Low Yen Ling
Singapore
“I want to thank Member Cai Yinzhou for the clarification. As far as his historic district is concerned, I want to assure him that the new Place-making Project Office that comes under the Inter-agency Task Force does indeed not only serve Kampong Gelam, Little India, but also Chinatown.”
“A "we first" society needs an active citizenry working together to realise it. When corporates, community groups, and individuals come together, we will be able to create a harmonious, united and progressive home and society that belong to us.”
“I want to thank Member Mr Andre Low. In my earlier speech, I have also responded very succinctly. I want to assure him, as well as Mr Melvin Yong, I think you touch on very similar issues, and you probably heard from the political office holders speaking at the Ministry of Home Affairs COS about their tough stance against scams.”
“Finally, Government agencies, not just MTI, EDB and Enterprise Singapore, under the leadership of Deputy Prime Minister Gan Kim Yong, will continue to create a pro-business, pro-people environment, building a business environment based on integrity.”
“— family business, as well as the other one on TACs. On family businesses, I want to assure him that earlier on, when we mentioned that we raised the support level for SMEs and non-SMEs and indeed, many of our multi-generational family businesses are in that category.”
“And since the Member asked, price obviously is an important indicator. Another example is if CCS observes the behaviour of the organisations and if we pick up signals that they are coordinating the behaviour to raise prices, to reduce quality, to reduce output, to reduce innovation, CCS will step in.”
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“For example, in the case of the heartland shops, we work very closely – our heartland division in Enterprise Singapore work very closely with FMAS and HECS to design the solutions that are suitable for heartland shops. And that is why we are very heartened that in less than – we launched the Heartlands Go Digital in October 2020, in less than 16 months, we saw that more than 90% of our heartland shops have at least one e-payment solution and more than two-thirds are on platforms, whether is it website, live-streaming, some of them are doing live-streaming and they are on e-commerce. And last year, I cited Heng Foh Tong which is an herbal tea heartland shop. In the past, they relied on customers as footfall, physical footfall, but now, because they have come on board the platform, Heng Foh Tong products are sold in 10 countries. So, we are glad that we have this critical base of companies whether is it heartland shops, SMEs, larger local companies who see the benefits of going digital and now we will continue to work with them to push it further so that they can leverage on technology to scale to global markets.”
“Mr Chairman, I want to thank the Member Mr Derrick Goh for his question. And we agree with him that in MTI and our economic agencies, we take a differentiated approach to support our companies, whether they are micro-enterprises or they are SMEs or larger local companies with the potential to become a Singapore Global Enterprise. And, for example, if I talk about the 15,000 heartland shops in all our precincts and it is really heartening that during COVID-19, they hunkered down, they worked with us and I want to say a big thank you to TACs like the Federation or Merchants Association Singapore (FMAS) that Mr Desmond Choo talked about and the Heartland Enterprise Centre Singapore (HECs) for working with us. Because they are very important opinion multipliers and like what Mr Derrick Goh mentioned, they are not only the voice of the companies but they will know the pain points and what are some of the emerging trends and opportunities. And I touch on TACs because I always say that the TACs play a very important "ABC" role and the Government sees a lot of benefit and value in working closely with a TAC. And I think the various TAC chiefs will agree with us that in the last three years because we have to work together, bridge the communications to overcome COVID-19, the various series of heightened measures, we have now fostered a very strong working relationship with the TACs. And the two announcements that I have mentioned, we will strengthen the nexus with SGTech, so that SGTech can also support the other TACs in facilitating and catalysing enterprise digitalisation, not just in a broadbased manner, but actually sectorial and sub-sectorial.”
“And with the reopening of international borders, we are certainly working hard not just in MTI but across all our economy agencies to spur more of our Singapore enterprises to take the first steps overseas to expand their presence in existing markets so that we can collectively develop a vibrant ecosystem of Singapore enterprises which are future-ready and globally competitive.”
“Mr Chairman, I want to thank the Member, Mr Desmond Choo for his clarification. I had intended to respond to those questions that he mentioned in the cuts, but I sort of ran out speech time. So, allow me to very quickly and succinctly reply to him. I want to assure Mr Desmond Choo and the Members that we are working hand-in-hand with our various TACs to support the growth and expansion of our Singapore enterprises overseas. For example, the Singapore Business Federation (SBF), they started the Global-Connect@SBF initiative in November 2019. And if you think about it, fortunately we started that before COVID-19 because that really helped a lot of companies to go overseas although the companies were here in Singapore. Last year, Global-Connect@SBF advised and facilitated 2,800 SMEs in their efforts to expand overseas and helped enable 122 overseas business agreements for SMES. And under this Global-Connect@SBF, we set up three Singapore Enterprise centres, one each in Jakarta, Ho Chi Minh and Bangkok. And these centres are important one-stop shop that offers our SMEs business advisory, market information and business matching for their global growth. I want to assure him that the Global-Connect@SBF has expanded its service offerings to help our SMEs better navigate the increasingly complex trade environment. For example, on top of advising our SMEs on how to use the Free Trade Agreement, Global-Connect@SBF will provide outreach and advise on customs compliance through workshops and Industry consultation clinics.”
“Together, we can face the challenges ahead and ride new waves of opportunity and new waves of change as one people, in partnership and in solidarity, to overcome and succeed as one.”
“Moving ahead, the Alliance will kickstart initiatives to uplift the sustainability capabilities of other TACs and their members. First, it aims to enable SMEs to start tracking their carbon emissions. In addition, SGTech will develop a guided programme for SMEs to reduce their environmental footprint. The Sustainable Energy Association of Singapore will advise on energy solutions. We encourage other TACs to join in and tap on this Sustainability Alliance. Mr Chairman, there are many pockets of opportunities for enterprises to develop their competence, expand overseas and transform. The various initiatives helmed by our TACs are vital stepping stones to attain greater heights. We would like to spur our enterprises to take advantage of these opportunities. On this note, the Government is also committed to deepening our partnership with the industry and TACs to enhance consumer protection. Fair trading practices and strong consumer confidence are key pillars of a healthy economy. MTI regularly reviews our consumer protection regime to ensure that consumers' interests are safeguarded. I would like to thank President of the Consumers Association of Singapore (CASE), Mr Melvin Yong, for his useful suggestions to address consumer concerns and emerging issues in areas such as e-commerce. As we continue to examine the current policies, we are prepared to do more to strengthen our consumer protection regime without affecting well-intentioned businesses. We will continue to work closely with our partners, including CASE, in this effort. Mr Chairman, as we close ranks in partnership with our enterprises and our TACs, we have made steady progress on our journey to transform and to seek new growth potential.”
“For example, the next generation of TAC leaders comprising 10 TAC Fellows from eight different TACs are being groomed and developed under the TAC Fellowship Programme. As part of the six-month programme, they will co-create solutions together to address common challenges and develop ideas to capture new opportunities. Our network of 11 SME Centres partner our TACs to uplift and support our SMEs. Last year, the SME Centres helped more than 27,000 enterprises through their business advisory services and capability building workshops. Moving forward, we will double up our existing efforts to support our TACs in their industry development. Let me elaborate on our plans to leverage two key opportunity areas. First, enterprise digitalisation. We will launch the Digital Transformation Programme this year. The programme will assist our SMEs in developing their digital transformation roadmap, curate suitable technology solutions and access training support to digitalise. Through SGTech, we will intensify our bottom-up industry efforts to spur enterprise digitalisation with a "3S" framework: (a) strategy; (b) solution; and (c) skills. This new centre represents SGTech's strong commitment to spurring enterprise digitalisation. It also builds on SGTech's past efforts like its partnership with Meta and Enterprise Singapore to help local SMEs leverage technology to transform and prepare for the post-COVID-19 economy. The other key opportunity area that we will focus on is sustainability. The Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Sustainable Energy Association of Singapore (SEAS) and SGTech formed a Sustainability Alliance last year.”
“Furthermore, we will offer opportunities for heartland shopkeepers and merchants to learn from the best practices of successful entrepreneurs who are familiar or well-versed in the heartlands, and know the merchants' association and the community well. Mr Chairman, as we broaden our support for heartland enterprises, we are also deepening partnerships with key partners to boost our drive for transformation. All over the world, the pace of digital acceleration is happening. Our enterprises must continue to adapt and transform to stay relevant and competitive. The Government recognises that it cannot drive business transformation efforts alone. We need like-minded partners to work with us to multiply our outreach and support more enterprises. Central to this approach are our trade associations and chambers (TACs). TACs will continue to be the torchbearers for new industry initiatives and we remain committed to strengthening these partnerships with them. 2.15 pm Several Members of Parliament, including Mr Raj Joshua Thomas and Mr Desmond Choo, asked about how we can boost the capabilities of TACs and how these organisations can take on more roles in the industry and enterprise transformation. We have been doing this and will continue to do more. In 2022, the Singapore Chinese Chamber of Commerce and Industry (SCCCI) launched the TAC Competency Framework and Growth Model that Mr Thomas talked about. This provides resources for TACs to identify existing gaps and the critical skills they need for their growth journey. At the COS last year, I also announced three initiatives to strengthen our TACs' human capital and digital capabilities. I am happy to update and share that these programmes have gotten off to a good start.”
“We hope all the Members will enjoy it and continue to extend your support to all our heartland enterprises as they strive to improve, innovate and delight their customers. Mr Chairman, I have set aside two cups for you, to thank you for your chairmanship. Building on the momentum of all these efforts, we hope to spur greater innovations and entrepreneurships in our heartlands. The Heartland Innovation and Transformation programme, or HIT for short, will help aspiring heartland entrepreneurs to test bait innovative ideas in a conducive innovation ecosystem. Through this programme, we aim to address two specific challenges that heartland enterprises continue to face: one, access to shop and retail spaces in heartland precincts to test innovative ideas; and two, access to resources for innovation. First, we will construct and make available modular temporary spaces in mature heartland precincts. Under the HIT initiative, aspiring and innovative entrepreneurs can use these spots to test out new business ideas. We will first pilot this at Ang Mo Kio Town Centre, which we envision to be a Heartland Innovation and Entrepreneurship Town. This will complement HDB's efforts to provide access to flexible shop and retail spaces across precincts. Senior Minister of State Sim Ann will announce the details of the scheme as part of the Ministry of National Development's COS. Second, we will provide a conducive ecosystem to build enterprise innovation capabilities and scale. This includes a range of innovation and entrepreneurship courses conducted by partners, such as IHLs and the Heartland Enterprise Centre, Singapore (HECS) to build our enterprises' know-how and knowledge.”
“And this includes digital marketing, visual merchandising, service excellence and financial management know-how provided through business advisory services, in-shop training and group-based upgrading projects across different precincts and trades. Second, innovative capabilities. We want to encourage more innovative shops to embark on product or business model innovations. And this will boost the revenue of heartland shops and attract more footfall to the heartlands. We will launch the Heartland Innovation and Transformation Programme to support enterprises in their journey of growth in the heartlands. In recent years, specific initiatives, such as the Heartland Innovation Challenge and Visual Merchandising Programme, have supported many heartland enterprises. Earlier on, hon Member Ms Janet Ang highlighted SOVEG, which is a type of meatless satay and Hot SpicyMama condiments, all during lunchtime. I thought I would top it off with a gelato example. This is a local company, a gelato shop that is called Denzy Collective and they are a heartland shop. They collaborated with Tampines West Merchants' Association (TWMA) and Temasek Polytechnic to create fresh gelato flavours sustainably. How do they do so? Using blemished fruits supplied by the merchants in Tampines West, Denzy Collective transformed these ingredients into a new, exotic flavour of gelato called Christmas Orange. And with the help of Temasek Polytechnic, the new gelato was launched with very attractive branding and marketing. I know it is 2.00 pm, hang in there. And to let our Members savour this very refreshing innovation, we have arranged for Denzy Collective's Christmas Orange gelato to be served in the Parliament's Members Room immediately after MTI's COS.”
“The transformation of our heartlands is a multi-year effort, and we will continue to help our heartland enterprises sharpen their competitive edge and improve their skill. Let me now quickly highlight two core capabilities that the Government will help our heartland enterprises to grow this year. Firstly, digital capabilities, I am happy to announce that we will press on with the Heartlands Go Digital 3.0, following the sustained success of the Heartlands Go Digital programme. Heartland enterprises have made significant progress to upgrade their digital capabilities since the launch of Heartlands Go Digital in October 2020. Today, nine in 10 heartland shops across Singapore offer at least one e-payment solution. In addition, two-thirds are onboard various digital platforms, such as Google Business Profile, Carousell, Fave, Shopback and so on, to serve their customers. Let me now cite the example, World Tea House, which is a heartland shop in Tampines that specialises in fruit tea drinks made from fresh ingredients. This shop participated in the Heartlands Go Digital programme in 2022 last year to onboard their business onto the Fave digital platform. Within just six months, World Teahouse observe an average 25% increase in a customers' spending per e-Fave transaction. The use of Fave eCards allowed the tea house to reach out to the platform's large and younger consumer base. While many heartland enterprises are content with their current suite of digital solutions, some are ready to do even more. Heartlands Go Digital 3.0 will expand partnerships with new private sector partners and Institutes of Higher Learning (IHLs) to deepen the digital and manpower capabilities of our heartland shops across a holistic range of capability development areas.”
“Last year, 40,000 businesses benefitted from the help that GoBusiness portal offers to select and apply for the right support scheme. So, all this done at our fingertips, which translate to cost savings and time savings, which are very critical for SMEs owners. Mr Chairman, Minister Gan spoke about the importance of taking a hard look at how companies can transform their businesses to take advantage of new growth opportunities. We strongly encourage all Singapore enterprises who are looking for support to grow their business, to scale their business, to get onto the GoBusiness.gov.sg to tap onto the available help. In my Committee of Supply (COS) speech last year, I talked about how the heartland enterprises constitute an important fabric of our society, because they inject vibrancy into our neighbourhoods, they provide jobs and opportunities for promising local businesses to grow. In a midst of a changing consumer and enterprise landscape, heartland enterprises need to stay relevant and competitive. To energise and support our heartland shops, we announced a four-year initiative called "Our Heartland 2025". Over the past 12 months, Our Heartlands 2025 have made great strides across three focus areas: one, deepening the digital and manpower capabilities of heartland shops; two, upgrading the capabilities of the trade associations and chambers (TACs) to better support the enterprises; and three, revitalising the heartlands to improve liveliness and attract more customers into our heartland shops, our precinct. As Mr Derrick Goh pointed out, there still lies a great potential for heartland enterprises to innovate, digitalise and to build capabilities.”
“I am glad to report that many SMEs in the Food Manufacturing, Food Services and Retail sector, are tapping on EEG. Since its launch five months ago, we have received more than 1,000 applications from nearly 500 companies for EEG. Amongst them is Mexipolis Pte Ltd. This is a F&B business, which used EEG to buy an energy-efficient cooking hob for their restaurant that could cut their energy cost of cooking by some 30%. Another company is food manufacturer Soltem Foods Pte Ltd, which bought energy-efficient refrigerators to reduce their power bills. I want to assure Members that MTI and all our economic agencies review the effectiveness of our various measures regularly and monitors the economic conditions closely. We will not hesitate to finetune our schemes or introduce new measures when the need arises. I have shared the Government's plans to bolster support for enterprises in the year ahead. I would like to assure the House and Mr Derrick Goh that we are continuing to ensure that enterprises can easily identify and access the support schemes that they may require. Since 2020, the GoBusiness portal has provided our SMEs with one-stop access to more than 100 Government support schemes and information on more than 200 licences that is issued by some 30 Government agencies. So, anyone starting a business can easily incorporate their company's business using the GoBusiness portal, as well as directly apply for the licences they need, all at their fingertips. The portal's e-Adviser feature helps the businesses to identify the relevant support schemes for their needs, from eligibility criteria for grants and loans, to tax incentives and even business solutions.”
“This grant provides local enterprises in the Food Services, Food Manufacturing and the Retail sectors with up to 70% support to invest in energy-efficient equipment in pre-scoped categories, such as LED lighting, air conditioners and refrigerators. I would like to assure Mr Derrick Goh that we are all committed to supporting companies across all sectors to become more energy efficient. The EEG complements our wide range of energy efficiency initiatives. For instance, the National Environment Agency (NEA)'s Energy Efficiency Fund supports businesses in the manufacturing sector, while the Building and Construction Authority (BCA)'s Green Mark Incentive Scheme for Existing Buildings 2.0 covers building owners. In addition, we have the Resource Efficiency Grant for Emissions which targets emissions-intensive facilities, such as manufacturing facilities and data centres. On top of all these grants, we have the Energy Efficiency Technology Centre, which is a collaboration between NEA and SIT, the Singapore Institute of Technology, that help our SMEs make informed decisions on the measures they can take to improve their energy efficiency. As Deputy Prime Minister Lawrence Wong announced in his Budget speech, we will extend EEG by one year till 31 March 2024, to help our businesses cope with higher electricity prices. This will also enable companies in their transition to a lower-carbon future. The Ministry of Sustainability and the Environment (MSE) will provide more details about the Government's plans for NEA's EEF. I want to assure all Members that we are taking a holistic, whole-of-Government approach to encourage our businesses to adopt energy-efficient practices.”
“As the construction sector is still recovering from the pandemic, we will continue to support them to cope with the higher costs of construction materials. This will enable our construction companies to secure vital financing to carry out existing projects and secure new ones, as construction activity steadily picks up the pace towards pre-pandemic levels. All of the enhancements that I have mentioned, the enhancement to our financing schemes will help our SMEs and businesses to cope with near-term cashflow constraints and secure necessary financing for different business needs. The EFS-Venture Debt scheme was introduced in 2015 to help catalyse the Singapore market for venture debt, which is a form of alternative debt financing typically for high-growth startups. To expand our support to a wider range of financing tools, the Government will enhance the EFS-Venture Debt programme to include venture debt loans that is backed by RCPS, which is Redeemable Convertible Preference Shares. This will benefit startups that require more flexible loan repayment plans, including early-stage and high-growth startups in fast-expanding sectors, such as deep tech. Mr Chairman, the COVID-19 pandemic and the start of the Ukraine-Russia war last year have led to a heightened business cost environment in many parts of the world. Domestic energy and electricity prices are likely to remain elevated in the near term, as the global energy market stays volatile. On the back of steeper electricity and fuel costs, we launched EEG, Energy Efficiency Grant, five months ago in September 2022.”
“As a result, business costs and cashflow constraints remain top of mind for our SMEs. We understand that being able to access financing is critical for our SMEs, critical for our businesses, as Mr Shawn Huang, Mr Derrick Goh and Ms He Ting Ru have highlighted in their cuts. I want to assure Members that MTI and our economic agencies – we will not let up our efforts to ensure that enterprises have suitable access to financing. The Enterprise Financing Scheme (EFS) launched in 2019 to support companies in their various stages of growth has aided thousands of businesses. In 2022, 12,000 businesses secured financing through Government schemes like the EFS and the Temporary Bridging Loan Programme. Ninety-nine percent of these companies were SMEs and the majority, or more than 80% of the applicants were successful in getting the funds they need. As Deputy Prime Minister Lawrence Wong announced in his recent Budget speech, we will extend the prevailing enhancements to the various schemes under the EFS by one year, until 31 March 2024. The schemes are namely the EFS-SME Working Capital Loan, EFS-Trade Loan and EFS-Project Loan. Let me elaborate. We will extend the current enhanced maximum loan quantum parameters of $500,000 for the EFS-SME Working Capital Loan and $10 million for the EFS-Trade Loan. For the EFS-Trade Loan, we will also maintain the current enhanced Government risk-share level at 70%. The extension of these enhancements will help our enterprises cope with higher working capital and cashflow needs, given the current economic uncertainties and supply chain pressures that has led to lengthened payment cycles. Furthermore, we will extend the period of support for domestic construction projects under the EFS-Project Loan scheme.”
“Mr Chairman, Minister Gan Kim Yong and Second Minister Tan See Leng have both shared about the Enterprise 2030 strategy. The vision and the plan is to build a vibrant ecosystem of Singapore enterprises that are future-ready and globally competitive. Let me elaborate on how we will stand behind our Singapore enterprises and support them on their journey to becoming stronger and better. Mr Shawn Huang asked about how Government has supported businesses throughout the pandemic. Throughout the crisis, the Government came up with many schemes to help businesses survive and adapt to the changing economic conditions. First, we extended critical life support for major cost items that businesses needed to incur to stay up and running. We launched the Jobs Support Scheme (JSS) in Budget 2020 to boost wage support for employers to help them keep their local employees in those uncertain times. Members would remember, from the start of the pandemic till March 2022, the JSS paid out a total of $28.1 billion to 180,000 employers. Second, we provided financing support to help ease the cashflow and financing constraints of businesses as they faced slowing economic growth, weaker trade and higher prices. For example, we introduced the Temporary Bridging Loan Programme (TBL), which supported $23 billion worth of loans to more than 30,500 companies. Third, we enhanced our assistance for business transformation which was important for the survival and growth of our enterprises. Between 2020 and 2022, a total of 55,500 local companies embarked on productivity, capability development and internationalisation projects. This year, we expect global growth to moderate amid tight financial market conditions and elevated energy prices as mentioned by Minister Gan and 2nd Minister.”
“Thank you, Mr Speaker. I would like to make a clarification on my answer for Parliamentary Question No 1. [Please refer to "Data on Funds Utilised for Singapore Global Network Funding Programme", Official Report, 27 February 2023, Vol 95, Issue 87, Oral Answers to Questions section.] I would like to clarify that the Singapore Global Network (SGN) was set up in June 2019, while the SGN Funding Programme was launched in August 2020.”
“I want to thank the Member for his supplementary question. Since the launch in August 2020, the SGN has replaced the OSU and is now sitting with the Economic Development Board. As part of that, the SGN team will work closely with not just the economic agencies, but also with MFA and our Missions, to allow Singaporeans, even though they cannot come back – for example, in the last three years, whether they are in Beijing or in other cities in Australia and the US – that they have a way to stay connected to Singapore and at the same time, to also understand the various refinements to the policies and current affairs as well.”
“In terms of the numbers, I mentioned that, due to COVID-19, even though we could not have events, it is quite heartening to see that we had received 448 applications for the SGN and the SGNFP. Out of that, two-thirds of the applications were approved and out of those approved, 70% are Singaporeans, of which more than 60% are students. So, it is an important platform to allow our students, our working professionals and business owners overseas to stay connected to Singapore through these various activities – whether it is webinar or over Zoom or physical sessions. I can tell you, National Day and Lunar New Year celebrations in the various cities are very well-received, especially when we bring Singaporean food. I hope that answers the question.”
“Mr Speaker, I want to thank the Member Mr Gerald Giam for his questions. I think he will agree with me that overseas Singaporeans are an integral part of the Singapore family. If you remember, SGN was launched in August 2020 and that replaced the Overseas Singaporeans Unit (OSU). [Please refer to "Clarification by Minister of State for Trade and Industry ", Official Report, 27 February 2023, Vol 95, Issue 87, Clarification section.] The SGN has various programmes and one of the programmes is the one that the Parliamentary Question is about, the SGNFP which supports the SGN to broaden and deepen our overseas network of family and friends. Especially at the height of COVID-19, it was so important to make sure that they remained connected to Singapore, even as they were overseas expanding their networks. Allow me to also share that today, within a short span of two-and-a-half years, and despite COVID-19 and the difficulty of organising events, the SGN now has more than 100,000 members around the world, including 15,000 C-suite executives. And there are close to 300 partners that collaborate with the SGN on various partnership initiatives, to do a few things and the aim of SGN is to do a few things: one, to promote networking and collaboration amongst Singaporeans and friends of Singapore; two, connect the community of family and friends of Singapore; and three, to provide platforms to share about opportunities and developments in Singapore and Southeast Asia. The SGN team is also open to working with overseas Singaporeans who are exploring to come back to Singapore to work or to have them to come back because of their kids' education.”
“Mr Speaker, between August 2020 and December 2022, the Singapore Global Network Funding Programme (SGNFP) disbursed around $570,000 and supported close to 300 ground-up efforts around the world. About two-thirds of SGNFP applications were successful. These included funding for events such as networking sessions, forums, webinars, festive celebrations and partnerships on digital content creation. These efforts support the Singapore Global Network (SGN) in broadening and deepening our overseas ties and network with family, friends and fans of Singapore. The programme has reached out to around 25,000 participants in more than 20 countries like Australia, China, the United Kingdom (UK) and the United States (US), where many overseas Singaporeans are based.”
“Mr Deputy Speaker, the EU ban prohibits seaborne Russian crude oil and petroleum products into the EU territory. It also prohibits EU vessels and companies from carrying these products into third countries and providing related services, if the price of these products is higher than the stipulated price. This price is one that is determined by the EU and other countries participating in the prohibition. Singapore’s sanctions and restrictions imposed on Russia are specific and targeted, for the purpose of constraining Russia’s capacity to conduct war against Ukraine. Our approach is founded on the principles of international law and non-violation of sovereignty as well as territorial integrity and this remains unchanged. Our measures cover export controls on specific items to Russia, such as military goods and dual-use goods that can be used to inflict injuries on Ukrainian citizens, as well as financial measures, which, inter alia, prohibit financial institutions in Singapore from dealing with designated Russian banks and the financing of the above-mentioned goods. While Singapore is not a participant of the EU ban, companies and the financial institutions in Singapore have been informed of the ban that is imposed by the EU and other countries, via circulars issued by the relevant Government agencies. This is so that they are aware of such measures and can consider and manage any potential impact on their business activities, transactions and customer relationships accordingly.”
“Mr Speaker, I would like to thank Mr Pritam Singh for his supplementary question. I would elaborate and say that the interest in the GIP has remained stable since its launch. GIP investors who are approved as PRs are much lesser than 1% of the total number of PRs approved each year. On the question about Singapore Citizenship, like I mentioned, the number of GIP PRs granted citizenship is even much lesser, as the Member can see from the PR numbers that have been granted over the past three years.”
“Mr Speaker, I want to thank the Leader of the Opposition Mr Pritam Singh for his question. As I have shared in my answer to the Parliamentary Question earlier, over the past three years, 2020 to 2022, we approved about 200 GIP investors to be under the PR scheme. I would like to share with him and the House that 200 is over three years. As you can see, we are very selective about the GIP investors. The EDB evaluation process is very stringent and very robust. We will look at their economic commitments as well as residency commitments. As for his question on Singapore Citizenship, I can say that a very, very low percentage of the PRs under the GIP has been granted citizenship. I want to use this occasion to just elaborate on what I mentioned earlier about us requiring the GIP investor to submit documentary evidence and EDB mounting site visits to validate the numbers. I want to say that the PRs in GIP who do not meet the GIP economic and residency commitments as well as other renewable criteria will not have their re-entry permit renewed. I think all Members in the House would know this is serious because once your re-entry permit is not renewed, this means that when the GIP PR subsequently leaves Singapore or if he or she remains overseas without a valid re-entry permit, their PR status will lapse; they will lose their PR status.”
“I want to thank the Member Mr Yip Hon Weng for his two supplementary questions. He asked about the investment over the last three years. Let me give him the amount over a longer term. I have on hand, the numbers from 2011 to 2022, over an 11-year period. The GIP investors brought in more than S$5.46 billion in total business expenditure via direct investments. This is generating more than 24,000 jobs in Singapore. As of October 2022, GIP investors have also injected S$1.62 billion into approved GIP funds. Of this S$1.62 billion, the fund managers have deployed 87.2% and this translates to S$1.41 billion into actual investments. If I could provide a further breakdown – 65.6% of this S$1.41 billion, which is S$930 million, has been invested in Singapore-based companies. On the first question on sectors, I must say that GIP investors come from a wide spectrum of areas and sectors like technology, urban solutions and sustainability as well as financial services. I want to use this occasion to reassure the Member Mr Yip and the House that EDB conducts regular reviews to ensure rootedness by the GIP investors in Singapore and that they contribute to our industries, to our economy and to job creation. In fact, the GIP PRs are required to submit documentary evidence of the Singapore-based companies that they have invested in. In addition to looking through all the documentary evidence, EDB will also conduct site visits to assess the companies' business activities and the employment situation.”
“Mr Speaker, about 200 individuals were accorded permanent residency through the Global Investor Programme (GIP) from the years 2020 to 2022. Permanent Residents (PRs) under the GIP can join other new residents in Singapore in various integration activities organised by the National Integration Council (NIC) and partners. For example, the People’s Association Integration Council conducts the Heartland Orientation Trail to give participants an immersive experience of our heartlands and the Singapore way of life and help them understand and appreciate our local culture and norms. New PRs under the GIP are also able to tap on the Economic Development Board (EDB)’s networks to embark on philanthropic activities or contribute to community causes that benefit our society. All applicants for Singapore Citizenship, including PRs under the GIP, are assessed independently by the Immigration and Checkpoints Authority.”
“The Government will continue to work with enterprises to adapt and innovate for greater e-commerce potential.”
“Mr Speaker, the proportion of online retail sales has increased over the past few years from about 5.8% in 2019 to about 13.1% in 2022. This only includes sales done through retailers registered with the Accounting and Corporate Regulatory Authority (ACRA). The Ministry of Trade and Industry (MTI) does not track the expenditure made by Singapore residents on overseas e-commerce platforms. The retail industry has changed significantly with digitalisation and the growth of e-commerce platforms. With the shift to online retail, our enterprises can leverage on e-commerce platforms to access new customers locally and overseas. We have implemented a range of initiatives to help our businesses adapt and compete. Enterprise Singapore (ESG) supports companies in building their capabilities in data analytics and order fulfilment, getting on board e-commerce platforms, such as Amazon and Qoo10, and developing omni-channel sales strategies. With the help of e-commerce solution providers, we also support enterprises in selling their products on multiple overseas e-marketplaces, so that they can expand their customer base. For example, ESG provided targeted branding and strategy support to homegrown company Castlery in their expansion into the United States market in 2019. Today, Castlery's international orders account for more than 70% of its revenue, compared to 20% before the COVID-19 pandemic. In the global marketplace, it becomes even more important for businesses to differentiate their products and position themselves to serve customers better. For example, ESG supported homegrown company Skin Inc in developing a mobile app that provides customers with personalised diagnoses of their skin condition and recommendations of customised products.”
“I want to quickly also elaborate on the IFP that I mentioned because this offers our researchers, scientists and engineers, in fact working professionals, one year to one and a half years of formal and on-the-job training to help them develop entrepreneurial skills and since about two and a half years ago, since 2020, more than 90 fellows from academia and industry have onboarded, with many of them joining the deep tech startups and taking up technology commercialisation roles after completing the programme. Another one – let me touch on the Helix Immersion Programme. By year 2025, this programme will place-and-train some 100 fellows in bio-tech startups and companies and more recently, just last month, on 13 January, we launched the Deep Tech Talent Central and this is led by SGInnovate and supported by the private and public sector partners. This programme offers apprenticeship for students and mid-career on-the-job training programmes. So, I want to assure the Member that the Ministry of Trade and Industry (MTI) and our agencies will certainly continue to work closely with the industry, the universities and the stakeholders to follow up on this report to strengthen, boost and also nurture a vibrant and healthy talent pipeline for the growth and the future of our biotech sector.”
“I want to thank the Member Ms He Ting Ru for paying close attention to the report which was just recently released and allow me to quickly elaborate on how the Government will take action from the report in terms of boosting the skills and manpower in the biotech sector. Today, we have tripled the number of companies in biotech related areas compared to a decade ago. We have about 140 companies in Singapore involved in therapeutics, diagnostics, drug delivery as well as drug delivery tools. And to support the vibrant growth of this sector, as indicated in the report, we will continue to boost our talent pipeline all the way from the young university entrants, the entire spectrum to established researchers. I have highlighted some of the numbers about A*STAR PHD talent as well as the A*STAR scholars. We will continue to do so through targeted programmes and initiatives that build and support the sector's manpower needs. For instance, I mentioned briefly about STDR and this programme is about giving our scientists, our researchers opportunities to develop the skills and ability to fundraise in addition to their scientific talents, to commercialise and also scale up their business. The Member may be interested to know that between 2015 to 2021 STDR has funded 44 therapeutics projects over seven grant calls, of which 18 projects have been completed.”
“Mr Speaker, we expect the biotech sector to grow by 8% per annum and concomitantly, its manpower needs, especially for roles such as regulatory affairs and clinical project management. We are addressing the biotech sector's manpower needs in several ways. Firstly, by expanding the talent pipeline. A*STAR has nurtured a pool of 560 PhD-level talents for biomedical-related sectors to-date, including the biotech sector. In addition, we have a pipeline of 250 A*STAR scholars who are currently pursuing biomedical-related fields of study. The number of students admitted to biotech disciplines in our Autonomous Universities has grown from 1,200 in 2018 to 1,400 in 2021. Second, we are nurturing talents who not only understand the science but also have the capabilities to commercialise, to fundraise and to scale up their business. We do this through efforts like the SGInnovate’s Helix Immersion Programme and the A*STAR’s Singapore Therapeutics Development Review (STDR) initiative. There is also the Innovation and Enterprise Fellowship Programme (IFP) which has attracted more than 90 fellows since its launch in 2020 and has seen 50 deep-tech startups, accelerators and incubators participate in its pilot. Thirdly, we are supporting the industry's need for scientific talent through A*STAR's T-Up programme. T-Up is the Technology for Enterprise Capability Upgrading programme, which has seconded close to 70 researchers and scientists to 45 biotech-related companies.”
“One, they have strengthened their business continuity plans. They have also stepped up their supplier diversification and build up their inventory buffers to better prepare for any supply chain disruption. They shared that they have prepared for such scenarios because just like in the last three years, from time to time, as long as any province in China detect a COVID-19 situation, there will be a shutdown. So, they have prepared for such situations and they are fairly confident that they will be able to tide through this period.”
“Mr Speaker, I thank the Member, Ms He Ting Ru, for her supplementary question. Like I have mentioned in my main answer, we have studied the situation very closely and in fact, since a few months back. The current COVID-19 situation in China is still unfolding – like what Minister Ong Ye Kung and Minister Iswaran mentioned in their Ministerial Statements yesterday – as China continues to take steps to open their borders and transit to a new normal. MTI and all our economic agencies, including EDB, which is working with MNCs, with suppliers, with partners in China, as well as Enterprise Singapore working with Singapore companies with operations in China and also suppliers in China, we are working very closely with the companies via EDB, Enterprise Singapore and also the industry and trade association. Our sensing is, at this juncture, we are not expecting any major sustained, disruption in the supply chain of goods from China to Singapore. However, in the short term, that could be some localised disruptions in China's production capabilities and supply chains. Let me share a little bit more. For example, we work very closely with companies with suppliers and operations in China and they shared with us that as they look into 2023, and as they look at the situation unfolding in China, they do not anticipate any major supply disruptions in China. Our key imports from China includes electronics and that is not disproportionate to the world. Electronics, machinery, metals and metal products, which are primarily used by the businesses in manufacturing and construction sector. Since early 2020, we have been working with these two sectors – in fact, with many other sectors – to future-proof themselves against supply chain disruption risks. They have done a few things.”
“Mr Speaker, the COVID-19 situation in China is currently evolving. While we do not anticipate any major sustained disruptions in the supply chains of essential goods to Singapore, in the short term, we may see some localised disruptions in China's production capabilities and supply chains. However, over the past few years, companies in Singapore have strengthened their business continuity plans as well as supply chain resilience plans, and we encourage them to continue doing so, to mitigate supply chain disruptions.”
“It is not just the item itself. It is also unit prices. This feature came about because we hear a lot of feedback from fellow Singaporeans, about the need to understand the price changes for a unit of a product. This feature helps the consumer to distinguish and compare the per unit value of pre-packaged products of different brands and similar products of differing quantity, volume or packaging. MTI and CCCS will continue to work closely with the CASE team to continue to strengthen and enhance the Price Kaki app to empower our fellow Singaporeans to make informed purchasing decisions.”
“Mr Speaker, I want to thank Ms Foo Mee Har for her supplementary question. I will respond in two ways. One, I want to say that the Ministry of Trade and Industry (MTI) monitors the prices of essential products and services via one of our agencies called the Department of Statistics (DOS). We keep a very close watch on the prices of essential goods through the Consumer Price Index (CPI). We review and share the CPI survey regularly. The CPI is compiled by DOS and measures the average price changes of a fixed basket of consumption goods and services commonly purchased by resident households over time. Another important thing that is quite different this round as compared to 2007 to 2009 when we last stood up the CAP, is that we have the Price Kaki App. MTI and the Competition and Consumer Commission of Singapore (CCCS) have been working very closely with CASE, in particular, since a few years ago and especially in the last one year, to further strengthen Price Kaki. I am happy to share with Ms Foo and Members of the House that today, consumers can use the Price Kaki app, developed by CASE, to compare prices of more than 10,000 supermarket items and more than 37,000 cooked food items from food courts, hawker centres and coffee shops. At the touch of a button, you will be able to see the items within your vicinity and you have choices. This is really what we want: free market competition and for consumers and fellow Singaporeans to have a wide range of choices. The Price Kaki app will allow our fellow Singaporeans to make informed purchasing decisions. I am also happy to inform Ms Foo that recently, on 1 January this year, CASE added a new function on the app, which allows our consumers to view and compare the unit prices of more than 1,200 grocery items.”
“Mr Speaker, the role of the Committee Against Profiteering (CAP) is to review and investigate feedback on unjustified increases in the prices of essential products and services using the the Goods and Services Tax (GST) increase as an excuse. The CAP will continue to review all feedback received and will engage businesses, where necessary, to address the issue. The CAP is prepared to publicly highlight egregious businesses which persist in GST misrepresentation. The CAP works with various partners to reach out to businesses to guard against GST profiteering. Businesses are encouraged to be transparent in their communication on price adjustments. The Consumers Association of Singapore (CASE) publishes best practices on price display and communication. The Inland Revenue Authority of Singapore (IRAS) has recently issued an advisory for businesses which need to adjust their prices, on how they should communicate their reasons for price or fee adjustments to consumers. Our trade association partners have also been guiding their members in clearly communicating any price adjustments. For instance, the Federation of Merchants' Associations Singapore (FMAS) and the Heartland Enterprise Centre Singapore (HECS) have conducted extensive outreach and walkabouts in coffee shops, in Housing and Development Board (HDB) shops and hawker centres to remind their members of the need to be transparent about their pricing. Consumers can also report potential instances of GST misrepresentation to the CAP via three methods: the CAP's online feedback form, the hotline, or at any of our 112 Community Centres.”
“Mr Speaker, I want to thank the Member Ms Carrie Tan for her supplementary questions. In fact, CASE works closely not just with CCCS but also with SPF. Together, CCCS and CASE do monitor, for example, sector by sector, including by company, whether they are receiving feedback for certain misrepresentations and we will follow up accordingly. First, CASE, to represent them to negotiate or mediate and then, if need be, escalate to CCCS for further investigation. Let me share with Ms Carrie Tan that as far as CCCS is concerned, for example, we can even follow up with the business to enter into a Voluntary Compliance Agreement (VCA) with CASE. If we feel that there are reasonable grounds to believe that the supplier/business has engaged in an unfair practice, we will ask the company to enter into a VCA. This is serious because this includes an undertaking that the business would not engage in the unfair practice and would also require the business to compensate any consumer who has suffered loss or damage as a result of the unfair practice and, in fact, we will require them to indicate that in the invoice that they issue to their customers. Let me also share with the Member that as we investigate each case, even as we take a case-by-case basis, there are a few considerations. For example, one, the strength of evidence obtained in the investigation, whether there is sufficient evidence for CCCS to prove on the balance of probabilities that the business has engaged in unfair practice. Another consideration is the extent of consumer harm that is caused by this business' alleged unfair practice. Third is the egregiousness of the business conduct and so on. There may also be public interest concerns. So, all these are taken into consideration comprehensively and also seriously.”
“Mr Speaker, I want to thank the Member Ms Yeo Wan Ling for her supplementary questions. I am very heartened to hear that in her constituency, her residents are supporting one another's home-based businesses. I would like to clarify that home-based and micro businesses are subject to regulations like any other businesses and these businesses need to be registered with ACRA. That is an important clarification. And in the unfortunate event that the transaction goes south, like what the Member described, consumers may approach CASE for assistance to seek redress from the errant home-based businesses. Let me give the Member a quick example. For instance, if the consumer senses that the home-based business is engaging in unfair practices, such as misrepresentation, they can approach CASE and CASE will then take in the details of the transaction and provide advice or help to negotiate on behalf of the consumer or mediate and determine if it should be escalated to CCCS. I want to assure the Member that CCCS, which is an agency under MTI, can and has the power to investigate egregious home-based suppliers under CPFTA.”
“Mr Speaker, the Consumer Protection (Fair Trading) Act, or CPFTA in short, protects consumers against unfair practices that all suppliers, including home-based businesses and micro businesses, might have engaged in. Misrepresentation of goods and services constitutes an unfair practice under CPFTA. Consumers may approach the Consumers Association of Singapore (CASE) for assistance in seeking redress from suppliers. CASE can represent a consumer to negotiate a settlement with an errant supplier or mediate between a consumer and an errant supplier. If negotiation or mediation fails, consumers may file a claim with the Small Claims Tribunal or seek other forms of legal redress. In egregious cases, CASE will refer errant suppliers to the Competition and Consumer Commission of Singapore (CCCS) for investigation under CPFTA. CCCS may then apply for a Court injunction to restrain the supplier from engaging in the unfair practice. The Courts may also make accompanying orders, which include requiring the supplier to notify consumers of the injunction order and to report to CCCS any change to its business, such as a change in address.”
“I want to thank Mr Edward Chia for these two further points. Therein lies two points: one is in terms of the IT factor that I talked about. I have explained that based on the current system, SP only has sight of the energy usage by the master account. In order to address this, they are looking at the feasibility of undergoing system enhancements and that will have system-wide implications and so they need time to do an evaluation. In the meantime, whether you are the landlord holding the master account or you are the tenant, large or small, holding the sub-account, there needs to be a spirit of fairness and transparency, as you negotiate the conditions for the sharing of the revenue. I want to assure the Member that we take this very seriously. MTI and EMA will review any feedback and if there is a case in point, we certainly will follow up with the relevant master and sub-account holders, to make sure we facilitate a discussion. In the meantime, we will work with the relevant trade and industry associations and all stakeholders to promote industry-led sharing of best practices.”
“As this system-wide enhancement requires very massive, system-wide changes to the existing IT infrastructure, I seek the Member's understanding that they would require some time to make a proper and comprehensive assessment and to implement the necessary changes. In his second question, the Member mentioned a code of conduct. I think he is alluding to the one by Fair Tenancy Industry Committee (FTIC), which applies to the retail premises. The Code of Conduct for the Leasing of Retail Premises in Singapore, developed by FTIC sets out key leasing principles to enable fairer and more balanced lease negotiations for the retail premises. Where it concerns retail premises, if there is any feedback, MTI and Enterprise Singapore will refer the feedback to the FTIC for review and incorporation into the Code of Conduct. So, in the same vein, we encourage all the parties in this case – whether landlord holding the master account or tenants holding the sub-accounts – to be very fair and transparent as they negotiate and undertake their commercial agreement. We are committed to supporting industry-led efforts to promote best practices.”
“Mr Speaker, I would like to thank Mr Edward Chia for his two supplementary questions. I want to assure him that MTI and EMA work very closely with MSE. We are very committed to encouraging our households as well as businesses to accelerate and catalyse solar energy adoption. On his first supplementary question, sub-accounts can sell their excess electricity through the master account. But that is after fulfilling their own energy demands as well as the aggregated onsite demand of the master account and other tenants. The sub-accounts will need to enter into commercial agreements with the master account to share the revenues accordingly. We have been advocating to various stakeholders and industry developers – whether they are landlords holding master accounts or tenants holding the sub-accounts – to be fair and to be transparent. Because of the arrangement that I have talked about, SP Services would not have sight of the energy consumption of the tenants. Imagine we are talking about Landlord A holding the master account and he has five tenants holding five sub-accounts. SP Services would only have sight of the master account. Because of that, only the landlord's master account can export excess solar energy to the grid and be paid via the ECIS. So, to address, Mr Chia's first question, MTI and EMA are working with the SP group on the feasibility of an IT system enhancement to enable the master accounts or the sub-accounts with solar panels installed on their buildings to be paid accordingly, based on the excess solar energy that is exported to the grid.”
“Mr Speaker, the Enhanced Central Intermediary Scheme, or ECIS, allows contestable consumers with small solar panel systems, that is, less than 10 Megawatts of Alternating Current, to sell their excess electricity into the wholesale electricity market through SP Services as an intermediary. Sub-accounts can do so through the master account, after fulfilling their demand and the aggregated onsite demand of the master account and other tenants. The sub-accounts will need to enter into commercial agreements with the master account to share revenues from the sale of electricity to the grid. While there are no specific rules or regulations governing such commercial agreements between the master and sub-accounts, the Government encourages all parties to be fair and transparent, and we support industry-led efforts in promoting best practices. The Government will also continue to review ways to incentivise and promote more solar adoption, including co-creating solutions with private developers and industry players, as well as working with stakeholders to address regulatory challenges and maximise solar energy adoption in Singapore.”
“I want to assure the Member Mr Yip Hon Weng and also the House that MTI and EMA will continue to review and consider all areas where our market structure can be enhanced to better deliver the outcomes of energy security, energy resilience, energy reliability and affordability for consumers as well as our businesses.”
“Mr Deputy Speaker, I want to thank the Member Mr Yip Hon Weng for his two supplementary questions. I want to assure him that MTI and EMA are very mindful that the enhancement could lead to higher regulatory costs and, to mitigate this, I want to assure him and the House that we will implement the measures in a very calibrated way by balancing the cost burden while ensuring that electricity remains affordable to our consumers, households and businesses. And how this is being achieved will become clearer when the details of the enhancements are released. Meanwhile, despite the increased Government involvement, I want to assure the Member Mr Yip Hon Weng that the electricity market will largely remain liberalised and competitive. Yesterday, Second Minister Tan See Leng spoke about the guardrails that we are erecting in the power generation, gas supply and electricity retail markets. And these guardrails are intended to ensure that our energy market continues to function well even under volatile conditions. So, our recommendations, for example, for a very structured process in the generation segment will allow EMA to better coordinate the investments in new generation capacity. This is important for two reasons. First, to minimise any risk of oversupply for generation companies, or gencos. In addition, this will also give greater assurance to the gencos to make investments in new capacity. Furthermore, for EMA, as the provider of last resort, there will be greater assurance of adequate generation capacity to meet demand.”
“EMA will be consulting the industry and the public on the details of these proposed changes in due course. We plan to implement these enhancements progressively from 2023 onwards.”
“Mr Deputy Speaker, I thank the Member for his question. Second Minister for Trade and Industry Tan See Leng has explained at length in his reply yesterday the safeguards that we intend to put in place to manage the risks of volatility in our energy market. Allow me to broadly recap these measures. First, the Energy Market Authority (EMA) will introduce a centralised approach to facilitate investments in new generation through a competitive tender to ensure that we continue to have sufficient generation capacity in time to come. Second, EMA will institutionalise some of the emergency measures that we had introduced late last year in the wake of the global energy crisis, as permanent features of our market. These are regulations requiring our gencos to maintain sufficient fuel for power generation and the standby fuel facility to guard against risks of gas supply disruptions. EMA will also be working with the industry to explore ways to aggregate gas procurement and obtain longer-term, more secure contracts. These measures will help to safeguard energy security and enhance the resilience of our natural gas supply. Third, EMA will also enhance the regulatory requirements imposed on electricity retailers, to ensure that they are sufficiently prepared and better able to withstand market volatilities. EMA will also look into tightening the eligibility criteria for consumers on Wholesale Electricity Price plans, so that only the larger consumers who are better equipped to deal with the risks of price volatilities would be allowed to enter into such plans. Collectively, these measures will bring about a stronger and more secure power system, so that residents and consumers can continue to look forward to a stable and reliable supply of electricity for years to come.”
“As we do so, it will help us to design the infrastructure that has three very important attributes. We need an infrastructure that is safe, land-efficient for the storage of the hydrogen and also scalable. In developing our long-term infrastructure development plan for hydrogen, we are very mindful to keep our eyes and ears on the developments globally on what is the emerging technology in this area that is cost-effective and safe, and to strike a very careful balance between the speed of the rollout and the cost.”