Lee Hong Chuang
Singapore
“] Because this Bill has identified an important key point: if Singapore is to continue as an international financial centre, it cannot rely solely on its past strengths, nor simply on "the stability we have always had." Stability is important, but markets also need vitality.”
“By enhancing product registration, strengthening compliance mechanisms and encouraging continuous improvements in energy systems, the Bill helps ensure that energy efficiency standards are applied more consistently across industries.”
“Mr Speaker, I would like to pose my supplementary question in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Singapore is highly dependent on energy import.”
“Chairman, with 30% of Singapore barely above sea level, climate change threatens our home. Beyond enhancing our infrastructure, we must recognise the vital role of civic society and youth in climate resiliency.”
“First, I want to thank Senior Minister of State Low for sharing what they are going to do for SMEs, in particular, from availability to making it easier to access in future. But I thought I just wanted to ask this supplementary question in Mandarin, as it is more for the Chinese-speaking SMEs.”
“I understand that defence spending needs to be stable, because capability building cannot change year by year. But we also face pressures from an ageing population and increasing social expenditure. Minister, under the premise of fiscal sustainability, how does MINDEF clearly explain long-term planning and prioritisation to Parliament?”
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“We must build a complete industrial ecosystem. Large corporations, SMEs, research institutions, institutes of higher learning, trade unions and Government agencies must all form a network of mutual support and shared growth. When a local SME is able to enter an international supply chain through innovative solution, the impact goes far beyond its own growth. It creates more local jobs, develops more skilled professionals and makes the entire Singapore economy more competitive. That is what a truly sustainable model of development looks like. Finally, Mr Deputy Speaker, I wish to emphasise one point. The competition among global transport hubs in the future will not be fought on speed alone. It will be fought on trust. Technology can improve efficiency and AI can optimise processes. But integrity cannot be auto generated, and reputation cannot be built by algorithms. What international partners ultimately trust is what Singapore has consistently stood for – professionalism, the rule of law and the ability to deliver on our commitments. As long as we continue to uphold openness and cooperation, pursue relentless innovation, develop our people and move forward hand-in-hand with businesses and workers, I am confident that Singapore will not only maintain its leading position as a global transport hub, but will also become the most trusted decision-making centre for enterprises worldwide, creating more quality jobs for Singaporeans and lay a stronger foundation for the generations to come. (In English): Mr Deputy Speaker, I support the Motion.”
“Mr Deputy Speaker, ultimately, this Motion is not just about ports or airports. It is about people. Behind every shipment is a business. Behind every business is a worker. Behind every worker is a family. As the NTUC slogan goes, "Every Worker Matters". I believe “Every SME Matters” and “Every Family Matters” too. Singapore has never competed on size. We compete through trust, excellence and innovation. As our founding Prime Minister, Mr Lee Kuan Yew, reminded us, "If we do not remain relevant to the world, the world will not remain interested in us." Let us continue helping our enterprises innovate, internationalise and grow. When our SMEs thrive, our workers prosper. When our workers prosper, our economy becomes stronger. And when our economy remains strong, Singapore's future remains secure. Mr Deputy Speaker, please allow me to end my speech in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The Singapore of the future should not merely be a place where goods pass through quickly. It should be a place that creates value, generates knowledge and develops solutions. Today, advanced technology can be acquired anywhere in the world and modern ports and airports can be built by any country. What is truly difficult to replicate, however, is the institutional framework, credibility, professional talent and international reputation that a country builds over the long term. When global enterprises choose Singapore in the future, it will not simply be because of our efficiency. It will be because they trust that here, they can make important decisions with confidence, manage regional operations and find partners they can rely on. In my view, we cannot focus solely on nurturing a handful of successful large enterprises.”
“That is the next stage of Singapore's competitive advantage. Let me give you an example. Imagine a visitor arriving in Singapore in the future. The flight lands at Changi Airport, immigration clearance is fast and largely automated, luggage is tracked digitally. The traveller may choose for luggage to be transferred securely to the hotel. Transport, hotel check-in and payment made be connected more smoothly. By the time the visitor reaches the hotel, the luggage may already be there. But the point is not the luggage. The point is the experience. Technology removes friction, but people create trust. When the visitor reaches the hotel, a human concierge may still welcome him, recommend where to eat, explain what to see, and give the warmth and assurance that technology alone cannot provide. This small example reflects a larger strategy. The future of transport is not only about automation. It is about confidence. It is about how systems, companies and people come together to deliver one trusted experience. The same applies to businesses. Pharmaceutical companies moving temperature-sensitive medicines through Singapore do not only need air cargo. It needs cold chain logistics, digital documentation, cybersecurity, insurance warehousing, onwards delivery and risk management. The customer does not experience this as separate sectors. The customer experiences them as one Singapore system. Thus, our ambition should be clear. Singapore should not simply be where goods move through. Singapore should be where supply chains are designed, coordinated and trusted. And this is where everything I have said comes togethe – because a decision hub needs capable local partners around it. Helping our SMEs upgrade is therefore not simply an SME policy. It is national strategy.”
“We should therefore continue investing in SkillsFuture and workforce transformation while exploring shared talent pools, industry attachments and collaborative innovation programmes with partners, such as Tech Talent Assembly, also an associate to NTUC, so that SMEs can access specialised expertise that would otherwise be beyond their reach. Mr Deputy Speaker, sustainability is also becoming a business requirement. Low-carbon shipping, green warehousing and sustainable supply chains are no longer optional. Increasingly, they determine whether companies win or lose the contracts. Helping SMEs adopt greener technologies is therefore not only an environmental priority but also an economic necessity. We must also continue strengthening supply-chain resilience. Above all, businesses know that when Singapore makes a commitment, we deliver; and that reputation is priceless. As Singapore prepares to assume the ASEAN Chairmanship in 2027, we should deepen regional connectivity and continue championing common standards in areas, such as digital trade, AI and interoperability. Mr Deputy Speaker, allow me to suggest one strategic shift. Singapore should aim to move from being a transit hub to becoming a decision hub. A transit hub is where goods pass through. A decision hub is where companies decide how goods move, where they move, how risks are managed and how regional supply chains are coordinated, where they locate their supply chain control towers, procurement centres, digital trade platforms, financing functions and risk management capabilities. And also, where should they coordinate between air, sea and land logistics. This is where higher value jobs are created when we are reinforcing Singapore’s position as a global transportation hub.”
“But merging our physical and digital infrastructure must include our SMEs and not just our ports and terminals. The challenge for many SMEs is not buying technology. It is knowing which solutions to adopt, integrating them into operations, training employees and generating real business value. Grants are important, but they are only the starting point. The last mile of digital transformation is implementation. I therefore encourage continued efforts to strengthen hands-on implementation support through trusted technology advisers, sector-specific consultancy and practical guidance that helps SMEs move from grant approval to successful execution. Second, we should continue helping our SMEs internationalise with confidence. Many businesses need support to navigate overseas regulations, identify reliable partners and understand emerging markets. Every Singapore enterprise that successfully expands overseas strengthens our economic resilience and reinforces Singapore's position as an international global business hub. Third, talent remains our greatest competitive advantage. Technology does not replace people. It transforms jobs. Warehouse assistants become robotics specialists. Dispatch clerks become data-driven fleet coordinators. Customs brokers become digital trade experts. AI can recommend routes, but people make judgement calls. AI can automate processes, but people manage exceptions, build relations and create trust. So, the future workforce needs not only digital skills but also operational judgement, communication and problem-solving. Job redesign, however, is especially challenging for SMEs, which often lack dedicated human resource and transformation teams.”
“Mr Deputy Speaker, I rise in support of this timely and important Motion, especially emphasised on anchoring good jobs in Singapore. This is not just a transport issue. It is about Singapore's long-term relevancy in the global economy. There is an old saying: ships do not sail because the sea is calm; they sail because they are built to weather the storm. Singapore became a leading aviation, maritime and logistic hub not because geography favoured us but because we transform opportunity into excellency through vision, trusted institution and the determination of our people. Today, the world is changing rapidly. AI is reshaping logistics. Supply chains are being redesigned. Businesses are placing greater emphasis not only on efficiency, but also resilience, sustainability and trust. The question before us is simple: how do we ensure companies continue to choose Singapore not just to move goods but to invest, manage regional operations and create high value jobs? When we discuss strengthening Singapore as a global transport hub, we naturally think about airports, ports and infrastructure. These, no doubt, are important. But equally important are our SMEs. Our freight forwarders, customs brokers, engineering firms, logistics technology companies and service providers are the backbone of our transport ecosystem. Every MNC was once a small business with a big ambition. If Singapore is to remain competitive, we must help today's SMEs become tomorrow's regional champions. My first suggestion is to strengthen support for SME digital transformation. Technology is advancing quickly. Tuas Port is becoming one of the world's largest automated ports. AVs are being trialled on our roads. Digital trade platforms are replacing paper documentation.”
“] Because this Bill has identified an important key point: if Singapore is to continue as an international financial centre, it cannot rely solely on its past strengths, nor simply on "the stability we have always had." Stability is important, but markets also need vitality. Openness is important, but responsibilities must be clearly defined. Efficiency is important, but investor trust matters even more. As the saying goes, “Water can carry a boat, but it can also capsize it”. What is most critical is that implementation gets three things right: one, reducing unnecessary duplication in processes; two, improving the efficiency of market communication without compromising fairness and transparency; and three, as we pursue greater international connectivity, ensuring that responsibilities are clear and investors are protected. If all three are achieved, I believe this Bill will help Singapore's capital market can achieve long-term steady growth.”
“(In English): Mr Deputy Speaker, beyond market structure and efficiency, this Bill is also an opportunity to strengthen Singapore's position in sustainable finance. As more investors globally allocate capital based on environmental, social and governance considerations, our regulatory framework should continue to support high quality, consistent sustainability disclosures. This will not only protect investors from greenwashing but also give credible companies greater confidence to raise capital here. Another area worth considering is the role of technology and digitalisation in capital markets. With increasing use of digital platforms, algorithmic trading and tokenised securities, regulatory clarity must keep pace with innovation. While we support efficiency and accessibility, safeguards must remain robust to manage new forms of risk, including market volatility and cybersecurity threats. We should also take this opportunity to further strengthen retail investor participation in our market. A vibrant capital market is not driven only by institutions, but also by informed individual investors. Continued efforts in financial literacy, transparency of products and accessibility of information will help build broader and more resilient participation over time. Finally, as competition among global finance centres intensifies, Singapore must continue to differentiate itself not just on efficiency but on trust and governance. Our reputation has been built over decades, and it remains one of the strongest advantages. Any reforms we pursue should reinforce this foundation, ensuring that growth in our capital markets is matched by equally strong standards of accountability and integrity. Mr Deputy Speaker, conclusion in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.”
“I would therefore suggest that the regulatory authorities, in addition to setting legal minimum standards, also provide clearer guidance so that companies, intermediaries and advisers all know what is and is not permissible. At the same time, in today's environment where social media spreads information very quickly, we must ensure that "earlier investor engagement" does not become "earlier market sentiment-making." Third, this Bill also clarifies the legal liability relating to depositary receipts. In simple terms, investors sometimes hold not shares directly, but a certificate representing those shares. The Bill makes clear that if there are errors or omissions, the primary liability lies with the underlying company, not with the intermediary that issued the certificate. This is reasonable. The party that best understands the company's business and risks is the company itself. It is like sending a parcel – if the contents were mislabelled to begin with, you cannot simply blame the delivery person; the responsibility lies at the source. In practice, however, cross-border structures can be very complex. A company may be incorporated in one country, the intermediary based in another and the investors located elsewhere still. If something does go wrong, figuring out who investors should approach and how to seek redress may not be straightforward. I would therefore suggest that as the Government clarifies legal liability, it should also strengthen cross-border regulatory cooperation and enhance investor education, so that people not only understand what the law says but also know what to do when problems arise.”
“Anyone who has run a business knows that it is rarely one big problem that slows things down – it is the accumulation of many small, repetitive ones that makes everything feel increasingly burdensome. Over time, companies are not deterred by strictness; they are deterred by repetition and hassle. So, if we can reduce this unnecessary duplication and make processes smoother, it would be a very practical help to companies and would also attract more of them to list in Singapore. That said, as we simplify processes, we must also preserve Singapore's longstanding strengths: transparency, clarity and trustworthiness. We cannot just be fast; we must also be steady and precise. Second, the Bill allows companies to begin engaging investors at an earlier stage of the listing process. This is good for everyone in the long run. The earlier a company helps the market understand what it does, how it makes money and what its risks are, the easier it is for investors to make informed judgements and the more likely it is that pricing will be fair. It is like buying a flat – if the buyer gets to see the information early, they can form a clearer picture. But there are risks here too. If communication happens too early and only the positive aspects are presented, investors may be unduly influenced and by the time the risks become apparent, it may be too late. The key principle, therefore, is this: earlier engagement is acceptable, but it must not become earlier promotion. Companies cannot lead with only the good news and leave the important risks to be disclosed later.”
“Mr Deputy Speaker, I rise to support the Securities and Futures (Amendment) Bill. In Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] This Bill may appear to be merely a set of technical amendments to securities law, but it is, in fact, responding to a very real problem. Today, when a company decides where to raise capital, it is not simply a question of whether it can list. It is a question of where the money is, where the investors are, where the analysts are and whether the processes are smooth and the rules are clear. Simply put, competition in capital markets is not just about having the right institutions in place; it is about whether the market is large enough, active enough and accessible enough. If a company feels that listing on another market would give it greater visibility, more active trading and a fairer valuation, it will naturally choose to go there. That is the reality and we cannot avoid it. I therefore believe that the significance of this Bill lies not merely in amending a few laws, but in helping to clear the path and build the bridges for Singapore's capital market, so that capital, companies and investors are more willing to come. But if these things are not done properly, even the best conditions will attract few takers. Mr Deputy Speaker, I would like to make a few points. First, this Bill aims to create clearer and smoother arrangements for dual listings between the SGX and overseas exchanges. The problem many companies face today is not that they are unwilling to comply with rules, but that they have to do the same thing twice or even three times. Listing documents have to be prepared in multiple sets; approval processes have to be gone through multiple times.”
“Media literacy and digital awareness are long-term safeguards. When people are able to question, evaluate and think critically about what they see, they become an active part of a trusted digital ecosystem. I support the Bill.”
“It is one where the rules are clear and fairly enforced, where large players can grow, small operators have a chance and consumers can participate with confidence. As the saying goes, "Clear waters let fish swim freely; clear rules give people peace of mind." When market rules are clear, competition thrives. When regulatory boundaries are well-defined, businesses have confidence. When the public interest is safeguarded, society has trust. (In English): Beyond these provisions, the Bill also needs to be seen in a broader global context. Around the world, regulators are grappling with similar challenges, such as how to deal with powerful digital platforms while keeping markets open and innovative. Singapore must continue to take a calibrated approach. We must protect our information environment. But at the same time, remain a trusted and attractive hub for investment and innovation. We should recognise that influence today is not just about ownership, but also about algorithms. What people see online is often shaped by automated systems with recommendation engines ranking models and content creation tools. These systems are not always visible, but they are very powerful. So, moving forward, issues like transparency, accountability and trust in these systems will become increasingly important. Another key point is inclusion. As we strengthen regulation, we must ensure that smaller players, like startups, independent creators and community platforms, are not crowded out. A healthy media ecosystem is not just about a strong major player but also about diversity – diversity of voices strengthens innovations and it strengthens public disclosure. Finally, regulation alone is not enough. An informed and discerning public is just as important.”
“First, will IMDA provide clearer and more accessible guidance on key concepts, such as "effective control" and "public interest"? This is particularly important in the context of corporate investments, mergers and acquisitions, equity restructuring and business acquisitions. Clear guidance would help reduce uncertainty for businesses navigating these situations. Second, for transactions that do not require prior approval but must be notified to IMDA, will the relevant subsidiary legislation set out clearer categories and examples? If practical case illustrations are provided, businesses will find it much easier to comply. Third, can IMDA prepare a plain-language guide specifically for small- and medium-sized media enterprises and emerging digital media companies? Large corporations typically have legal and compliance teams, but smaller businesses may not have the resources to work through complex provisions. For rules to be effective, people must first be able to understand them and act on them. Fourth, for stronger powers, such as the divestiture order, will the Government elaborate further on the circumstances under which it would consider invoking such powers? It would also be helpful to explain how the Government will ensure that this remains a measure of last resort, applied in a manner proportionate to the situation. Fifth, even as we promote fair competition, how do we continue to maintain Singapore's attractiveness as a hub for digital media, technology platforms and regional content? Regulation should not only prevent problems; it should also give healthy, well-run businesses the confidence to grow. Today's digital ecosystem is like a large marketplace. A good marketplace is not one without rules.”
“Under the Bill, where a regulated person owns or controls certain significant media resources that are difficult to replicate, that may create barriers to market entry or that other competitors require in order to compete, and where actions taken or likely to be taken by the Infocomm Media and Development Authority (IMDA) are insufficient to address the problem, the Minister may issue a separation order where it is in the public interest to do so. I support the Government retaining such a tool. There are situations where, if the market structure itself has given rise to serious problems, ordinary directions or financial penalties may simply not be enough. That said, I hope that in exercising this power, three principles continue to be upheld. First, it should be used as a last resort. Second, it should be proportionate. Third, the process should be clear, the reasons well-founded and affected parties given a reasonable opportunity to be heard. Markets need regulation, but they also need certainty. This is especially true for Singapore as an international business hub. Many investors choose Singapore precisely because our institutions are clear, our laws are stable and our regulators are credible. We must protect competition – but we must also protect confidence in our institutions. Sixth, I also support the inclusion of review and appeal mechanisms. Regulation must not only carry authority; it must also be accompanied by due process and oversight. Only then will businesses have confidence and the public have trust. Mr Speaker, this Bill concerns the information we encounter every day, the platforms we use and whether the market is fair. I have a few questions and suggestions for consideration.”
“Why are certain platforms growing ever more dominant? From a business perspective, whether the market is fair affects innovation. For consumers, whether choices are adequate affects everyday experience. For society, whether the information ecosystem is healthy affects public trust. If we continue to apply the old, separate frameworks to today's converged market, it is like using an outdated map to navigate a new city – we will easily lose our way. Second, this Bill strengthens oversight over changes in control, and that is necessary. An ordinary business transaction is a commercial matter. But when it involves a significant media platform, it is no longer just about business – it also concerns the flow of information and public interest. It is like a community with only one main road – if the management changes, it could affect how everyone gets around. In such circumstances, regulation is warranted. Third, I also support reducing unnecessary burdens even as we strengthen regulation. Not every transaction requires rigorous approval. Some involve only formalities with no change in actual control, and these can be handled through a notification process. Good regulation is not about more being better – it is about being precise, clear and predictable. Fourth, the management of key resources is very important. If a small number of parties control resources that are difficult to replicate and the rules of access are unfair, the market will lose its dynamism. Like a bridge that everyone needs to use, the rules governing it must be fair and transparent. Fifth, this Bill also introduces the power for the Minister to issue separation orders in specific circumstances. While this is a fairly strong power, it is not an entirely new concept.”
“Mr Speaker, I will deliver my speech in Mandarin and conclude in English. For a start, I rise to support the Info-communications Media Development Authority (Amendment) Bill. In Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] In this digital age, how do we ensure that the flow of information is fair, that market competition is orderly and that the public interest is protected? This Bill is close to our daily lives. In the past, we drew clear distinctions between media, such as newspapers and magazines, and telecommunications services, such as telephone lines, mobile networks and broadband. But today, those lines have blurred. A smartphone is no longer just a communication tool – it is also a news portal, an entertainment platform, an advertising channel and even a starting point for doing business. A single platform can simultaneously influence content distribution, user choices, advertising revenue, business visibility and public discourse. The media industry today, therefore, is no longer a purely content-driven industry. In other words, it has become a "digital highway." Whoever controls the entry points and key resources can influence competition and can also shape what the public sees and how they understand the world. The market has changed. Technology has changed. Business models have changed. And the regulatory framework must keep pace. The rules must be updated. I have six points to elaborate on. First, this Bill brings greater consistency and clarity to the regulation of competition in both the media and telecommunications sectors. In real life, no one distinguishes between a "media issue" and a "telecommunications issue." What people care about is: why am I seeing this content? Why are my choices narrowing?”
“As more Singaporeans welcome pets into their homes, animals are increasingly regarded not merely as companions, but as members of the family. This shift in social attitudes means that the public rightly expects a high level of professionalism, accountability and trust in veterinary services. This Bill helps meet that expectation by establishing the Veterinary Council, setting clear standards for registration and practising certificates, and putting in place a structured process to address complaints and disciplinary matters. In doing so, it strengthens both public confidence and the integrity of the veterinary profession. At the same time, I hope we will continue to ask how the framework can be supported in practice. Do we have a sufficient pipeline of veterinary talent for the future? How can we better help pet owners understand the system and identify duly qualified veterinarians? And as the sector continues to grow and specialise, how can we balance professional advancement with accessibility, transparency and trust? These are important questions as we move forward. Notwithstanding these, I support the Bill.”
“Will the Government consider in future how to encourage professional industry development whilst also ensuring service accessibility and reasonable transparency? I believe this is also a concern for many pet owners. Many people are willing to invest in their pets and take responsibility, but they also hope for clearer communication, more transparent explanations and a stronger foundation of trust when facing treatment and medical advice. Fourthly, beyond regulating veterinarians themselves, will there be continued review of other professional services related to animal care in future, to ensure the entire ecosystem clearly distinguishes the responsibility boundaries between professional medical care, basic care and other auxiliary services? Today's pet industry development encompasses not just clinics, but also care, grooming, boarding, rehabilitation and other related services. If boundaries are unclear, the public may sometimes be confused about which services involve professional medical judgement, and which do not. Mr Deputy Speaker, the relationship between humans and animals often reflects a society's level of civilisation. When we are willing to provide better medical care for animals and establish more professional and responsible industry regime, it reflects society's respect for life. This Bill is proposed precisely against such a social backdrop. It not only improves the institutional foundation of the veterinary profession but also establishes a more solid framework for the healthy development of Singapore's pet medical industry in future. (In English): In summary, the Veterinary Practice Bill provides a much-needed framework to strengthen the regulation and professional standards of veterinary practice in Singapore.”
“When the public knows that an industry has clear standards, oversight, and accountability mechanisms, society's trust in the entire industry will also improve accordingly. Mr Deputy Speaker, while supporting this Bill, I would also like to raise several considerations and ask the Minister for further clarification. Firstly, whilst establishing a stricter and more systematic regulatory framework, do we also have sufficient talent reserves to support the industry's future development? With increasing pet numbers and increasingly specialised pet medical services, Singapore's future demand for veterinary talent will likely continue to rise. Beyond regulation, should we also simultaneously consider how to attract more young people into the veterinary profession through education, training and professional development opportunities, and support local veterinarians in continuously enhancing their professional capabilities? Can we encourage local universities to set up veterinary degrees? Secondly, after the Bill is passed, will the Government further strengthen public education so that pet owners clearly understand what constitutes a qualified veterinarian, how to identify registration categories and through which channels they should seek help or lodge complaints when encountering professional issues? Often, whilst institutions have been established, the public may not fully know how to utilise them. If the public is unclear about the differences between full registration, restricted registration and specialist registration, the Bill's protective function may be diminished in practice. Thirdly, as pet medical technology continues to develop, the industry is gradually seeing specialist services and high-end medical care.”
“Against this backdrop, establishing a clear, comprehensive and credible veterinary regulatory framework becomes extremely important. The core objective of this Bill is to establish a more systematic regulatory system for the veterinary profession. Firstly, the Bill establishes a Veterinary Council as the professional regulatory body for the industry, responsible for veterinary registration, practising certificate management, setting industry standards and disciplinary oversight. Secondly, the Bill establishes a clearer registration system, including full registration, restricted registration and specialist registration, and stipulates that veterinarians must hold valid practising certificates to engage in veterinary medical activities. Thirdly, the Bill clearly stipulates that only qualified registered veterinarians may conduct diagnoses, surgeries, prescribe medications or issue medical certificates, thereby ensuring the professionalism and safety of animal medical services. At the same time, the Bill also establishes a complete complaints and disciplinary mechanism, providing the public with clear channels to lodge complaints and obtain resolution when encountering professional issues. Mr Deputy Speaker, in my view, the significance of this Bill lies not only in industry regulation, but also in enhancing public trust in the veterinary profession. When pets become family members, people's expectations of veterinary services naturally increase. A clear, fair, and professional regulatory system can not only protect animal health and welfare, but also safeguard the rights of pet owners. The ancients often said: when systems are established, people's hearts are at ease.”
“Mr Deputy Speaker, I rise to support the Veterinary Practice Bill. I am delivering my speech in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Over the past decade, Singapore society has witnessed an obvious change, especially during and after COVID-19, and that is more and more families have begun keeping pets. Whether in HDB communities or private residential areas, we can see increasing numbers of residents walking their pets, taking them to see a vet, or participating in community activities with them. For many families, pets are no longer just animals, but important companions in their lives. Some treat pets as friends, others as family members. I have a friend who owns a medium-sized dog shared with me his story. He said that when he gets a haircut, it costs around $20, but when his dog gets grooming care, it costs over $100 dollars. The annual pet insurance alone costs several hundred dollars. Adding up the daily expenses for treats, supplies and basic care, it amounts to a considerable sum. Yet despite this, many people are still willing to continue keeping dogs, cats and other pets. Because for them, this is no longer simply about keeping an animal – they truly regard them as family members. As the saying goes, humans have emotions and animals do too. When society's attitude towards animals gradually changes, our systems also need to keep pace with the times. Mr Deputy Speaker, with the increase in pet-owning households, demand for veterinary medical services has also risen significantly. From basic vaccinations and health checks to surgical procedures and specialist treatments, Singapore's veterinary services industry is continuously developing and becoming more specialised.”
“By enhancing product registration, strengthening compliance mechanisms and encouraging continuous improvements in energy systems, the Bill helps ensure that energy efficiency standards are applied more consistently across industries. Energy efficiency remains one of the most practical and cost-effective ways for Singapore to enhance energy security, reduce emissions and strengthen long-term economic competitiveness. For these reasons, I support the Bill.”
“As energy systems become increasingly complex, energy management is gradually becoming a field requiring professional skills, including capabilities in data analysis, system optimisation and industrial process management. In other words, even if businesses purchase efficient equipment, without professional personnel to analyse energy consumption data and optimise operating methods, the equipment's efficiency may not be fully realised. Therefore, I suggest the Government strengthen cooperation between industry and higher education institutions to develop more professional courses in energy efficiency and energy management, to ensure businesses can obtain the talent they need. Deputy Speaker, energy efficiency may not be as eye-catching as new energy technologies, but it remains one of our most direct and cost-effective solutions. Every unit of energy we save means reduced imports, reduced power generation demand, lower costs and reduced carbon emissions. This not only enhances national resilience but also improves overall economic efficiency. Therefore, the Energy Conservation (Amendment) Bill is pragmatic and necessary progress. It refines the regulatory framework, strengthens system implementation, and drives businesses to continuously improve energy efficiency. For these reasons, I support this Bill. (In English): Mr Deputy Speaker, the Energy Conservation (Amendment) Bill strengthens Singapore's energy efficiency framework by closing regulatory gaps and ensuring that regulated goods, whether supplied in the market or imported for own use, meet the required energy efficiency standards.”
“The effectiveness of regulations depends on implementation. Since this Bill expands the regulatory scope of regulated products, may I ask the Minister how the Government will ensure enterprises truly comply with these requirements when importing and using relevant equipment? For example, if two companies use similar equipment, one completes registration according to regulations and ensures compliance with energy efficiency standards whilst another imports equipment through different channels without truly being covered by regulation, then the rule-abiding company actually bears higher compliance costs. In the long run, this not only undermines system credibility but also affects market fairness. Therefore, I suggest the Government consider strengthening spot checks and independent assessment mechanisms to ensure energy efficiency standards can be implemented in real operations. Second, regarding assistance to enterprises, particularly SMEs, in equipment upgrades. Many energy-saving measures require companies to make upfront investments in equipment updates or system optimisation. Large enterprises usually have the resources to carry out these upgrades, but SMEs may face financial and technical constraints. For example, even if a SME knows that old equipment consumes more energy, it may not be able to replace it immediately. The reason is not that it is unwilling to improve efficiency but that equipment updates often involve one-time investment. Therefore, may I ask the Minister whether the Government plans to further strengthen support programmes or financing mechanisms to assist businesses in adopting more efficient equipment? Third, regarding cultivating energy management professional capabilities.”
“Otherwise, even the best standards would be difficult to enforce without clear registration and regulatory mechanisms. Third, driving businesses to continuously improve energy efficiency. Energy technology is developing rapidly. Equipment considered efficient 10 years ago may no longer be the best choice today. For example, some older air conditioning systems or industrial equipment can often significantly reduce energy consumption whilst lowering operating costs through technological updates or operational optimisation. From a business point of view, this is quite easy to understand. For the same type of equipment, some operate more efficiently whilst others are clearly more power-hungry. Over time, the difference becomes not just a technical issue but a real cost difference. By strengthening the regulatory framework, this Bill encourages businesses to regularly review equipment and systems and gradually adopt more efficient technologies. Deputy Speaker, energy efficiency is not merely an environmental responsibility but also an economic opportunity. For businesses, energy is often one of the important operating costs. Improving energy efficiency can reduce costs, enhance productivity and reduce enterprise risk when facing international energy price fluctuations. With the world gradually moving towards a low-carbon economy, energy efficiency will also become an important factor in companies’ international competitiveness. Therefore, improving energy efficiency both aligns with sustainable development goals and helps strengthen economic competitiveness. Deputy Speaker, whilst I support the direction of this Bill, I would also like to raise three questions and suggestions for the government's consideration. First, regarding implementation and regulatory mechanisms.”
“Mr Deputy Speaker, the focus of this Energy Conservation (Amendment) Bill is to further refine our existing energy efficiency regulatory framework, particularly in the regulation of regulated goods. Simply put, the core purpose of this Bill is to ensure that all relevant equipment, whether for sale or imported by businesses for their own use, must comply with energy efficiency standards. First, closing regulatory gaps to ensure consistent rules. Previously, if businesses sell equipment, they have to comply with energy efficiency standards but if they directly import equipment for their own use, in certain circumstances, they might not necessarily be fully covered by the original regulatory system. This is like a competition where some people enter through the main gate whilst others slip in through a side entrance. Ultimately, those who follow the rules end up at a disadvantage and the system loses credibility. Through this amendment, regardless of whether equipment is for sale or own use, as long as it falls under regulated products, it must comply with the same energy efficiency standards. This helps ensure all companies compete under the same rules and maintains market fairness. Second, strengthening registration and compliance mechanisms. This Bill further refines the registration system for regulated products. Importers or manufacturers must complete registration procedures when supplying or importing relevant equipment and ensure products meet energy efficiency requirements. If we compare the energy efficiency system to traffic rules, then the registration system is like vehicle registration. Only by clearly knowing what equipment is in use and who introduced it to the market can regulatory authorities ensure rules are implemented.”
“Mr Deputy Speaker, in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] I support the Energy Conservation (Amendment) Bill 2026. Recently, I spoke with a SME owner in the logistics industry about the impact of recent energy price fluctuations on business operations. He told me that whilst rising fuel prices do indeed increase costs, he was more concerned about something else – if energy supply becomes unstable, businesses might not even be able to obtain the energy needed for basic operations. In other words, in an era full of geopolitical uncertainty, the greatest risk businesses face is often not merely price increases, but the possibility that operations could be forced to halt once supply is disrupted. This reminds us that, for Singapore, energy issues are not merely about pricing but are fundamentally related to national resilience, stable business operations and long-term economic competitiveness. As an old saying goes: "Prepare for rainy days to ensure steady progress." In today's constantly changing global energy landscape, improving energy efficiency is itself an important way to strengthen national resilience. Energy efficiency remains one of Singapore's most pragmatic and cost-effective approaches to strengthening energy security and fulfilling climate commitments. As a highly urbanised country with limited land and resources, Singapore depends on imports for over 95% of its energy. At the same time, energy-related activities are also the main source of our nation's carbon emissions. This means that every unit of energy we save not only reduces emissions, but also reduces dependence on imported energy, thereby enhancing overall national resilience.”
“Mr Speaker, indeed, I have two questions: one question in the second bucket and one question the third bucket. But in view of time, I will send the question in bucket two to Minister of State Jeffrey. So, he will look at it. It is more for the logistics sector. My question in the third bucket is regarding what Minister Vivian has just mentioned. The Strait of Hormuz is undeniably important to Singapore and the wider region due to its role in the global energy flow. I believe the Strait of Malacca is even more critical to us, as one of the world's busiest shipping lanes and a key artery for trade, any disruption there would have immediate and far-reaching consequences for Singapore's economics and supply chains. This raises an important question for all of us. Has our Government fully internalise the lesson from potential vulnerability in such strategic chokepoints? In particular, are we sufficiently prepared for a scenario where the Strait of Malacca is disrupted, whether through geopolitical tension, blockages or other crises? And do we have robust contingency plans to mitigate the impact?”
“Mr Speaker, I would like to pose my supplementary question in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Singapore is highly dependent on energy import. Can Minister tell us whether we will set up and expand our strategic fuel stockpile, and whether our current fuel stockpile is adequate if supply disruption is prolonged?”
“Chairman, with 30% of Singapore barely above sea level, climate change threatens our home. Beyond enhancing our infrastructure, we must recognise the vital role of civic society and youth in climate resiliency. Groups like SeaKeepers Society Singapore lead youths-driven marine initiatives from biodiversity conservations and ocean clean-ups to reducing plastic and engaging communities in science. Their work strengthens coastal defence, builds regional stewardship and raises public awareness. I urge structured support through co-funding, grants and mentorship so young advocates can actively contribute to national planning. Coastal protection is more than engineering; it is a whole of nation effort. Let us empower our youths, together safeguard our seas and our future. (In Mandarin): [Please refer to Vernacular Speech.] Let us empower our youths, and together safeguard our seas and our future.”
“I want to thank Senior Parliamentary Secretary Shawn Huang for his reply. I just have one supplementary question. Has the Government conducted any studies to what extent the CDC vouchers have helped households manage the cost of living?”
“First, I want to thank Senior Minister of State Low for sharing what they are going to do for SMEs, in particular, from availability to making it easier to access in future. But I thought I just wanted to ask this supplementary question in Mandarin, as it is more for the Chinese-speaking SMEs. (In Mandarin): [Please refer to Vernacular Speech.] When adopting artificial intelligence, will the Government consider whether AI could be more automated, capable of translating into Chinese or other languages, as well as providing voice reading, so that Chinese-educated entrepreneurs can better understand and benefit more?”
“When strategy investments are brought into Singapore, are local enterprises supported to build capability at the same time? When company upgrades system, can job redesign and skill upgrading move together? If policies too, are better aligned, businesses will spend less time navigating schemes and more time transforming. Chairman, enterprise upgrading and AI adoption are a matter of national competitiveness and not just for SMEs. As our region accelerates transformation, Singapore must ensure that our SMEs are active participants and not bystanders. The Budget has set the direction. Our task is to keep the soil fertile so that our enterprise, the seed of our economy can grow steadily and strongly. In Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] SMEs are the foundation of the economy. Enterprises are like seeds and the environment is like soil. When enterprises are able to develop, the people benefit. The key to policy lies in ensuring that supported projects and initiatives truly take root, work in synergy and operate efficiently. If I could describe this in one sentence, it would be: "Strengthen enterprises to invigorate business; invigorate business to benefit the people." That is to say, when we strengthen enterprises, we also invigorate business, and when business is invigorated, the people will benefit. Strengthening Enterprise Ecosystem”
“Using secure login data, such a system could guide business owners in real time and outline the next step clearly. This would simplify navigation and help ensure that no SME is left behind simply because it lacks time or administrative capability. Chairman, let me share a simple analogy. For a seed to grow into a healthy and strong tree, sunlight alone is never sufficient. It needs fertile soil and a stable environment. In our economics, we can imagine enterprises are the seeds and Singapore business environment is like the soil. The rule of law, financial stability and open trade networks form the foundation for growth. On this foundation, institutions play distinct roles. For example, the Economic Development Board (EDB) shapes the strategy direction. Enterprise Singapore supports the upgrading and capability building. The National Trades Union Congress (NTUC) advances job redesign and skill upgrading so worker grows alongside with businesses. The question is not whether support exists today, but whether it operates in sync. First about execution. This year's Budget provide tax rebates and expansion support. This comes timely, yet businesses ask, are the processes clear? Are the timelines predictable? For many SMEs, complexity itself becomes a barrier. If the soil is stable, business will take root. If the pathway is clear, they will grow. Second, practical AI adoption. AI must deliver productivity and not just promise. Enterprises care about outcomes, reducing administrative work, improving responsiveness and strengthening data management. Our objective must reflect real productivity gains and not cost inflation. Third, coordination within agency.”
“Chairman, about 70% of our Singapore workforce, approximately 2.5 million people are employed under the SMEs. SMEs are the backbones of our economies. This is not a small number. When SMEs do well, Singaporeans do well. If no Singaporean should be left behind, then I think no SME should be left behind too. Instead, they should stay ahead. Much has been said about supporting individuals across different groups in the past few days. These are important sharing and decisions, yet, beyond assistance, many Singaporeans are asking fundamental questions. Where are the good jobs and how do we secure them? Singaporeans want opportunities and not depend on just Government handouts. They ask not for a fish, but for the skill and an environment that can allow them to fish for themselves. For that to happen, our SMEs must thrive. I believe strong enterprises create good jobs. When a company grows, workers grow with them. Over the years, many schemes have been introduced to support SMEs. The issue today is often not about availability, but the ease of accessibility. Many SME owners are fully occupied in their daily operations. They do not have the bandwidth to navigate multiple schemes. Firms with stronger administrative support navigate the system easier. Smaller enterprises, often those who need the most help may not even know where to begin. This is not about unwillingness. It is about bandwidth and capability. Perhaps the next step is to make the access to support the more proactive and intelligent. When an SME logs into a Government portal, whether it is for a licence, grant or financing, could there be an integrated AI assistant that understand the firms' profiles and suggest relevant programmes and schemes automatically?”
“I understand that defence spending needs to be stable, because capability building cannot change year by year. But we also face pressures from an ageing population and increasing social expenditure. Minister, under the premise of fiscal sustainability, how does MINDEF clearly explain long-term planning and prioritisation to Parliament? How do we ensure resources are concentrated on key capabilities, and through more systematic assessment, improve efficiency and effectiveness? Mr Chairman, security is not a momentary issue, but a responsibility to the next generation. The goal of defence is to ensure that Singapore maintains stability, autonomy and resilience in an era full of uncertainty. Only when a nation is strong, can it stand independently in the world. 2.45 pm [Deputy Speaker (Mr Xie Yao Quan) in the Chair] National Service - Time to Redefine”
“When risks span multiple domains, no single department can respond alone. The key is overall coordination. I would like to ask, how does MINDEF establish clearer cooperation frameworks with other key agencies? When facing cross-domain shocks, how do we ensure clear decision-making and smooth coordination to maintain social stability and confidence? My concern is the overall architecture and MINDEF's future role positioning. Second, regarding technological transformation. Technology investment must be far-sighted; we cannot blindly chase short-term trends. Minister, over the next 10 to 20 years, how do we determine the most important capabilities? How do we ensure that technological development synchronises with operational concepts, rather than merely updating equipment? At the same time, with technology changing so rapidly, how do we maintain local research and development capabilities? How do we establish long-term, stable cooperative relationships between research institutions, enterprises and defence needs, rather than just doing short-term projects? Third, regarding manpower planning. For a small state's defence, people are key. Technology can improve efficiency, but talent determines how far we can go. Minister, what kind of talent structure do we need for the future? Particularly for science and technology and engineering talent, what role do they play in our defence? How do we enable more local talent to see clear development pathways and be willing to commit long term? At the same time, whilst strengthening highly skilled teams, how do we continue to consolidate the social cohesion and shared sense of responsibility brought by NS? Fourth, regarding fiscal sustainability.”
“Chairman, defending our nation, securing our future. I will deliver my speech in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Defence is not merely a military issue. It concerns whether a nation can survive, whether society has confidence and whether we can continue to function normally when facing external shocks. In recent years, the security environment has seen three major changes. First, the international situation is becoming increasingly unstable. Conflicts and tensions are no longer short-term events, but seem to be a permanent backdrop. For an open small state like Singapore, risks will not come from just one direction, but may simultaneously affect transport corridors, energy and food supplies, as well as the stability of financial and digital systems. Second, the nature of threats is changing. Traditional military threats still exist, but more apparent is the increase in cross-domain risks. Cyberattacks, disinformation campaigns and attacks on critical infrastructure can all occur during peacetime, with significant effects. Security is no longer just in the battlefield but encompasses the entire social system. Third, technology is rapidly changing the way defence is built. The development of artificial intelligence, unmanned systems and cyber capabilities is enabling countries to enhance their military capabilities faster. For small states with limited resources, we must be clearer about what matters most – we cannot do everything. Mr Chairman, Singapore has always emphasised "Total Defence" and values technology as a force multiplier. I support these directions. However, I hope to understand the future priorities more clearly, so I have questions in four areas for the Minister to clarify. First, regarding national resilience.”
“For example, overseas embassies, Government agencies and chambers of commerce could collaborate to provide regulatory information, market alerts and policy guidance, even creating an overseas investment guide. Second, when expanding overseas networks, can we more strategically utilise Singapore's hub position in ASEAN? Let enterprises use Singapore as headquarters to expand into the ASEAN region; whilst maintaining Singapore-EU friendly relations, make Singapore a gateway for European enterprises entering Southeast Asia. Transform "Singapore-ASEAN-EU" into a clear business platform with mutual reinforcement. Enterprises "going out" is diplomacy and also becomes Singapore's diplomatic calling card. When Singapore enterprises build sustainable projects in ASEAN and provide digital solutions, engage in green finance cooperation in Europe, they are not just doing business, but also showcasing Singapore's standards, integrity and professionalism. Corporate credibility strengthens national credibility, whilst national diplomacy expands corporate space. Finally, I would like to ask the Minister to clarify: in maintaining an open environment, how does Singapore firmly support free trade and rules-based order? Facing protectionism, will we more actively participate in regional rulemaking rather than passively adapting? Mr Chairman, diplomacy creates space for enterprises, enterprises create value overseas – both support each other. Singapore may not be able to pursue scale advantages, but it can pursue value network advantages. As long as we deepen integration with ASEAN, consolidate cooperation with the EU and let SMEs truly benefit, Singapore can expand its cooperation network in a complex environment and preserve flexible space for future development. Singapore and ASEAN”
“Chairman, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Many entrepreneurs hope to expand their businesses overseas, but they worry about being unfamiliar with a foreign country and do not know where to start. Currently, international situation is complex, competition between countries intense, supply chain adjusting, rules and standards are also changing everywhere. Therefore, Singapore's diplomacy not only relates to national security and our international standing, but also directly affects the overseas development space for Singapore enterprises. Although Singapore cannot influence power rivalry between big countries, it must maintain an open, stable, rule-based and predictable environment. Only in this way can SMEs have the confidence to "go out, stand firm and go far". As an ASEAN member, Singapore has consistently promoted regional economic integration and an open market. Agreements like the Regional Comprehensive Economic Partnership have created a larger, more dynamic market in Southeast Asia. I want to ask: do our enterprises really feel these macro achievements? How are Singapore's relations with other ASEAN member states currently? How can we work hand-in-hand with them through bilateral cooperation, as well as the ASEAN platform to achieve mutually beneficial and win-win outcomes? In Europe, Singapore has deep relations with the EU, with the free trade agreement having been in effect for years, and green and digital cooperation also advancing. Singapore's stability and law-abiding nature should be advantages for enterprises entering Europe. However, EU rules are complex and standards strict, creating barriers for SMEs. Therefore, I have two suggestions. First, can diplomacy more proactively help SMEs "interpret rules"?”
“Mr Chairman, in Mandarin. (In Mandarin): Over the past few months, SME owners have told me that it is not that there are no orders, but the customers are placing orders more cautiously with shorter cycles. They also say that what worries them most is not the hard work, but the uncertainty. Therefore, prudent fiscal policy is not just a macroeconomic principle but also foundation for providing stable expectations for businesses. Over the years, the Government has accumulated national reserves and made good use of the Net Investment Return Contribution (NIRC) to support national development and helping families and businesses to weather difficult times. This fiscal resilience is itself the greatest support for SMEs. This year we have achieved a fiscal surplus. I believe the key is not just the numbers, but how we utilise this space to strengthen the business confidence to support SME upgrading and transformation whilst reserving buffers for potential future risks. Therefore, I would like to ask the Minister to clarify two points. First, when utilising the fiscal supplies, how will the Government balance replenishing reserves and maintaining discipline while also increasing support for SMEs for transformation, digitalisation and internationalisation, so that businesses become more competitive in an uncertain environment? Second, within the framework of emphasising intergenerational equity, how do we ensure that today's fiscal decisions not only avoid burdening the next generation but also preserve sufficient policy flexibility and response capacity for future businesses? Mr Chairman, prudent fiscal policy is not just about safeguarding the books but about safeguarding business confidence and also employment stability as well as Singapore's long-term economic resilience.”
“Stable external networks create opportunity space for our enterprises to expand overseas and create value. With steady direction and disciplined implementation, Singapore will remain resilient and competitive in an uncertain world. Mr Speaker, I support Budget 2026.”
“Perhaps, there is scope to support structural collaboration platforms where students can work on real-world business challenges as part of their coursework or innovation programmes. Such partnerships could lower adoption costs for SMEs, provide practical learning opportunities for students and accelerate AI diffusion across our economics in a more inclusive and sustainable manner. Perhaps this could be a meaningful starting point for both SMEs and students. SMEs would not need to shoulder the full burden of high AI implementation costs upfront while students would gain valuable exposure to real-world business challenges even before graduation. Such collaborations would allow students to apply their knowledge in practical settings, sharpen their problem-solving skills and better understand industry needs. At the same time, SMEs could benefit from fresh perspectives, innovative ideas and prototype solutions that can be further refined and skilled. This creates a win-win ecosystem, one that supports enterprise transformation while strengthening workforce readiness. After all, most students will one day become an employee or a worker, and we know every worker matters. In this regard, could we also encourage NTUC to explore playing a facilitated role in building such bridge or linkages. NTUC's strong networks with companies and workers and their AI strategy could help bridge SMEs with Institutions of Higher Learning, ensuring that training, innovation and job readiness efforts are better aligned with industry transformation needs. Mr Speaker, fiscal prudence remains essential to preserve long-term policy space, especially amid demographic shifts, healthcare pressures and climate adaptation needs. International connectivity also remains critical.”
“" So long as we maintain a long-term perspective and continuously refine implementation, Singapore will remain stable and competitive in a complex environment. (In English): Mr Speaker, artificial intelligence presents real opportunities, but adoption must remain disciplined, transparent and grounded in productivity gains rather than short-term momentum or inflated solution pricing. The focus should be on measurable business value, clear evaluation and tiered support so that SMEs can adopt effectively without excessive burden. Recently, I have received feedback from several SME owners. They acknowledged that AI is the way forward and recognise the need to embrace it in order to remain competitive. However, one SME shared with me that when he approached an AI vendor to explore solutions for his business, he was quoted a six-figure sum, a significant investment that many smaller enterprises would understandably find daunting. Interestingly, when he was later invited to serve as a judge for the AI for All Hackathon organised by Manus AI in collaboration with the Nanyang Technological University, he took the opportunity to present the same problem statements to participant students. To his surprise, the students were able to propose multiple variable solutions that address about 70% of his business needs. This experience demonstrated not only the capability of our students but also the untapped potential for cost-effective and collaborative approaches on AI adoption. This raised an important question. Beyond providing grants for SMEs to engage IT vendors, can we also foster stronger partnership between SMEs and our universities and polytechnics?”
“Although we have surplus now, but we cannot just look at one year. A fiscal surplus provides a buffer for the nation, but fiscal planning has never been merely about annual balance. Population ageing, rising healthcare expenditure, climate adaptation investments and technological transformation require long-term spending. Supporting enterprise upgrading and safeguarding social stability also requires resources. Hence, fiscal discipline is very important. We have to provide for today, as well as tomorrow. As a saying goes, "Store grain against famine". This is not conservatism, it is preserving choices for the future. Fiscal prudence is a commitment across generations. Fifthly, helping our enterprises to go overseas. In today's international environment, overseas expansion presents both opportunity and risk. Different regulations, market volatility and geopolitical factors can influence our businesses. A stable diplomatic network provides businesses with predictability and trust. ASEAN remains an important region. Links with Europe and other major economies create diversified market opportunities for our enterprises. When our local enterprises create jobs and provide professional services abroad, they also strengthen Singapore's reputation. Diplomacy creates space; businesses create value. The two reinforce each other. Mr Speaker, in uncertain times, the essence of governance lies not in speed but in direction. The direction must be correct. Businesses are under pressures. Workers must upgrade. Our fiscal policy must balance present needs and future responsibilities. Diplomacy must safeguard stability and space. "Steady steps carry us far.”
“Businesses are most concerned about whether AI can reduce repetitive administrative processes, improve customer response efficiency, optimise inventory and data management and enhance training effectiveness. For SMEs, the true value of technology is not for display but in actual integration. Therefore, in promoting AI adoption, I think there are three things that we have to focus on. First, let businesses understand clearly the cost and effect, increasing transparency; Second, tiered support to prevent SMEs from bearing excessive cost burdens. Third, ensure that subsidy structures encourage capability building rather than simply stimulating procurement. Third, subsidies are to encourage capacity building, not just to buy systems. The third area. Enterprise upgrading is not the result of a single policy but of an entire system. Investment direction, enterprise capability building, skills transformation, financing support and the institutional environment are different gears within it. If one gear turns too quickly while others cannot move in sync, then friction arises. For example, if industries upgrade rapidly but local enterprises are unprepared, opportunities cannot be translated into value. If technological adoption advances quickly but workforce skills do not keep pace, productivity may suffer. If policy support exists but the process is too complicated, deterring companies from applying, then the tools will fail to achieve their purpose. Thus, the key lies not in the strength of individual policies, but in the depth of coordination and the pace of implementation. Only when the system operates smoothly can upgrading be steady and sustainable. Fourthly, I want to talk about fiscal space and long-term responsibility.”
“Yet, the road must still be fixed. Everyday, they must make difficult decisions. They often ask, interest rates are so elevated, should they invest now? Manpower is already tight. If employees go for training, who will do the work? With the market conditions still unclear, if they switch systems or adopt AI and the results are unsatisfactory, what then? What if the staff do not know how to use, and work becomes slower? Too many questions. These concerns do not reflect an unwillingness to upgrade. Rather, there have been many businesses that cannot afford the cost of trial and error. The Budget proposes corporate income tax rebate, enhancements to Enterprise Financing Schemes and higher support levels for overseas expansion. These measures can alleviate stress for businesses. But the important thing is that businesses must have the confidence to take the first step. If policies are clear and consistent, businesses will be willing to upgrade with peace of mind. Secondly, AI, hype and prudence. Everybody is talking about AI nowadays. During the New Year, many people use AI to make New Year's greetings and short videos, and people find it very interesting. Society's acceptance of new technology has also clearly increased. However, when businesses seriously consider adopting AI solutions, the situation becomes more complex. There are now many AI service providers in the market, but the price can be very high. Some businesses worry that there may be a case of using AI for the sake of using AI. The goal of our policy is to raise productivity and not to inflate business cost. As the saying goes, "haste makes waste". AI development is a long-term trend and will not see immediate effect. The key is whether technology can truly help companies' daily operation.”
“The insights and feedback shared have been invaluable in shaping our perspectives as we consider measures that support businesses, uplift workers and position Singapore for sustainable and inclusive growth. Mr Speaker, in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] Mr Speaker, this year's Budget was not formulated in a stable environment. Recently, the global economy has been unstable, relations between countries remain complex, supply chain is restructuring and technological advancement is reshaping many industries. For an open economy like Singapore, these developments are realities we face everyday. As the old saying goes, "prepare ahead for a rainy day." When the environment is uncertain, it is even more important to secure our foundations. In an uncertain world, Singapore's most important assets are not its size, but our capability and our credibility. The focus of this Budget is not only to provide immediate support but also to ensure that we preserve national stability, capabilities and long-term sustainability amidst changes. I would like to touch on five areas. First, the dual pressures on businesses, survival and upgrading. I have regular engagements with businesses. Yesterday morning, I had a discussion with them. They did not talk about macroeconomic figures but very concrete realities. Some SME owners have told me that the pressure of doing business today does not come from a single direction but from multiple fronts at once and they feel overwhelmed. On one hand, they must control operating costs and safeguard cash flow. On the other hand, they must invest in system upgrades and capability building or risk gradually losing competitiveness. One SME owner describes it as "repairing the road while running". Business cannot stop.”
“Mr Speaker, I rise to support Budget 2026. Before I begin my speech in Mandarin, I would like to express my sincere appreciation to several groups and platforms that provided valuable opportunities for me, and our MOF and MTI GPCs Members, led by Chairman Mr Saktiandi Supaat and Vice Chairman Mr Edward Chia, together with Mr Shawn Loh, Ms Tin Pei Ling, Ms Denise Phua, Mr Victor Lye and Mr Ng Shi Xuan and myself to better understand ground sentiment ahead of the announcements of the FY2026 Budget by Prime Minister and Finance Minister, Mr Lawrence Wong, and during this ongoing Budget debate since this morning and for the next few days. These are not in any particular order. One, our very own GPC resource panel comprise almost 20 to 30 businessmen running their own business. Two, Singapore Business Federation. Three, Singapore Malay Chamber Communities and Industry. Four, the Institution of Singapore Chartered Accountants Roundtable. Five, PAP Policy Forum Group. Six, SkillsFrontier Solutions under Human Capital Singapore. Seven, the Society of Modern Management of Singapore. Eight, tour guides and representatives from the tourism sector, among others. This engagement brought together business leader, professionals, trade associations and frontline practitioners, enabling us to gain a more comprehensive understanding of the challenges faced by enterprise and businesses. We had candid discussions on cost pressures, manpower constraints, digital transformation, skills upgrading and strengthening Singapore's competitiveness in an increasingly uncertain global environment. Such open and constructive dialogues are critical in ensuring that our policy remain grounded, responsive and forward looking.”