families.”
“We will strengthen our portfolio of research grants, fellowships and investigatorships to nurture local researchers, attract top-tier and promising research talent and enhance links between our researchers and the global community. We will also establish a long-term plan to maintain and upgrade our essential research infrastructure. Building on RIE 2025’s achievements, RIE 2030 will focus on leveraging our research strengths to achieve greater societal and economic impact, while continuing to keep our basic research capabilities, talent and infrastructure at the cutting-edge.”
“These investments focus on areas of high impact and strategic importance, including advanced manufacturing and engineering, health and biomedical sciences, sustainability and urban solutions, as well as artificial intelligence (AI), quantum and digital technologies. RIE 2025 is making good progress. The quality of our talent and research has continued to rise, as evidenced by our Field-Weighted Citation Impact, which grew from 1.47 in 2014 to 1.74 in 2024, 74% above the global average. There are over 20 corporate laboratories and Centres of Innovation and business expenditure on R&D increased from $5.5 billion in 2018 (1% of GDP) to $8.1 billion (1.2% of GDP) in 2022. Venture capital investments in early-stage deep tech deals have more than tripled from $478 million in 2020 to $1.56 billion in 2023. Building on RIE 2025, RIE 2030 will sharpen our focus on achieving transformative outcomes for the economy and national strategic priorities. RIE2030 will launch a new wave of large-scale, cross-cutting R&D programmes, in the form of RIE Flagships and RIE Grand Challenges. These will target selected economic sectors and national strategic priorities respectively. We will take a systematic approach to define desired economic and strategic outcomes, identify major bottlenecks where R&D is needed and develop a coordinated portfolio of research programmes to realise our goals. These programmes will draw on relevant research and translational capabilities across Singapore, including through partnerships with private sector players. In parallel, NRF will continue to invest in talent and basic research, while strengthening Singapore’s AI and compute research capabilities.”
“The National Research Foundation (NRF) seeks to build strong research expertise and a dynamic Research, Innovation and Enterprise (RIE) ecosystem that advances Singapore’s competitiveness and drives societal and economic impact for Singapore and the world. This will be achieved through our RIE 2030 efforts. Through steady investments in science and technology, NRF has built a strong research and talent base, alongside a promising innovation and enterprise system. We are leveraging deep scientific capabilities and intellectual property to catalyse further research and development (R&D). The benefits from RIE investments extend beyond the economy to society at large. For example, our National Precision Medicine Programme aims to develop more targeted treatments based on the genetic make-up of our patients and population. Technologies such as floating solar photovoltaics and building-integrated photovoltaics allow us to optimise renewable energy generation from our limited land size. We will also deepen international research partnerships which reinforce Singapore’s position as a trusted node of technology, innovation and enterprise. These partnerships extend beyond extensive research collaborations at the individual and institutional levels, to joint dialogue platforms like the Singapore-France Joint Committee on Science and Innovation, and collaborations with multiple overseas universities under the Campus for Research Excellence and Technological Enterprise (CREATE) initiative. The Government has consistently invested about 1% of gross domestic product (GDP) in RIE activities, with $28 billion allocated over five years for RIE 2025.”
“MAS remains committed to support Asia’s transition to a low-carbon economy. Through the Financing Asia’s Transition Partnership (FAST-P), we aim to mobilise up to US$5 billion for decarbonisation and climate transition. A FAST-P office will facilitate the deployment of up to US$500 million of concessional capital from the Government, alongside capital from other partners. This blended finance model will seek to attract more funding for sustainable infrastructure in the region. MAS will ensure that our workforce is equipped to navigate increasing complexities in the financial sector. The Sustainable Finance Jobs Transformation Map has identified the skills that our workforce will need to support the growing sustainable finance market. Amid global uncertainty, MAS remains committed to securing medium-term price stability. We will continue to stay vigilant to risks and developments in global markets that affect Singapore and ensure that the financial system remains resilient and competitive.”
“We have also launched a Basic Financial Planning Guide to strengthen consumer education and help individuals take action to address savings, insurance and investment needs across life stages. Singapore’s financial sector continues to see broad-based growth. MAS will continue to work with financial institutions to deepen capabilities across key asset classes such as banking, foreign exchange, insurance, asset and wealth management and payments. The Equities Market Review Group has recommended measures to encourage quality listings, enhance investor participation and broaden market liquidity and re-position regulatory structures and approach. The Review Group will consider additional proposals and complete its report by end-2025. MAS will support financial institutions in building capabilities to adopt AI technologies in financial services, through the Financial Sector Technology and Innovation Grant Scheme. Industry collaborations, like the Pathfinder programme, will allow financial institutions to exchange insights and share experiences, including on AI use cases, and provide greater clarity on the responsible use of AI. We will also upskill the financial sector workforce to work effectively with AI. MAS will continue to facilitate industry efforts to expand the use of tokenisation in financial assets transactions, to achieve greater efficiency and lower cost. Our plans include (a) forming broader commercial networks to deepen liquidity of tokenised assets; (b) facilitating interoperability across digital asset market infrastructures; (c) fostering standardised industry frameworks for tokenised asset implementation and adoption; and (d) enabling access to common settlement facility for tokenised assets.”
“The Monetary Authority of Singapore (MAS) seeks to promote sustained non-inflationary economic growth and foster a trusted and resilient financial sector and will continue to do so amid the increasing global uncertainties and new risks. MAS will work with partners to secure Singapore’s position as a leading and innovative global financial centre. This year, MAS eased monetary policy settings twice in response to the sustained decline in Singapore’s Core Inflation rate. With increasing global fragmentation, we must be ready for major shifts in production and supply chains. MAS will stay vigilant to the impact of these developments on growth and inflation. If cyclical economic conditions weaken unexpectedly during this period, MAS will ensure that the monetary policy response is timely and appropriate, while considering other supportive measures in conjunction with the financial sector. MAS will uphold Singapore’s standing as a trusted financial centre through robust supervision and risk-proportionate regulation. We will continue to work with the financial industry and other Government agencies to protect Singapore’s financial system from illegal activities. We have tightened controls to make it harder for scammers to access customer accounts or validate unauthorised transactions. We have also worked with banks to introduce Money Lock, to limit potential losses should customers’ digital banking access be compromised. We will consider other safeguards to fight scams, such as stronger user authentication to prevent unauthorised transactions. On consumer protection, MAS has updated its Fair Dealing Guidelines to raise standards and improve the experience of customers dealing with financial institutions.”
“For example, we are expanding our network of Digital Economy Agreements to establish rules and standards around issues such as personal data and online consumer protection, enabling businesses to operate more seamlessly across borders. We are also advancing Green Economy Agreements to catalyse trade and investment flows that support the low-carbon transition of our economy. MTI will work with like-minded partners to support the rules-based trading system, to help businesses navigate uncertainty and seize new opportunities. We will deepen engagement in existing trading frameworks, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership and with other economic regions. We will also work with other trade-dependent countries to support reforms at the World Trade Organization to uphold open, fair and effective global trade. Our people are at the heart of our economy. Our strategies will create more opportunities for Singaporeans to thrive and share in the benefits of growth. MTI will work with companies, unions, trade associations and chambers, as well as the Ministry of Manpower and Ministry of Education, to equip citizens with future-ready, industry-relevant skills and support career transitions into growth sectors. In doing so, we will ensure that every Singaporean can aspire to good jobs, secure progress and build a better future for themselves and their families.”
“Anchoring these firms in Singapore enables us to access global markets, deepen capital formation, acquire cutting-edge technologies and know-how, and help our small and medium-sized enterprises plug into global supply chains. MTI will grow the pool of Singapore Global Enterprises by helping promising local enterprises internationalise and grow into regional or global leaders. We will raise the productivity of local enterprises, by accelerating the adoption of digital and AI-enabled solutions and supporting workforce training. We will help firms transition to a low-carbon economy, while safeguarding energy security and maintaining competitiveness. We will step up domestic solar deployment and advance cross-border electricity trading. We will also develop capabilities in other potential low carbon pathways, such as nuclear energy and hydrogen. We will also explore carbon capture, utilisation and storage technologies and develop markets for high-quality carbon credits. Amid global shifts, Singapore must remain a trusted and connected business hub, deeply integrated into global supply chains and trade flows. MTI will deepen regional economic integration in the Association of Southeast Asian Nations (ASEAN) and enhance linkages with our neighbours, enhancing Singapore’s value proposition as a base for investments into the region. We will also strengthen ASEAN’s partnership with major economies and other economic blocs, such as the European Union and the Gulf Cooperation Council, to enhance ASEAN’s role in the global trade architecture. Beyond our 28 Free Trade Agreements, MTI will expand trade links with emerging markets, such as Latin America, South Asia, Middle East and Africa. At the same time, we will further cooperation in strategic growth areas.”
“The Ministry of Trade and Industry (MTI) will refresh Singapore’s economic blueprint and keep our economy strong and resilient in a changed world. We will position Singapore as a home to leading firms, a key global business hub, and a vital connector in the global economy. Through these efforts, we will foster productivity-led and innovation-driven growth and create good jobs for Singaporeans. We are operating in a changed world, marked by major uncertainties and structural shifts. The tripartite Singapore Economic Resilience Taskforce will support workers and businesses to navigate and respond to immediate challenges arising from increased tariffs. At the same time, MTI is undertaking an Economic Strategy Review to chart a forward-looking blueprint to better position our economy, businesses and workers in this new landscape. MTI will intensify efforts to capture opportunities in new growth areas. We will strengthen advanced manufacturing by leveraging technologies, such as artificial intelligence (AI), robotics and biotechnology. We will seize opportunities in the green and digital economy. MTI will sustain investments in research and development, to encourage widespread innovation and bring new products and services to the market. This includes stronger collaborations between industry and academia, and next-generation infrastructure such as the Punggol Digital District, to support our growth enterprises. We will continue to encourage investments in our tourism and lifestyle sectors, and contribute to the vibrancy of Singapore as a city to live, work and play. MTI will continue to attract globally leading companies by leveraging and improving our efficient infrastructure, extensive connectivity, highly skilled workforce and pro-business environment.”
“There are established mechanisms for enterprises, including micro and small enterprises, to resolve commercial disputes. For disputes involving claims of up to $30,000, enterprises can submit their disputes through the Small Claims Tribunals, which provide a quicker and less expensive process compared to a civil trial. Enterprises can also seek mediation and adjudication services provided by mediation bodies, such as the Singapore Mediation Centre.”
“Carbon capture and storage (CCS) is an internationally recognised decarbonisation pathway, especially for activities that produce carbon dioxide as part of their industrial processes. The Government is studying the feasibility of a cross-border CCS project from Singapore. This includes working with potential service providers to form a complete CCS value chain and getting clearer estimates of the costs of capture, transport and permanent storage.”
“The Singapore Tourism Board (STB) collaborates with industry stakeholders to curate different types of programme offerings to inject vibrancy in our entertainment and nightlife sectors. For example, STB partnered the Orchard Road Business Association to introduce a bar hopping passport experience for consumers to visit nightlife establishments around Orchard Road at accessible prices. STB also supports free-to-public events that enhance precinct vibrancy in the night-time, such as iLight Singapore and Light to Night Singapore. Entertainment and nightlife businesses can leverage these and other STB-supported events, such as Grand Prix Season Singapore, to create promotions or special experiences to attract local consumers and visitors. Singapore's excellent infrastructure, good connectivity to the region and reputation as a safe and vibrant business and lifestyle hub make us a prime destination for international shows and world-class events. STB works closely with concert promoters and partners, such as the National Arts Council and the Singapore Repertory Theatre, to curate a diverse line-up of cultural performances with local and international appeal. For example, Pongal Festival 2025 saw performances by folk artists from South India. The upcoming Five Foot Way Festival will include performances by Cantonese and Teochew opera groups, a roving Chinese opera exhibition, a talk on the Hokkien dialect, dialect singing performances and wushu performances.”
“Buy Now, Pay Later (BNPL) firms operating in Singapore have committed to the industry-led BNPL Code of Conduct (Code), that was developed under the Monetary Authority of Singapore's (MAS') guidance, to mitigate the risk of debt accumulation and protect consumer interests. Under the Code, accredited firms commit to ensuring that advertisements on BNPL services are clear and not misleading in any way, such as through inaccuracy, ambiguity, exaggeration, omission or otherwise. The advertisements must also clearly disclose any fees or late charges, and not imply that BNPL services are "risk-free" or suitable for all customers. Accredited firms must also ensure that their advertisements on BNPL services comply with the Consumer Protection (Fair Trading) Act 2003 as well as the advertising codes set out by the Advertising Standards Authority of Singapore. The guidelines on fair marketing are complemented by other safeguards in the Code that limit debt accumulation through BNPL, such as not charging compound interest, suspending users who fail to make repayments on time, and committing to only offer BNPL services to those aged 18 and over. MAS had provided further details on these safeguards in its reply to a Parliamentary Question in February this year. [Please refer to "Reports of Non-compliance with Buy Now, Pay Later (BNPL) Code of Conduct and Data on BNPL Customers", Official Report, 4 February 2025, Vol 95, Issue 150, Written Answers to Questions section.] Financial education efforts through MoneySENSE also seek to empower consumers to make informed and responsible borrowing decisions. We assess this approach to be appropriate and proportionate for now. MAS continues to monitor developments in the BNPL sector and will review its regulatory framework as appropriate.”
“Under the Banking Act, banks and their officers are strictly prohibited from disclosing customer information to any external party unless expressly permitted. Individuals found to be in breach of the Banking Act are liable to fines or imprisonment, or both. As required under the Monetary Authority of Singapore's (MAS') Notice on Technology Risk Management, banks must and have put in place information technology controls to protect customer information from unauthorised access or disclosure. This includes controls to limit employees access to systems containing customer data on a need-to basis. MAS expects banks' internal audit functions to address all material risks, including data loss. Banks have conducted audits to review their controls for data loss and users' access to systems containing customer information, and have taken measures to address issues identified. With improvements in technology, banks are continually strengthening their ability to detect unusual staff activity using digital screen watermarks, artificial intelligence and other advanced techniques. The ability to protect the confidentiality of customer information is core to a bank's business and MAS expects that they continue to invest in this area.”
“On the Member's first query, I had addressed similar questions raised by members, at the Sitting on 18 February 2025. [Please refer to "Impact of US Export Controls on Singapore's Semi-conductor Industry and Ensuring Singapore-based Chip Companies Abide by New Rules to Safeguard Country's Business Reputation", Official Report, 18 February 2025, Vol 95, Issue 152, Oral Answers to Questions section.] On the Member's second query about the adequacy of our current safeguards, Singapore Customs takes a risk-based approach to strike the right balance such that we can enforce our laws without impeding our port operations unnecessarily. This is done through cargo-targeting and inspections to ensure compliance with our laws. If a company or individual in Singapore is engaged in fraudulent or dishonest practices to evade export controls that it is subject to, Singapore Customs will investigate and take appropriate action in accordance with our laws.”
“Consumers can also use the Price Kaki app developed by the Consumers Association of Singapore to compare prices of hawker food and daily essentials across different stalls and shops and stretch their dollar.”
“The Anchor Operator scheme in the preschool sector is designed to enable access to quality and affordable early childhood education by subsidising selected operators. Such a scheme is not appropriate for businesses supplying food and essential items, such as the supermarket sector, as the prices of these items are subject to global market conditions, like supply chain disruptions and cost fluctuations. Providing funding support to these businesses may distort market prices and undermine fair and healthy competition. As a small and open economy that imports most of our supplies for food and essential items, the Government's priority is to diversify our import sources and promote free market competition, so that businesses will price their goods competitively and provide consumers with more choices. The Government recognises that households continue to face cost of living challenges. To address this, we have rolled out further enhancements to the Assurance Package as announced at Budget 2025. These include $800 in Community Development Council Vouchers in financial year 2025 for all Singaporean households to defray their daily expenses as well as additional U-Save for eligible HDB households to cope with their utilities expenses. Social enterprises and industry partners also have a part to play in expanding households' access to value-for-money products and equipping consumers with the tools to make informed choices. For example, the FairPrice Group has introduced various initiatives to help moderate the cost of living for Singaporeans, such as by controlling price increases for selected essential items, offering regular discounts for Community Health Assist Scheme (CHAS) card holders and seniors and giving special SG60 discounts for its Own Brands products.”
“In the past two years, the Ministry of Trade and Industry has received only one report matching the description that the hon Member has outlined in his questions. Under the Lemon Law outlined in the Consumer Protection (Fair Trading) Act, businesses must repair, replace or refund consumers for defective goods if a defect is found within six months of delivery. Consumers may approach the Consumers Association of Singapore (CASE) for assistance in seeking redress from suppliers, including errant car dealers. CASE can represent a consumer in negotiating a settlement or mediating with the car dealers. If negotiation or mediation fails, consumers may file a claim with the courts, including the Small Claims Tribunals.”
“They can also approach Credit Counselling Singapore for guidance and assistance to restructure their debts or work out sustainable repayment plans. These suite of measures is generally adequate to promote prudent borrowing. MAS will keep a close watch on developments and adjust its policies where warranted.”
“While credit card borrowings have increased, as a share of personal disposal income, such borrowings remain in line with their historical average at 2.4%. Based on latest available data, credit card delinquency rates as a share of total cardholders have also remained stable at less than 1%, which is below the historical average. These suggest that most borrowers have been able to service their credit card debt. Consumers should be prudent when borrowing. The Monetary Authority of Singapore (MAS) has, therefore, implemented safeguards to reduce the risk of consumers borrowing beyond their ability to repay. These safeguards are generally more extensive and stringent than in many countries. For instance, Financial Institutions (FIs) must ensure borrowers meet the minimum annual income requirement of $30,000 to qualify for a credit card. FIs must also check a borrower’s income and credit bureau records when he applies for a credit card or credit limit increase, or when the FI receives information that raises concerns on his creditworthiness. To limit debt build up, FIs cannot grant further credit to individuals whose aggregate unsecured borrowings across all FIs exceed their annual income for three consecutive months. FIs must also suspend the unsecured accounts of borrowers who are more than 60 days past due. To complement our regulations, MoneySense, our national financial education programme, regularly educates the public on money management skills, reminds consumers not to spend beyond one's means and to prioritise paying off high interest-bearing borrowings, like credit card debts. Borrowers in distress can also contact their FIs to explore options to restructure and consolidate their debts.”
“Single Family Offices (SFO) manage only the family's own private wealth and do not handle third-party funds. It is for the family to establish the governance and controls needed and to hire the right people to manage their private wealth vehicle. They do not need to be regulated nor be subject to specific corporate governance standards beyond those which apply to all corporate entities, whether they receive tax incentives or otherwise. This approach is consistent with major financial centres worldwide. Our approach towards SFOs is focused on addressing money laundering risks. Imposing unnecessary regulations will increase compliance costs and undermine Singapore's position as a business and financial centre. On the recent case of alleged misappropriation of funds by former employees of a Chinese family office, misappropriation of funds is a risk faced by all businesses and not unique to SFOs. All businesses should institute appropriate controls to guard against such risks. Where misappropriation of funds occur, Singapore's legal regime allows for recourse against such misconduct.”
“And therefore, I think we will just continue to focus on engaging with the US to find out what are their concerns, whether we are able to address their concerns, so as to, hopefully, as the Prime Minister said, if there is room to negotiate, we will see whether we can negotiate for a lowered or waiver of the import tariffs on Singapore's exports to the US. But even if that is not possible, it is also useful for us to have this engagement to prevent further escalation of import duties, import tariffs on Singapore's exports. As the Member know, they are still in a flux and tariffs that we see today are not the final duties, and there could be additional duties, tariffs that could be imposed. So, I think it is very useful for us to continue this engagement. I think the Member also earlier talked about whether we are looking at joining hands with our ASEAN partners to see how we can engage the US together, collectively. I think this is something that I mentioned earlier that we are working on. We are talking to our ASEAN counterparts and we are going to have our ASEAN Economic Ministers Meeting on 10 April to discuss this, how do we approach this issue, how can we engage the US collectively as ASEAN.”
“Sir, let me just explain the provisions under the FTA. The FTA provides for zero tariff on both sides – the US for us and us for imports from the US. Therefore, any imposition of import duty is a violation of the FTA. But there are exceptions that are granted under the FTA for emergency economic situations. We have that provision, too. In the event of an economic emergency, you have the right to invoke that provision to allow you to put in place measures, including tariffs. And our understanding is that the US has now invoked emergency economic powers. And therefore, they are going under that provision to say, "we have the right to introduce that". Of course, for parties to the FTA, you also have the right to challenge the assumption. And therefore, you go into a consultation, dispute resolution and to see how we can address the issue, whether first and foremost it is an economic emergency that entitles them to invoke that provision. So, that is the technical part of the provision under the FTA. What we are doing now is, we are, first, going to embark on a consultation to work with them, to engage them, to first understand what their concerns are that caused them to introduce this basic tariff rate. And eventually, whether or not we want to take action is something that we will have to consider and if we need to take actions under the FTA that allows us to introduce counter-import duties on imports from the US. We have already said that we do not anticipate the introduction of import duties on imports from the US for the time being.”
“One of the purposes of the task force is to engage the private sector, to engage the people on the ground who are operating this and to have a sense of where they are moving their pieces. Are they going to relocate their production base? Are they going to change their purchasing strategy? Where the products are going to come from and where our exports are going to? All these, we need to have a better assessment. All these are in a flux today because everyone is still negotiating and they are still thinking through what they need to do. Particularly, in semi-conductor, it is a very complex supply chain. If you move one piece, you need to move the entire ecosystem. So, it is not so easy to adjust and to reconfigure the semi-conductor ecosystem.”
“Certainly, I think this is part and parcel of the task force's strategy. We are looking at both the shorter term as well as the longer term, and some of these supply chain reorganisation will take some time. Logistics and some capacity have to be increased in order to open up new markets and new sources. So, I think some of these will take time to reorganise and that will happen in the medium to longer term, working with the industries, trying to attract more investments so that they are anchored in Singapore. But always also bear in mind, as we have more investments into Singapore and taking advantage of a lower tariff, as the Member mentioned, to export to the US, our trade balance would start to shift. At some point in time, you will find that we are also going to face challenges as well. So, we have to exercise some care in organising this, but certainly, we will continue to explore. Also bear in mind that unless we are in the same market, some of the components that we purchase will then become more expensive because they are going to face duties. But at the same time, some of the economies that are selling our products to may be exporting to the US. If they are facing a higher tariff from the US, then our exports may be affected because, then their demand will come down; they will buy less from us. I think this is an entire global chain effect. We should not look at it just simply from any particular single segment of the trade because it is going to change the entire playing field. So, that is why the Prime Minister mentioned that this is going to be a new economic landscape that we need to appreciate, to understand how it is going to be reorganised and restructured.”
“I think I will give the Member a very broad assessment of the impacts, as I mentioned earlier. I think we still need to look at what the US is going to do with regard to semi-conductors. It is indeed something that is of great concern to us. We have been engaging the semi-conductor companies and to discuss with them what we can do to help them to make sure that they are able to manage the impact of the import duties. Our semi-conductor exports to the US comprises about 8.9% of Singapore's total goods exports to the US and this is equivalent to 0.8% of Singapore's total goods exports to the world in 2024. So, it is not insignificant. It is something that we will continue to have to work with them and see how we can manage the potential impact of duties on Singapore's exports to the US.”
“But if our industries are competitive and in fact, they are mostly export-oriented; therefore, I think we have to be very careful in considering introducing anti-dumping duties.”
“Thank you, Speaker. First, on external trade relationships, indeed, we are working with ASEAN members as well as our fellow CPTPP partners, as well as other trade organisations, to see how we can come together to discuss our strategy towards the US, how we can negotiate and discuss as an organisation. We announced that we are going to have the ASEAN Economic Ministers Meeting shortly, if I am not wrong, on 10 April. And subsequently, we can then share with Members what is the outcome of the discussion. The idea is to come together to share our information, our assessment of the situation and to explore ways that we can work together moving forward, including discussions with the US, as well as how to further strengthen and deepen regional integration, which will be helpful to our economies as well. In terms of domestic demand, I should just sound a word of caution that if we are over-stimulating demand, we will end up with inflationary pressures. So, it is something that we have to always be careful about. We need to strike a balance. And as Assoc Prof Lim pointed out, we have a very small economy. It will not be able to move the needle. In terms of anti-dumping duties, it is a possibility provided under the WTO. But you also have to bear in mind that by imposing anti-dumping duties, that means consumers in Singapore will be paying the duty for the imports and that will add cost to Singaporeans. So, I think, we just have to bear that in mind. Usually, anti-dumping duties are introduced in order to protect local, domestic industries that are facing the onslaught of imported products at very low prices, and this is to balance the trade between imports and our local production.”
“Also, we have to bear in mind that what would happen also has to take into account the reaction from the countries other than America, so their reaction will also add on to the potential impact on the tariffs and on Singapore's economy, and at the same time, we are also reaching out to our trading partners to share our information, share our assessment of the situation, to see how we can find different ways of working together, to continue to do business with one another, to continue to provide opportunities for businesses and for our enterprises.”
“With your permission, Mr Speaker, I just want to respond that this task force has just been announced. We are still working out the detailed composition as well as the tasks forward. But one of the key focus of the task force is going to be in terms of communication and information sharing. We will be engaging the private sector, so that is why the Prime Minister announced that the composition will include private sector representatives. The idea is to gather information from the ground, understand the challenges that are faced by the enterprises on the ground and to also discuss with them how we can lean forward to support them, to help them navigate through these uncharted waters as we move ahead under this new landscape. We also will include union representatives, because we do expect that jobs may be affected. It may not be immediately, but I think, in the medium to longer term. I think there will be a major restructure of the economy that will result in the restructure of the workforce as well. And I think, as the Prime Minister emphasised, the focus on training is always the key to our transformation journey and therefore, unions and employers and enterprises will play a key role. As I said many times before, our main guiding principle is really to be as transparent as possible. When we know something important, we will share with the population, with the businesses, with the workers, with the unions and with Members. And when we do not know it yet, we will tell you, honestly, that we do not have the information yet. So, I think, this is still the early days, as the Leader of the Opposition has also acknowledged. It will take time for us to get to a better understanding, better assessment of the total impact of what is going to happen.”
“The Government collaborates with partners to provide platforms for local food and beverage businesses to showcase their brands. Enterprise Singapore supports annual food-related meetings, incentives, conferences and exhibitions (MICE) shows in Singapore, namely the Food and Hotel Asia, Restaurant Asia and SIGEP Asia. These shows provide opportunities for our local food companies to network and profile their brands to an international audience. The Singapore Tourism Board also organises the Singapore Food Festival annually to celebrate our local food, culture and culinary talents. In addition, Enterprise Singapore has programmes to support companies, including local food companies, to grow, transform and internationalise. The FoodVentures is a structured end-to-end internationalisation programme for progressive food services companies. Companies can also tap into the Market Readiness Assistance Grant to defray the costs of overseas market promotion, business development and set-up; and the Productivity Solutions Grant and Enterprise Development Grant to grow and transform their businesses. We generally do not provide support schemes for rental costs to avoid distorting market prices.”
“The occupancy rate for business parks remains healthy at 77.9% in Q4 2024. Occupancy rates have hovered at around 75% to 85% in the past 15 years. There has been an increase in supply with the development of Punggol Digital District and tenants will begin moving in this year. JTC Corporation (JTC) does not provide incentives for the spaces at business parks, which are rented out based on market rates. JTC regularly engages businesses and keeps updated on industrial trends to ensure the value and relevance of its business parks so that they remain attractive to and support the needs of businesses.”
“Overall occupancy for Singapore's business parks remains healthy at 77.9% as of Q4 of 2024 and are broadly in line with previous trends. It is premature to comment on the impact of the Johor-Singapore Special Economic Zone (JS-SEZ) on the occupancy rates of Singapore's business parks. Singapore and Johor are working together on JS-SEZ for win-win outcomes. We will jointly attract new investments to JS-SEZ, some of which will invest in Singapore and benefit our economy and people. Singapore firms can also expand and grow their businesses by siting some of their operations in Johor, where, for example, there is more land available than in land-scarce Singapore. The JTC Corporation will continue to develop and manage our industrial parks to keep up with economic trends and industrial transformation, as it has done over the decades.”
“The Global Investor Programme (GIP) accords Permanent Resident status to eligible global investors who intend to drive their businesses and investment growth from Singapore. It does not offer financial incentives. There has not been any GIP investor in arts-related businesses in recent years. However, these investors may make voluntary investments or contributions to the arts industry. We do not track these voluntary investments.”
“This also encourages a collaboration between MNCs, which have more resources, and to help the SMEs to also commercialise their R&D products. That is on the R&D side. The Member also talked about the $1 billion credit. It is not a small sum. I do appreciate that it is limited because it is just $1 billion. We hope the Member can collectively persuade Ministry of Finance to give us a bit more in time to come. But I do agree that we need to progress very carefully and conservatively to make sure that this $1 billion is put to good use. So, we do intend to go out to look for fund managers with a good track record, to have experience in managing private equity, private credit and managing projects, so that we are able to leverage on the expertise of these fund managers to manage the $1 billion so that we can put it to good use.”
“With regard to the R&D and the commercialisation of the R&D efforts and outcomes, the NSTIC (R&D Fab) I mentioned is one such example that has facilities to help companies to do their R&D and to commercialise the R&D. Because the facilities are very costly and very expensive; the SMEs will not be able to have access to these facilities, other than through NSTIC. Therefore, that is one area that we do. A*STAR does the same for many other domains in the industry. So, we partner our private sector to allow them to have access R&D facilities. But it is not just the hardware facilities, because NSTIC and A*STAR also provide consultancy advice on how to do their R&D from a technical point but, at the same time, how to commercialise their products. Because A*STAR, meaning the research centre, has a lot of experience in commercialising some of their research outcomes. That will play a very important role. We also have IPI that is set up under Enterprise Singapore that provides advisory on particularly IP rights, whether they are making use of IP that is already available, how to take advantage of the existing IP to commercialise the IP, or to register their own IP that they have developed. IPI will do that part. We also have a collaboration with IHLs through our technology transfer officers to help companies on to how to translate their technology into commercial products. There are many platforms to allow us to work in partnership with our companies to commercialise their R&D efforts. One other aspect of the at NSTIC, which I mentioned in my speech, is the collaboration between the MNCs and the SMEs. Because they are able to work together, the SMEs will understand the needs of the larger companies to develop their products to be able to serve the MNCs.”
“As I mentioned in my speech, when fund managers and investors are more familiar in this space of private credit, we may then be able to catalyse more funds from outside. So, I do agree with the Member. We look at this $1 billion as seed money. We hope to be able to raise even more capital in time to come for this fund. But I think this is a good start.”
“Thank you. I will ask Minister Tan See Leng to respond to the geothermal energy source. Let me just focus first on the NSTIC (R&D Fab). This facility really is an expansion of the existing NSTIC facility run by A*STAR. The idea is to focus first on advanced packaging because advanced packaging is a foundational technology for many of the advanced technologies for semi-conductor, in order to pack more and more components into the chips. The idea is to increase the density and advanced packaging plays a very important role in allowing that to happen. So, it is a key fundamental foundational technology. We started investing in this technology since 2011 and we have built a significant capability in this area. That is why it is important for us to encourage investment in the R&D in this particular aspect of the technology, particularly, not just the multinational corporations (MNCs), but also the local SMEs. So, this is a starting point. We will allow the NSTIC (R&D Fab) to focus, first, on advanced packaging. But this is not the only area. We will keep our options open and keep our doors open, and we welcome other emerging technologies which may become important and critical for us. We will also make these facilities available to other companies which have emerging technologies to invest in R&D. The Member mentioned $1 billion. I presume he is talking about the Private Credit Growth Fund. We will be very happy if we can talk to Mr Neil Parekh to raise the other $9 billion, if he can help us do so. But I must say that, generally, I think this is the seed money the Government has to put in. Hopefully, we can kickstart this process. We will keep our doors open for private credit which wants to come in and to join us in this journey.”
“There is a second part of the question that maybe I can address – the suggestion about the Private Credit Growth Fund. This is a scheme that is designed to fill the gap in the financing framework. We have equity financing, we have the normal commercial loans, but some of these high-growth companies are in a very niche area and they are not able to find financing so easily available. And the owners, the entrepreneurs, are also not keen to be diluted. They want to retain control of their businesses. Therefore, equity investment may not be suitable for them. They are looking for alternative financing. This private credit allows more flexibility for the structure of the financing to be designed to suit the needs of the specific companies. So, it is not meant to be a subsidy. It is not meant to be for businesses that are having difficulties or need subsidies or support for overseas expansion. We have other schemes. Enterprise Singapore has a host of schemes. I have mentioned some of them, like GIA and so on. These are other schemes that will support businesses going overseas, expanding their regional presence, even including R&D funds and efforts and so on. So, there are different schemes designed for different purposes. For this particular private credit scheme, it is really meant to fill a gap in the financing framework. So, I hope Mr Lee understands that.”
“The Member talked about US-China relationship and how Singapore can play a role. I think it is not easy. We are a very small economy. We hope to be able to continue to play a constructive role between the two countries. And we have to continue to remain nimble and to monitor the development. And I am sure every Member, and nowadays, when you wake up in the morning, open the newspaper, the first thing you see is what are the major news. And every time, you are shocked into waking up with the news. And now, without reading the newspaper, you can read it on your mobile phone, and these are news alerts. And I think you just have to take it when it comes and always be nimble, be prepared to move very quickly. This also speaks to the strength of Singapore as a small economy. We are able to a very compact economy. We are able to move very quickly, we are able to respond very fast. So, it is important for us to work closely with the enterprises and with our businesses through the various trade associations and organisations to see how we can bring our businesses along. Keep them informed on the developments around the world, enable them and equip them so that they are able to adjust their supply chains, their production lines and their export markets quite quickly. At the same time, it is important for us to continue to invest in our people so that they acquire new skills and new capabilities because as the global economy changes, new opportunities will emerge. But we must have the skills to be able to tap into these opportunities. So, I think getting our industries and enterprises to be nimble and move fast, investing in training of our people, these are fundamentals to keep Singapore's economy resilient and continue to grow.”
“First, I must say that I wish a global trade war will not happen, but we must always be prepared because the external environment, as I said, will become increasingly difficult and challenging for us. But what Singapore should do is to continue to deepen our value proposition for businesses and for our trading partners. We must continue to be a reliable, consistent partner with other countries so that we will continue to be a valued player in the global economy. I think that is the fundamental. Secondly, we must also continue to find opportunities to deepen our collaboration within the region, with different parties, with like-minded countries and economies. This way, we can then continue to expand and grow our economic space in the global economy. ASEAN is one area. As I mentioned, it is a fast-growing area and I think we will continue to work with the ASEAN partners to see how we can deepen our integration within ASEAN so that we have more opportunities for us. But at the same time, as I mentioned in my speech, we continue to expand our collaboration with our neighbours particularly, and see how we can leverage on each other's strengths so that when we combine together, we have a a better value proposition for our trading partners and our business partners globally. But also it is important for us to explore new areas of growth and opportunities for collaboration. For example, I mentioned about digital economy, which is a new platform. It is not the same as traditional FTAs. It is not just about tariffs and imports or exports, but it is about collaboration and interoperability in developing the digital capability to strengthen our own enterprises, giving them the better opportunity to expand in the region. So, I think this is something that we will continue to do.”
“Finally, JTC will broaden its definition of plant and machinery investments, which is a key criteria for lease renewal. We will now recognise auditable investments in innovation, R&D, digital transformation and intellectual property (IP) creation. Mr Chairman, in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] There is an old saying, "Wealth does not last beyond three generations." However, through the hard work of successive generations, Singapore has successfully entered its fourth generation. We, as the current generation, should uphold the same spirit and be accountable to future generations of Singaporeans. The measures that I have announced today will lay the foundations for the future of Singapore's economy. (In English): Chairman, as we conclude, let us reflect on the enduring Singapore spirit. For 60 years, we have thrived not despite our challenges but because of them. We have always been tight on resources, but we are never short on resourcefulness. Our resource constraints have compelled us to be innovative and brought us to where we are today. For the next 60 years and beyond, I am confident that this same innovative spirit, as reflected in the bold steps we are taking today, will drive our continued growth and it will secure a vibrant future for generations of Singaporeans. [Applause.]”
“Taken together, these efforts will deepen our R&D capabilities and drive innovation-led growth. Lastly, on land polices. We support businesses to intensify land use and to be more productive. We will extend and enhance the Land Intensification Allowance (LIA) scheme to unlock new industrial space. Companies receiving the LIA approval during the next five years will continue to enjoy tax allowance on the full qualifying costs over 15 years. From 2026, we will make it easier for companies to qualify for LIA so that they can optimise space and they can integrate operations with related businesses. Building users and LIA recipients can be considered related if they own more than 50% shareholding of each other. This is down from the current threshold of at least 75%. JTC will also introduce four initiatives to provide greater flexibility for companies. These initiatives support the recommendations from the AfA on Business Competitiveness and the work under the Inter-Ministerial Committee for Pro-Enterprise Rules Review. First, companies with new leases on greenfield industrial land will be offered additional three years of lease tenure to cover the development and building period. This will allow companies to enjoy the full duration of the lease with their completed development. Second, high-performing companies will have more flexibility to extend their leases in shorter periods for incremental business investments. JTC will introduce a new five-year Flexible Lease Extension Initiative (FLEXI) to give eligible companies on JTC's 20-year leases the option to extend their leases by up to two tranches of five years each. Third, JTC will bring forward the lease renewal application period from the current six years to ten years before lease expiry.”