S Iswaran
Singapore
“The Maritime and Port Authority of Singapore (MPA) has incorporated the requirements of the International Maritime Organization (IMO) 2020 regulation in its Prevention of Pollution of the Sea (Air) Regulations 2022. The Regulations are applicable to Singapore-registered ships and all other ships while they are in Singapore waters.”
“The Maritime and Port Authority of Singapore (MPA) plans to progressively roll out the charging infrastructure for electric harbour craft operations in the Port of Singapore from 2025.”
“Since 2018, the Land Transport Authority (LTA) has imposed minimum bicycle parking provisions covering different types of developments. The requirements are determined by multiple factors, including the developments’ use, location and gross floor area (GFA).”
“I had addressed similar Parliamentary Questions by Mr Gerald Giam on 29 November 2022 and 10 January 2023, as well as in my Ministerial Statement on 8 May 2023. The Member can refer to these past answers and statement as there has been no material change in the allocation of Certificates of Entitlement.”
“To encourage the uptake of electric cars, the Government has rolled out the Electric Vehicle Early Adoption Incentive and enhanced Vehicular Emissions Scheme. When taken together, it provides up to $45,000 off the Additional Registration Fee of an electric car upon registration.”
“The Land Transport Authority studies all potential changes to the Certificate of Entitlement (COE) system carefully, including conducting sensitivity analysis where appropriate.”
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“5 million in such an HPP machine. This machine will be located in Jurong, where there is a concentration of food manufacturing companies, and it will be ready by the fourth quarter of this year. Food manufacturers will be able to use the machine on a pay-per-use basis. The ITM also aims to help companies collaborate on innovation with initial focus on MNC-SME projects. Montreux Patisserie, a local bakery, has partnered Unilever Food Solutions, for example, to develop new flavours and products. SPRING has started a Food Innovation Cluster (FIC) Workgroup so that our companies can spawn more of such partnerships with global food innovators and corporate accelerators. As Mr Charles Chong has emphasised, such resource pooling, whether it is in terms of equipment or R&D effort, can help raise productivity and lower business costs. However, resource sharing is still a relatively nascent idea for local food manufacturers, and it is important that our business owners be open to such novel business arrangements if we are to succeed in industry transformation. ITMs also seek to ensure that regulations do not hinder innovation and transformation. MTI and SPRING, for example, commissioned their review of food manufacturing regulations and the preliminary findings indicated that there is a growing industry interest in novel food ingredients, such as those produced by novel processes or from non-traditional sources. But there is a need to establish and communicate a regulatory pathway for such novel food ingredients. That is something that is now under regulatory review actively by the Government. If I can pool some of these ideas together, Aalst Chocolate is a company that exemplifies the enterprise transformation that we seek through these ITMs.”
“The ITMs integrate the Government policies and initiatives and promote collaboration among industry stakeholders to achieve transformation and growth through productivity, skills development, innovation and internationalisation. Four key planks. SPRING is the lead agency for food manufacturing and they work with Government agencies and industry stakeholders to develop the ITM. The goal is to develop Singapore into Asia's leading food and nutrition hub. There are quantitative targets to galvanise the efforts to realise this goal. The aim is to grow our food manufacturing sector's value-add (VA) by 6.5% per annum, overseas income by 8% per annum, and productivity by 4.5% per annum, by 2020. These are, as Members would have acknowledged, quite ambitious targets, especially when we compare with other sectors and historical paths. Ninety-eight percent of the almost 850 food manufacturing enterprises in Singapore are SMEs. The SMEs have been actively involved in the development of the ITM, which also aims to address their needs. For example, many SMEs found the cost of R&D and technology adoption prohibitive because they lack scale. Therefore, one component of the ITM is to build a network of shared infrastructure to increase productivity and create co-innovation opportunities. One such shared resource is the high-pressure processing (HPP) tolling facility. Food in its final packaging is subjected to high levels of pressure to extend shelf life. The smallest of such machines cost about $800,000, which is not cost-effective for an SME to purchase for its exclusive use. For example, a typical small juice company with an annual production volume of 40,000 litres, would need such a machine for only about four days in a year. So, SPRING will be investing at least $1.”
“Secondly, it is also important for our people to deepen their skills, and companies to transform by building capabilities for higher levels of productivity, innovation and internationalisation. And I will elaborate on this aspect. ITMs are a key mechanism to build enterprise capabilities and transform sectors. Ms Sun Xueling suggested deeper engagements with corporates, Mr Leon Perera enquired how we could involve the private sector more. I want to use the food manufacturing ITM which was launched in November last year, as an example to address these questions and suggestions. Mr Chairman, may I have your permission to show some slides?”
“Mr Chairman, I want to thank all the Members who have spoken on the MTI debate so far. At the debate on the Budget Statement, I emphasised that we need to gear up our economy and our enterprises so that they can seize the significant opportunities presented by the growth of Asia and the rise of the middle class here. So, I want to now elaborate on the work that MTI and our agencies are doing towards that objective. The backdrop, as many Members have observed, is a confluence of political, economic and technological trends that is quite unparalleled in recent times. As many Members have emphasised, anti-globalisation and protectionist sentiments appear to be gaining momentum in the US and Europe. Global trade and production patterns are changing and the value chains are being reconfigured. Technological advances are disrupting business models and changing the nature of jobs. It is increasingly harder to anticipate which sector, enterprise model or job type will be the next to see a major transformation. For example, the impact today of Uber, the sharing economy and fintech was not fully appreciated as recently as five years ago. We expect more industries to be "Uberised", but we cannot be sure which ones, when and to what extent. Given such uncertainty, the most durable strategy is to focus on the fundamentals that will keep Singapore relevant to the world and its needs. This is why CFE has emphasised two basic points, Openness and Capability. Strengthening these fundamentals is the surest way to prepare Singapore for the future. Minister Lim has already explained how Singapore and how we are growing and showing that Singapore remains connected to the world and open to trade, investments and talent.”
“Big banks and other funds, when they typically do financing for infrastructural projects, they do project financing, but they need big ticket numbers, they need a billion dollar project and above because it does not justify the level of work. So, the easy way out when you are dealing with smaller companies, or the one way to mitigate the risk, is to say I need personal guarantees and corporate guarantees, which immediately shackles the company in terms of how far it can go. So, we have tried to come in with this scheme. This is after consultation with all the key players − the banks, the industry, companies and so on. And we will have to see whether it takes off, how successful it would be and whether there is a need to recalibrate.”
“In Israel, is it a scale-up nation and how far do they go in scaling up? In fact, I think the Israelis themselves will tell you that this is one of their main focal points − how do we get our companies to scale up − because that creates the next level of depth in the economy and the capabilities that we seek. As for funding needs, my general point would be this. I have never been in a conversation where companies or enterprises tell me that funding is completely met because the need is always there, there are different kinds of needs. You have a spectrum of funding providers in the market, whether it is Government schemes and grants, obviously, and then Government-supported schemes, whether it is venture capital, angel funding and so on. And it goes right through to private equity and then larger scale and, of course, you can then tap public markets, and now we got a lot more crowd-funding platforms. So, actually, there are a lot of mechanisms available but there will always be mismatches or gaps because the needs and the market situation keep changing. And that is why, ultimately, what is required is not so much about Government intervening by providing the lending solution per se, but it is to keep track of the situation, understanding whether this is a regulatory impediment, or a market failure, or is this because we are not getting the relevant players around the table to understand the issues and then deal with it. A case in point is what we are doing with the infrastructure financing I elaborated on, because for the smaller businesses in the infrastructure space, this was a real issue.”
“But at the end of the day, the take-up rate rests with the individual companies. Minimally, you have to make the effort to find out what it is that is available, what are my needs, where is the match, and how do I get it. And you do not need to do it alone because we have the SME Centres. Even our economic agencies are prepared to work with them. As for the rate at which we get globally competitive companies, if I may draw Members' attention, in the Economic Review Committee report, there was a goal to have 1,000 companies that cross the $100-million turnover mark by the end of this decade. That was an important directional goal because it is to set a sense of the scale of ambition that we have, and it is something that we continue to monitor. I would say that on balance, we are on track to getting there. Whether we will actually hit 1,000 or not, I think it remains to be seen, because there are many factors beyond our control. But the general directional push is very clear and we have in fact seen that grow. But let me make one other point. Ultimately, whether we end up having a local enterprise that becomes a global champion, again, cannot rest just with the Government, because we have many instances where companies grow and when they reach a certain stage, they get a very tempting offer from either a fund or some larger company and they sell out. Do we then say that our effort has failed or do we say then that, well, this is the realities of the market and we have to live with it because there will be some of this development? In Israel, for example, they are known as a startup nation because they generate tremendous amount of knowledge which generate in many startup companies. But ask yourself the question.”
“Deputy Speaker, I thank the Member for his range of questions. If I may take the last one first. If somebody becomes an entrepreneur because he wants Government schemes and support, then that is probably the wrong starting point, if I may respectfully suggest. I think the starting point for any entrepreneur is really in deciding that he or she has a strong value proposition, a passion to grow something and then, they go out there and make it happen. Indeed, we have many outstanding examples of entrepreneurs who have done exactly that. Along the way, yes, they benefit from certain Government support schemes. But I think we should not put the cart before the horse. The Government cannot mandate entrepreneurship. We cannot force entrepreneurship. It has to come from the individuals who have the motivation to make it happen. Our schemes can enable but they can never be a fool-proof support system for this. I think the other points that the Member has made − what are the results of the various schemes? We track them. If there is one thing that we do rigorously is that we track the take-up rates, the outcomes, the key performance indicators (KPIs) associated with any programme that we introduce. But I would say that the Member raised the point − how many take up the scheme, how many globally competitive companies were created, and so on. So, let me take a couple of those points. How many take up the scheme? We can initiate the schemes. We can create channels and make it easier for companies to find out about the schemes. We have got SME Centres. Mr Thomas Chua will tell Members that the Singapore Chinese Chamber of Commerce and Industry has got one of the most active SME Centres in Singapore, and we find a plethora of ways of communicating.”
“And so, we look forward to working closely with the trade associations and chambers, and the unions to ensure that we have a diverse enterprise eco-system, from startups to SMEs, to large local enterprises, to multi-nationals − we have a thriving SME community, and an economy that is rich with opportunities. Thank you, Deputy Speaker. [Applause]”
“These measures are an illustration of the Government responding with a more targeted response and support for SMEs and other businesses. It is a complement to the broad-based measures we already have in place, in response to the varied needs in the economy. And importantly, it is one aspect, even as we look at the longer term challenge and how we need to gear up for that. Mr Deputy Speaker, Sir, if I can summarise, we have significant opportunities before us. But to seize them, we have to invest in the capabilities of our economy, of our people and our enterprises, and especially so, with our SMEs. The most durable solution really lies in moving up the value chain, innovating, offering products and services that others are not offering, and adopting methods and techniques that will allow us to close some of the big gaps in productivity that we see when compared to international best practices. As for the Government, we are resolute in our support, through broad-based and targeted programmes, to help our SMEs make the transition successful. We do not engage in the art, or perhaps, Mr Perera thinks it is the science of picking winners, but we will support companies that are prepared to make these important transitions because they see the benefit and they are prepared to take the important steps to move the organisation. In all of these efforts, the SMEs would be our central focus. Ultimately, creating a vibrant, competitive industry with strong capabilities is the surest way of ensuring success of all our businesses, including the SMEs.”
“I know that this is an area of concern. It comes up in many of our industry engagement exercises. But the reality also is that industrial, retail and office rentals have all deep fallen, and they fell in 2016 as well. And we, on our part, will continue to maintain a steady pipeline of industrial land and space to ensure that there is competitive pressure in the market and rentals remain affordable. So, let me put it together to say that we have not introduced further broad-based measures because they are not quite warranted and properly not even appropriate for the circumstances that we are in. But have sustained what we already do − in some cases, extended down − and at the same time, put in place additional customised support for specific industries because of the circumstances that are quite divergent. As many Government leaders have said, we will continue to track the situation closely and to intervene where necessary. So, if I can just give you an example − Marine and Offshore Engineering sector. Last December, we introduced the bridging loans and international finance scheme. It is not a panacea; it is not going to prevent consolidation which will occur to some extent in the industry. But what it will do is help address some of the liquidity issues that some of the strong companies are facing and potentially, also help them get financing for expansion when they go for new projects overseas because there was a general tightening for financing in the sector. Another example is in the construction industry. It has been weighed down by the property market slowdown and economic uncertainties but we are bringing forward $700 million of public sector infrastructure projects which will start in financial year (FY)2017 and FY2018.”
“For example, lower oil prices ‒ and some might argue that this might be a permanent shift ‒ have changed the demand patterns for the marine and offshore industry. It does not mean that they cannot do business, but they may have to adapt and also look at new opportunities. The retail industry is going through a major change because of disruptive technology, in particular, e-commerce. In fact, the adoption of e-commerce in Singapore is at a lower rate, compared to many markets around the world. So, if anything, the challenge is going to get greater, not lesser. It would really be quite futile for us to argue that we should resist such an overwhelming system level change, which, in fact, in aggregate, will bring benefits to consumers through businesses that respond to it and adapt to it and to the economy as a whole. Having said that, I think we are very clear that we recognise that there are immediate challenges that our SMEs are facing and we will continue to provide certain forms of short-term relief where they are necessary and through the system of broad-based support that we have built up over the years. One example is the Wage Credit, the Special Employment Credit and the extension of the additional SEC in this Budget to end of 2019. Collectively, this is about $1 billion in cash pay-outs to businesses in March this year. It is no mean sum. It is a significant outlay from the Government to alleviate some of the cost pressure on our businesses. Also, in terms of liquidity, we have introduced the SME Working Capital Loan in 2016, which has basically catalysed about $700 million in loans to about 4,300 SMEs. If you go beyond that, and you look at the broader pattern, I think there was some reference to rental and other business costs.”
“But they have been involved in a major effort in terms of launching electronic container trucking system and they want to track the movement of their trucks, and it is going to enhance their supply chain and how they introduce efficiencies and the way they deploy their fleet and so on. This is an initiative that the CDAS came up with. They worked with SPRING Singapore and they got this executed. We want to see more of this because they understand the need, their members tell them what their issues are, we can appreciate that there may not be enough resources, but that is where we come in and may complement. Similarly, Singapore Logistics Association (SLA) has made initiatives in terms of going into a new market overseas and how they can help smaller businesses do that and also in the training of our workers. So, I hope Members would agree with me that there is actually no lack of Government resolve or resources that are available to support our companies, especially our SMEs, make the transformation. But I know that there is a view ‒ and I think many of us have echoed that sentiment here ‒ that the current reality is the issue. We have challenges because of the cost and the pain and so on. The reality is also that the economic situation is variegated. You have sectors like electronics that grew at 15% last year. You have a sector like transport and storage that grew by 2.3% last year. You have a sector like marine and offshore engineering that has contracted for nine successive quarters. How do you come up with a programme that is supposed to help SMEs in all of these, beyond the measures that we have already undertaken? So, these variations are there because the different sectors face diverse cyclical and structural challenges.”
“Because if the Government backs a company, it goes with whatever initiative, and then the initiative goes south, and then Government decides that it is going to withdraw the support, I think we can anticipate the kind of debate we would have and, indeed, the kind of questions that Mr Leon Perera will then pose on "Why did you do it in this way? Why did you waste your funds here?" or "Why did you withdraw your support?" So, I think we have to have a sense of perspective and balance. The Government is an important enabler. The Government is taking a view on certain industries and directions that we want to go. But, fundamentally, what we are trying to say is this: you are in an inherently more uncertain environment. Therefore, the emphasis on the broad range of capabilities that I have outlined and the broad scheme of measures that we have, are going to be the key platforms to raise the industry as a whole. Sure, the companies that are prepared to move further and go faster will receive more support. But that does not mean that we are picking winners. The winners are picking themselves and adapting to our schemes. I want to emphasise that the impact of such schemes is really significantly amplified when we can get a collaborative effort going. That is why we have stressed the role of trade associations and chambers. We do not want to substitute business judgement or trade associations' and chambers' assessment of market conditions with bureaucratic views. We want it to be a complementary exercise. One example I want to just share with Members is the logistics industry. Container Depot Association (Singapore), or CDAS − probably not something that many Members are familiar with.”
“The SMEs can tap on these, whether it is SkillsFuture initiatives like the SME Talent Programme, SkillsFuture Mentors Scheme, and the SkillsFuture Earn and Learn programme. I have taken Members on a tour of the kind of things that we are doing with our companies. Sometimes, the criticism is "Oh, it is all too complicated and so on". It is not so much that there is too little, but there is too much and too variegated. Even on that score, our agencies have worked on how we can make Government support more accessible to SMEs. So, they have got the Business Grants Portal, SME Digital Technology Hub and the new Intellectual Property Master Agreement. But let me cut to the chase. If you are an SME, you have a need in these areas, go to an SME Centre or go to one of the economic agencies. There is no wrong door. They will help you navigate and sort it out. That is a backend issue. The key point is we have this plethora of support. So, I am surprised when Mr Leon Perera earlier said that we have missed an opportunity to strengthen local enterprises. I have just given Members a complete ‒ and this is not an exhaustive ‒ list of the various initiatives that we have undertaken. So, how is it a missed opportunity? Perhaps, the key point the Member was trying to make is that the Government should get into the business of picking more winners, because I think the Member described it as a bold initiative. Go in there, back a company. If it fails or does not meet up to expectations, pull out. It is an interesting idea, but Mr Perera has omitted important details and how we would execute this and why the Government would be the right party to do this.”
“In other words, this may be in our research institutes, and SMEs cannot afford to have it on their own, but they can go in there and use it under certain arrangements. The Headstart Programme, where A*STAR allows SMEs to enjoy royalty-free and exclusive IP licences for up to 18 months until recently. With this Budget, it has now gone up to 36 months. The fourth point is on capability development. The SMEs can tap on this grant ‒ Capability Development Grant ‒ for larger scale projects. So, if it is automation, there is the Automation Support Package, and I think Members are familiar with the scheme that was introduced last year. There is also the Innovation and Capability Voucher. Importantly, the point I want to stress is, we have what we call the Partnerships for Capability Transformation. This is where SMEs collaborate with big companies in order to develop new capabilities. This is key, because many of our SMEs are an integral part of a cluster. They work with the core company ‒ a big player ‒ international, local or foreign. And the SMEs' capabilities reinforce the competitiveness of the cluster as a whole and its sustainability in our environment. Many Members have talked about the Go Digital Programme. I do not propose to elaborate on it other than to observe that this is, again, a key plank. Big companies do not need a Go Digital Programme. It is the SMEs that need it, and that is why we are doing it. In total, we have about $1.5 billion of grant support for such capability development of SMEs. Finally, a word on skills. We are making significant investment in developing the skills of our people. Members are very familiar with this through SkillsFuture.”
“The constraint today is that, if you are a small business going in for a $50 million or $100 million project in the region, you will have to tie up your resources either through personal guarantees or corporate guarantees, and it limits your ability to take on new projects. This scheme is targeted to help our businesses do more and do it in an effective way. Over the next five years, we expect to catalyse $600 million dollars in loans, which will probably correspond to about $1 billion in infrastructure projects. And I am talking here about the small businesses, not the big players. Thirdly, on innovation. We want SMEs to create new products and services ‒ that is what they want to do as well ‒ to differentiate themselves in the market, but they are constrained by resources that are available. I think several Members talked about this earlier. So, we have a range of schemes. One is to help SMEs commercialise intellectual property through our network of Centres of Innovation, and a substantial amount of funding has been committed, about $100 million for this. And to help them build up their innovation capabilities, we also have the secondment of our public sector researchers through our SMEs. They go there, they help them come up with their research and development (R&D) blueprint, and they also, in many cases, end up joining the SMEs, sometimes to the chagrin of the research centre's director. But, in general, we are supportive of this because it is an important productive flow of talent between the public and the private sectors. In this Budget, there are two specific ideas which have been mooted and pushed out. One is A*STAR's Tech Access Initiative. Basically, it is to help SMEs access the more costly specialised equipment and to also get training and advice.”
“But they have to go into newer and more risky markets. In general, we are trying to help them to take that move forward. I want to stress here that the Government can be an enabler, but we cannot make the decision for the company. But once a company makes the decision ‒ the leadership and the people ‒ we can support them in the effort. In this Budget specifically, there is a $600 million International Partnership Fund. It is a co-investment effort with firms as they expand overseas. In other words, beyond loans and financial assistance and grants, the Government is prepared to come in through equity as well. This is an important commitment on the part of the Government, and we are putting our money where our mouth is, quite literally. Secondly, financing. The Government has a suite of loan programmes which will collectively catalyse $5 billion in loans up to 2020. I do not want to get into a laundry list, but it includes, for example, the SME Equipment and Factory Loan, which is for expansion overseas. So, if you are going overseas, you have done your market studies, you have decided you want to go, but there is capital expenditure (capex), this scheme helps you. You have got to make the move. The MAS has also recently reviewed regulations that will enhance the ability of finance companies to provide financing to SMEs. I mentioned earlier the infrastructure sector. In this Budget, the specific announcement was on the Internationalisation Finance Scheme for Non-Recourse Financing to help SMEs participate in these opportunities. This scheme is designed to encourage financial institutions to provide non-recourse loans to SMEs once projects move into the post-construction stage, so that SMEs can free up their balance sheets to take on new projects.”
“Second, to stay competitive by supporting capability development, both to innovate and to raise their productivity. Third, to develop deep skills in our workers. In all of these efforts, the primary focus and beneficiaries are our SMEs. I want to emphasise that. They are the primary focus and beneficiaries. And this is for good reasons. Firstly, they are of a significant part of our economy. They account for about half of our GDP, two-thirds of employment. If you are really going to effect change and transformation in industry in the economy, the SMEs are key change agents. They have to accept the reality, embrace the change and be change agents. Secondly, individually, SMEs often lack the scale to make the investments that are necessary to cope with the changes taking place and to benefit fully from the technologies that we are talking about. Finally, we also believe that SMEs are a key engine of growth for the future in Singapore, and integral to the competitiveness of our economic clusters. As they scale, SMEs will create more opportunities and jobs for Singaporeans. So, the Government is resolute in our commitment to help our SMEs make this transformation successfully. Large companies do not necessarily need this breadth and depth of support. In fact, it is the small companies that need them. Let me outline five areas in which we are actually delivering this support. Firstly, internationalisation. If you are a company taking the first steps towards internationalisation, you can tap on International Enterprise's Market Readiness Assistance and Global Company Partnership Scheme, and so on. It has about $40 million in grants. Essentially, the aim is to help our businesses go international. Some are taking tentative steps, others are a little bit more experienced.”
“That is why in the CFE, we have emphasised the importance of enabling our companies to harness digital technologies and platforms. Some companies have already made the move. I can just give Members one example from a somewhat traditional sector − HipVan. It is a company in the furniture business but they have inverted the traditional furniture business model by going online. Customers transact with them over the Internet and then they work through logistics and delivery, and this is a new model for this company, quite different from what we understand to be furniture businesses. So, companies are already moving and similarly, we are seeing good collaborative initiatives from big players and others coming on board. For example, just today, Singtel, which is a co-founder of the 99% SME movement, announced a partnership with Lazada to set up an SME e-marketplace. That will help SMEs step into a wider online customer base. I can go on and give Members many other examples, whether it is in advanced manufacturing and Internet of things, and so on. But my key point is this. There are significant opportunities available to us. Our challenge is ensuring that our companies, especially our SMEs, are geared up for the longer term, so that they can seize these opportunities. This is especially important if we are to sustain our competitiveness because others around us have also seen this and are also adapting. It is a race. But we think it is a race that we can compete in quite effectively. So, a key focus of the Government's economic efforts is, indeed, in how we bring about such transformation. Hence, the ITMs. They are the key modality with three broad areas. First, to grow top-line and scale, through support for companies and internationalising and financing.”
“Our infrastructure and urban solutions companies are generally held in very high regard and they can participate in these opportunities, in partnerships with their Chinese, Indian and Southeast Asian counterparts. This is not just an opportunity for the big players in this space. In fact, it extends to SMEs like Memiontec and WaterTech Private Limited, who tapped into the demand for small-scale water and energy solutions in the region, and there are many of these that are emerging. This is one of the reasons why in this Budget, in particular, there was an effort to enhance the measures that we have already taken to support infrastructure. If Members would recall, when the Economic Strategies Committee concluded its findings, this was about six, seven years ago, one of the initiatives was to set up the Clifford Capital which is just to finance many of our infrastructure projects. In this Budget, a key initiative is really the extension of our International Finance Scheme to Non-Recourse Financing. I will elaborate on that but, essentially, it is aimed to help our smaller businesses who are in this space to go regional, to seek out new opportunities. The other area I want to emphasise is the digital economy which also presents unprecedented opportunities. Think about it. The smallest company can now seek out customers in the furthest markets as long as there is digital access. What it means also is that through the digital platform, they can transact with their business partners, they can coordinate logistics and they can effect payment systems. This is literally transformative and it is transforming industries and offering new ways to overcome our constraints and seek out new opportunities.”
“9% this year, China at about 6.7% and India at about 6.6%. Their growth emanates not just from the key regions and main cities or metros that we are all quite familiar with but, in fact, they come from the next tier of cities and regions with which we might be less familiar. In China, from the Central and Western regions; in India, from secondary cities like Coimbatore, Pune and Jaipur; and in Indonesia, cities like Semarang and Medan offer interesting opportunities. In fact, the recent data that the Singapore Tourism Board (STB) put out on visitor arrivals, which was strong last year, were actually significantly supported by the efforts that STB made in the secondary markets and regions with the consequential response from the markets. So, we need to go beyond traditional spaces and we need to deepen our knowledge and acquire a more nuanced understanding of these new markets. In tandem with this growth in the region, we are seeing rapid urbanisation and the rise of the Asian middle class with greater disposable incomes and sophisticated demand in sectors like retail, lifestyle, F&B, education and healthcare. These opportunities play to our strengths, those that we have developed over the years. One example I want to cite is in the area of infrastructure and urban solutions. McKinsey estimates that the demand for infrastructure in emerging Asian markets, particularly China, Southeast Asia and South Asia, will grow by about US$20 trillion between 2016 and 2030. China's Belt and Road initiative has heightened interest in regional infrastructure projects, whether it is road, rail, ports, airports. India's plan to build 100 smart cities needs adaptable and high quality urban solutions.”
“Sir, thank you for allowing me to join in the debate. In the week of the CFE report and also the Budget Statement delivered by the Finance Minister last week, there has been much discussion on the economy in the lead-up to this particular debate. There are three central questions that we need to think about. The first is where the opportunities are; the second, how do we position ourselves to seize them, and the third, what do we need to do to deal with some of the short-term challenges. These involve important policy decisions and trade-offs. These are questions that several Members have echoed today. I would like to share my views on this. First on the economy as a whole. Last year our economy grew at 2%, with growth picking up in the final quarter. Between 2011 and 2016, we averaged 3.1% which is comparable to other advanced and regional economies. The CFE expects annual growth of 2% to 3% over the next decade. This may be less than what we have been accustomed to in the past, but it is totally consistent with our stage of economic development, our demographic profile. So, we need to ensure that within the context of where we are today, we continue to emphasise productivity and innovation as part of the basis for our continued growth. Because even at these levels of economic growth, which are not insignificant by international comparisons, it will continue to allow us to create opportunities for our businesses and jobs for our people. This point is further enhanced when we consider the context that we are in, that is the region. We are in the heart of a region that is an important driver of global economic growth. The Association of Southeast Asian Nations (ASEAN), China and India are bright spots, with the ASEAN-5 countries expected to grow at 4.”
“Mr Deputy Speaker, may I have your permission to use some slides in the course of my speech.”
“Second, we are working with the Australian government to launch an Australian "landing pad" in Singapore to facilitate access to investment, mentorship and strategic partnership for Australian high-tech startups. Singapore will be the fifth and final international location for the Australian government-promoted innovation "landing pads". The initiative will create opportunities for Australian entrepreneurs and Singapore companies to collaborate and do business in Asia, using Singapore as a base. Third, we have stepped up our engagement with Australia at the state level through International Enterprise (IE) Singapore and the Economic Development Board. Our companies are regarded as credible partners to collaborate with the agri-business sector to grow the export of quality Australian products to Asia. For example, IE Singapore's work with the Queensland State to introduce their growers to Singapore-based traders and cold-chain logistics companies has yielded a partnership between Australia's Story Fresh and Singapore’s Indoguna for the export of leafy vegetables to Asia, including Singapore and Hong Kong. IE Singapore has also been working with the South Australian government and private enterprises to explore collaborations with Singapore's food traders and logistics players. Singapore has also hosted visits to Singapore by many Australian state delegations. All six Australian states have established trade offices in Singapore which have helped to further strengthen bilateral ties at the national and state levels.”
“Australia and Singapore enjoy strong bilateral trade and investment ties. In 2015, Singapore’s stock of direct investments into Australia was S$34.9 billion, making Australia one of Singapore’s top 10 overseas investment destinations. Singapore companies have invested into diverse sectors, including telecommunications, tourism, utilities and real estate. Our companies are also keen to explore opportunities in sectors, such as agri-business. Australia continues to remain an attractive investment destination, given its strong fundamentals. For example, last year, Surbana Jurong invested nearly S$400 million in Australian-based SMEC Holdings to form a global consultancy group specialising in urban and infrastructure development across countries in Asia, Australia, the Middle East, Africa and the Americas. Ascendas Reit also acquired properties in Sydney and Melbourne last year for A$168 million. Likewise, Singapore continues to attract Australian companies. One of the world’s largest integrated mining companies, BHP Billiton, has established its global headquarters in Singapore. Australia’s largest telecommunications company, Telstra, has its regional headquarters in Singapore from which it also funds startup initiatives. We are continuing to strengthen bilateral ties with Australia at multiple levels. First, Singapore and Australia have elevated our bilateral ties to a Comprehensive Strategic Partnership (CSP). The Singapore-Australia Free Trade Agreement (SAFTA) was upgraded last year as part of the CSP negotiations. The upgraded SAFTA will help deepen commercial links and provide greater opportunities for bilateral exports and investments. We are working towards the ratification and implementation of the upgraded SAFTA this year.”
“The SME Working Capital Loan was announced at Budget 2016 to help viable SMEs access working capital and continue growing their businesses. The scheme complements existing Government loan schemes and commercial loans offered by financial institutions. SPRING works through Participating Financial Institutions (PFIs), which evaluate the applications for the SME Working Capital Loan. Since the launch of the SME Working Capital Loan in June 2016, more than $700 million in loans has been catalysed, benefiting about 4,300 SMEs as of end December 2016. This represents a success rate of about 80% to 85%. Common reasons for unsuccessful applications are that the SMEs have poor financial track records, such as lack of profitability, or that owners have adverse individual credit bureau records1, such as late payments on personal loans. Besides the SME Working Capital Loan, the Government partners PFIs to make loans available to viable SMEs with different needs. The loans offered include factory and equipment loans and trade financing and complement the commercial loans offered by these PFIs. Besides traditional bank financing, SMEs can also tap alternative financing platforms like venture lending. Beyond the immediate financing needs, SMEs should continue to develop capabilities to transform their businesses to remain competitive and achieve continued growth. SMEs who require assistance in their growth can tap on a suite of Government schemes which can support them in building capabilities, scaling up and internationalisation.”
“Mdm Speaker, from 2010 to 2016, the price of natural gas supplied to Singapore's power generation sector fell by 37% while the regulated electricity tariff declined by 16%. The pattern is similar for annual changes and it is consistent with the fact that fuel cost accounts for about half of the regulated electricity tariff.”
“The Small and Medium Enterprises (SME) Working Capital Loan was announced at Budget 2016 to help viable SMEs access working capital and continue growing their businesses. The scheme complements existing Government loan schemes and commercial loans offered by financial institutions. Since its launch in June 2016 to December 2016, the SME Working Capital Loan has catalysed more than $700 million in loans, benefiting approximately 4,300 SMEs. Based on the 2016 DP Information Group SME Development Survey, 96% of SMEs which applied for Government and commercial working capital term loans of five years and below were successful in their applications. This comprised 79% which received the full amount requested, and 17% who received partial approved amounts.6 Of the approved loans under the SME Working Capital Loan, 82% are less than the maximum quantum of $300,000. The current scheme is therefore sufficient to meet the needs of most applicants. The Government has regular meetings with the financial institutions and chambers and associations to understand and monitor the financing needs of SMEs and is prepared to provide greater assistance if necessary.”
“Between 2011 to 2015, Singapore's regulated electricity tariffs were on average 23% higher than the Organisation for Economic Co-operation and Development’s (OECD) average retail electricity costs. I would point out that such a comparison is of limited value because the OECD average includes a wide range of countries. They vary in terms of energy policy, with some subsidising certain forms of electricity production, for example, in Germany, the US and Spain. We do not subsidise electricity generation or consumption. The fuel mix is also varied among OECD countries, with some having access to coal, nuclear energy, and renewables like hydropower. In contrast, 95% of electricity generation in Singapore uses natural gas imported at global prices. A comparison of average end-use prices for industrial users is even more challenging because, as observed by the International Energy Agency, industrial consumers can purchase electricity through private contracts instead of the regulated market, with variable and often confidential pricing arrangements. As an energy importer and price taker, Singapore cannot be insulated from movements in the global energy market. Our aim is to foster a competitive energy market for the benefit of all consumers.”
“Businesses which engage in unfair practices when selling prepaid packages will be investigated by the Standards, Productivity and Innovation Board (SPRING) Singapore as the administering agency for the Consumer Protection (Fair Trading) Act.”
“Our approach to consumer protection is based on promoting fair trading by retailers and helping consumers make informed purchasing decisions, including those on prepayments. The Consumers Association of Singapore (CASE) has also worked with industry associations to develop industry-specific CaseTrust accreditation schemes, covering areas, such as spa and wellness, school transport, renovation and motor workshops. The majority of these industry-specific schemes offer prepayment protection for consumers. According to CASE, consumers who have prepayments with CaseTrust-accredited businesses that offer prepayment protection to consumers have not suffered monetary losses due to business closures in 2016. We encourage more businesses to be CaseTrust-accredited, and to go further by providing prepayment protection if they collect advance payments from consumers. It is also important for consumers to be aware of the possible risks involved in making prepayments and their capacity to bear with possible losses before taking up a prepaid package. Genuine business failures which result in the loss of prepayments from consumers are unfortunate. Given the wide range of businesses, it is challenging to impose broad-based measures, such as prepayment insurance, to protect consumers against loss of prepayments from business closures. Such measures raise the cost of doing business which would be passed on to consumers. Overseas jurisdictions, including those in the European Union, Australia and Hong Kong, also recognise the challenges and do not impose broad-based prepayment protection measures.”
“The "50 Schools, 50 SMEs" was a joint initiative by SPRING Singapore and the National Library Board (NLB) carried out from April 2014 to May 2015 in conjunction with the SG50 celebrations. The programme aimed to connect the younger generation with companies which had made contributions to Singapore. Students were given the opportunity to understand Singapore businesses up close and appreciate how local businesses had persevered through difficult times and contributed to Singapore’s economic development. The programme matched 250 secondary school students, comprising 62 teams from 51 schools with 62 small and medium enterprises (SMEs), exceeding its target of pairing 50 schools with 50 SMEs. Students were matched with companies from a broad range of industries and, after the attachment, were required to submit a write-up on the company based on their learning experiences. Some of the featured companies which participated in this programme included Eu Yan Sang, Muthu's Curry, Malayan Daching, Epigram Books, Gardenasia and Pet Lovers Centre. The feedback received from the programme was positive. Students found the experience beneficial and were able to appreciate how businesses had to adapt and innovate to remain competitive. Some students were motivated to consider working for an SME or setting up their own business. Many also shared that the experience helped them appreciate the important role SMEs played within the economy. The companies which participated also felt that they had benefited from the energy and fresh ideas the students brought with them. The write-ups from the completed projects have been uploaded onto the Singapore Memory Project portal, Wikipedia and Infopedia.”
“To position Singapore for our next phase of growth, the Government will continue to push ahead with our restructuring efforts, with a strong emphasis on productivity and innovation.”
“Our productivity growth has also been weighed down by the weak productivity performance of domestically-oriented sectors, such as construction and food services, as well as a shift in employment towards these sectors. Notably, the productivity of domestically-oriented sectors contracted by 0.5% from 2011 to 2015, even as that of the outward-oriented sectors grew by 2.4%. The Government has been working with the tripartite partners to raise productivity across sectors under key initiatives, such as the Industry Transformation Maps. Our productivity measures are gaining traction. For example, construction site productivity growth improved steadily from 0.3% in 2010 to 2% in 2015. More companies are also heeding the call to raise productivity. According to the Singapore Chinese Chamber of Commerce and Industry's annual small and medium enterprises (SME) survey, the proportion of SMEs taking steps to raise productivity has increased from 84% in 2013 to around 88% in 2016. Promoting research, innovation and enterprise (or RIE) is another key plank of our strategy to maintain Singapore's economic competitiveness. Under the RIE2020 plan, $19 billion has been set aside to spur RIE in Singapore between 2016 and 2020. This includes support for companies to establish and expand corporate research laboratories in Singapore, as well as equity financing for technology startups. Our RIE efforts have gained momentum over the years. For instance, private sector expenditure on research and development (R&D) reached $5.2 billion in 2014, the highest level to date. Of this, expenditure by local enterprises saw the most rapid growth, increasing by 23% from $1.4 billion in 2013 to $1.7 billion in 2014. The number of high-tech startups has also risen from 2,700 in 2005 to 4,800 in 2015.”
“Based on advance estimates, the Singapore economy grew by 1.8% on a year-on-year basis in the fourth quarter of 2016, faster than the 1.2% growth in the previous quarter. Growth was supported primarily by the recovery in the manufacturing sector. For the whole of 2016, the economy expanded by 1.8%, slower than the 2% recorded in 2015. For this year, the Ministry of Trade and Industry's (MTI's) current assessment is that Singapore's growth should pick up slightly but remain modest. Although global growth is projected to improve marginally, the elasticity of trade to global growth is likely to remain weak due to factors, such as the slowdown in investment growth in major advanced economies and China, as well as insourcing trends in China. This suggests that external demand for Singapore and regional countries may not see a significant uplift this year. Nonetheless, there are bright spots in the economy, such as the education, health and social services, and information and communications sectors, which are likely to continue to see healthy growth. On balance, MTI expects the Singapore economy to grow by 1% to 3% in 2017. Ms Foo Mee Har has also asked for an update on our productivity performance. As productivity is highly pro-cyclical for a small open economy like Singapore, we should consider our productivity performance over a longer time horizon. Between 2009 and 2015, productivity, as measured by real value-added per actual hour worked, grew by 2.7% per annum. In more recent years, productivity grew at a slower pace of 0.6% per annum from 2011 to 2015. The slower growth was partly due to the sluggish external environment, which had dampened productivity growth not just in Singapore but also in other developed economies.”
“The Government's approach to consumer protection is based on promoting fair trading among retailers and helping consumers make informed purchasing decisions. Motor vehicle dealers, including parallel importers, do not require a licence to operate. The majority of motor vehicle dealers engage in fair trading practices. Over the period of 2013 to 2015, the Consumers Association of Singapore (CASE) received an annual average of about 120 consumer feedback on car dealers failing to honour contracts. This is less than 1% of the average annual motor vehicle transactions over the same period. It is a common business practice for motor vehicle dealers to collect prepayment for motor vehicle purchases. This is not considered an unfair trading practice. Consumers can protect their prepayments by making informed purchasing decisions, such as reading reviews on the dealer, finding out if the dealer is on CASE's alert list, and transacting with dealers which participate in the CaseTrust Accreditation Scheme, as they are required to maintain a performance bond to protect consumers' fees and deposits. Car dealers who are members of the Singapore Vehicle Traders Association may leverage on the association's Local Enterprise and Association Development programme with SPRING Singapore to reduce the cost of signing up for CaseTrust accreditation. Motor vehicle dealers who indulge in unfair practices will be investigated by SPRING Singapore, the administering agency for the Consumer Protection (Fair Trading) Act. Egregious cases that involve criminal activities will be surfaced to the Police for investigation.”
“Mdm Speaker, I thank the Member for his supplementary question. I do not propose to go into the CFE's recommendations. Those will come out in due course. I will make this point: in terms of investments and economic development in the region, in an era of globalisation and increasing connectivity, when we are seeing more Chinese companies go abroad, they are not just from China but from other parts of the world as well. We are no stranger to investments from the United States and Europe. We must continue to expect that there will be developments taking place, sometimes in sectors that we deem to be complementary; at other times, maybe where we are in direct competition. But as I said earlier in my reply, the key point is this: overall, such investments enhance the opportunities set, whether it is to participate in these projects as partners or in terms of overall economic development. Importantly, we must continue our efforts in maintaining our emphasis on competitiveness and ensuring that our industries remain viable in the face of different types of competition that will arise; today, it is this form that the Member has highlighted, but there were others in the past and there will certainly be different forms in the future.”
“Industry Transformation Maps (ITMs) set out a growth and competitiveness plan for each sector, supported by initiatives to raise productivity, develop the right skills for the jobs in the sector now and in the future, drive innovation and promote internationalisation, with the Government playing its role in supporting as an enabler. In doing so, these ITMs take stock of the external trends and domestic concerns affecting each industry, some of which the Member has referred to in his question, in order to provide industry-focused support to companies. Transforming individual sectors is part of our broader effort to build and sustain a vibrant and resilient economy in the long term. This is also the focus of the Committee on the Future Economy (CFE), to ensure our economy remains competitive and well-positioned for future opportunities. The Committee's report will be issued soon.”
“Madam, China's investments in Southeast Asia as part of the "Belt and Road" initiative help to meet the region's infrastructure needs and enhance its connectivity. As a major investor in markets, such as Indonesia, Malaysia and Vietnam, and Southeast Asia accounting for close to 25% of our total trade, Singapore welcomes further economic development in our region. We actively engage our neighbours, bilaterally and through the Association of Southeast Asian Nations (ASEAN), to broaden economic cooperation and create opportunities for our businesses. This is complemented by our efforts to promote the free flow of trade and investment through the ASEAN Economic Community (AEC), our network of Free Trade Agreements and Investment Guarantee Agreements, and the in-market presence of our economic agencies. Our economic agencies also work with industry partners and trade associations to track regional developments and identify opportunities. Mdm Speaker, we must expect that competition will continue to increase as our neighbours move up the value chain. This is not something new for Singapore and we will press on with efforts to enhance productivity, innovation and competitiveness. To ensure that our industries and companies remain well-positioned for growth, the Government adopts a range of strategies across sectors. Specifically on ports, which the Member had highlighted, the Ministry of Transport will elaborate later on on our efforts to keep our port competitive by investing in technology and automation to improve productivity and service levels. Members will also be aware, as I had just elaborated, that we have embarked on a $4.5 billion Industry Transformation Programme.”
“Such examples demonstrate the valuable role TACs can play in industry development. Mdm Speaker, to reiterate, our industry transformation programme is a major initiative that requires the commitment of all stakeholders. We are still in the early stages and much work remains to be done. Our TACs are important partners in this effort and can make valuable contributions. My message to TACs is this: if you have a proposal to address a need to enhance skills, productivity, innovation or internationalisation in your industry, there is no need to wait for an ITM to be launched. Take it up with the Ministry or economic agency with which you have been dealing. There are no wrong doors and our economic agencies will do their best to support your efforts with the relevant programme. We look forward to working closely with our TACs in this important effort.”
“Even in sectors for which we do not yet have an ITM, TACs can play an important role in industry development by focusing on priority areas and tapping on Government schemes for assistance. For example, the Singapore Food Manufacturers' Association (SFMA) has helped to develop strategies to drive innovation and exports, which are the industry's priorities. SFMA, working together with SPRING, implemented design thinking and product development workshops to help food manufacturers develop globally competitive products. SFMA also worked with IE Singapore to launch an online Singapore shop, "Tasty Singapore", on China's top e-commerce platforms like Alibaba's Tmall, to help local companies enter the Chinese market. TACs have also helped to generate broad-based support for industry initiatives that require scale beyond the efforts of individual companies. For instance, the Container Depot Association (Singapore) (or CDAS) recently launched an electronic Container Trucking System, a common information technology platform, which helped shorten waiting time at the depot and reduced redundant trips for all container logistics companies. SFMA and CDAS were supported in these efforts by SPRING and IE Singapore through the Local Enterprise and Association Development (LEAD) programme. LEAD is an important source of support for TACs to enhance their capacity and to help their industries improve productivity, innovate and internationalise, even if there is no ITM. For example, the Print and Media Association of Singapore, for which there is no specific ITM, is tapping on LEAD to build a training academy, develop a machine capacity sharing platform, and support knowledge sharing and research and development collaborations in the industry.”
“Madam, I thank the Member for his question and welcome our trade associations and chambers' (TACs') interest to be actively involved in our industry transformation efforts. Madam, the Government regards our TACs as important partners who are integral to our industry transformation efforts. Industry transformation is a major initiative that requires the commitment of all stakeholders to succeed. In particular, TACs, with their in-depth understanding of the needs and growth opportunities of their respective industries, can support the development of industry-specific strategies. Hence, the Industry Transformation Maps (ITMs) are being jointly developed and implemented with industry associations, business chambers, companies as well as unions. And I think the Member would be familiar with that effort. The 23 ITM sectors, which account for about 80% of our gross domestic product, will be launched by the end of this year. To date, we have launched six ITMs for the retail, hotel, food services, precision engineering, logistics and food manufacturing sectors. Each of these ITMs would be led by one of our economic agencies that include the Economic Development Board, International Enterprise (IE) Singapore, SPRING Singapore and Singapore Tourism Board. The full list of the sectors and the lead agencies is available on the Ministry of Trade and Industry website. The tripartite partners will be actively involved in all aspects of the ITM process, from planning to implementation. The 23 sectors include industries which are covered by the National Productivity Council and the SkillsFuture Council and also contribute significantly to the economy and employment. However, I want to emphasise that our aim is to enhance productivity, innovation and competitiveness across all sectors.”
“These include IE Singapore’s iAdvisory series of seminars and workshops that provide companies with insights into market opportunities or business capabilities, and in-market workshops held in foreign markets to help local entrepreneurs connect with like-minded partners and gain in-market overseas experience. SPRING also works closely with Action Community for Entrepreneurship (ACE) to support the start-up community. Through dialogue sessions and one-on-one mentoring, would-be entrepreneurs can tap on the expertise of more experienced entrepreneurs to accelerate their learning and acquire a deeper appreciation of the challenges and potential pitfalls of setting up their businesses. Page: 93”
“The Ministry of Trade and Industry (MTI) and its agencies regularly profile successful entrepreneurs and companies through various platforms. This enables entrepreneurs to learn from the experiences of these examples in pursuing their business endeavours. The platforms include speeches given by political officeholders, outreach events, advertorials and online channels, such as the SME Portal managed by SPRING1. IE Singapore also profiles Singapore companies and their internationalisation experiences through its #SgGoesGlobal series on its website. As success factors and business challenges may differ across industries, the Government also works closely with the trade associations and chambers (TACs) to provide sector-specific information to help budding entrepreneurs distil learning points from the failures or mistakes of companies in the same sector. Such information is typically shared with the entrepreneurs and existing businesses through channels, such as the TACs' respective outreach events or publications. For example, in June 2016, the Restaurant Association of Singapore (RAS) published a guidebook entitled "Turning Passion Into Profits", in collaboration with SPRING. The guidebook offers entrepreneurs tips and guidelines on how to set up and run food and beverage (F&B) businesses in Singapore. In addition to case studies, industry data is also available in the guidebook to help entrepreneurs in the F&B industry assess the viability of their own businesses and gain a realistic understanding of operating challenges, such as financial and manpower resources. Targeted assistance and support is also readily available through Government-facilitated seminars, workshops, dialogue sessions and mentoring services.”
“The Productivity and Innovation Credit (PIC) and Capability Development Grant (CDG) are aimed at helping Singapore enterprises and workers achieve productivity improvements and build business capabilities. Over the last three years, an average of 80,000 enterprises, employing more than 2.5 million workers, benefited from the PIC scheme annually. Over the same period, an annual average of 700 enterprises, employing more than 150,000 workers, tapped on the CDG. The Government, industry and the unions have been working together to enable both companies and workers to benefit from productivity improvements. For example, the National Trades Union Congress (NTUC) has partnered various companies on measures that raise their productivity and competitiveness. The resultant productivity gains are then shared with workers in these companies, such as through allowances or payments. As a specific example, the Inclusive Growth Programme (IGP) administered by the Employment and Employability Institute (e2i) co-funds companies to embark on productivity improvement projects. The companies, in turn, are required to share their productivity gains with their workers through higher wages.”
“The Competition Commission of Singapore (CCS) administers and enforces the Competition Act which prohibits anti-competitive conduct. This would facilitate market access by entrepreneurs and ensure a level playing field for all businesses. CCS takes action against anti-competitive agreements and exclusionary conduct by dominant players by removing anti-competitive restrictions that could hinder new businesses. While market share information can be used as an indicator for the level of competition and entrepreneurship in a market, CCS also takes into consideration other factors, such as the degree of product differentiation, the responsiveness of buyers to price increases, and the price responsiveness of competitors. Besides regulatory aspects, industry-specific characteristics also cause significant variations. For example, the process from ideation to production could take a few years for deep technology sectors, such as medical technology (MedTech) and clean technology (CleanTech), because of significant hardware development, larger capital investment and deeper expertise.”
“These include business-to-business disputes, application for accident claims and investment contracts.”
“The Consumers Association of Singapore (CASE) is the first point of contact for consumers who have disputes with retailers. CASE advises consumers on their rights and the possible courses of action that they may choose to take. The consumer can pursue the issue on his own or enlist CASE's assistance. Consumers who want CASE to assist them can choose from a range of measures, such as negotiation and mediation. CASE has a set of fees for its services, which is tiered depending on the extent of services provided and the value of the claims. The list of fees is published online on CASE's website. Over the past five years, CASE has helped to clarify an average of about 15,500 consumer enquiries per year. In addition, CASE has assisted or counselled an average of about 8,600 consumer cases per year. Of these cases, about 20% obtain letters from CASE which set out the consumer's rights, the case-specific concerns and resolution sought. The consumers use the letters to engage the retailers. Consumers pay CASE an administrative fee of $10.70 for this letter. Consumers may also choose to have CASE negotiate with the retailer on their behalf. As CASE is constituted as an association, it is only able to represent its members when dealing with the retailer. Consumers who become individual CASE members pay an annual membership fee of $26.75. Depending on the value of the claim, the consumer also pays an administrative fee which is tiered based on the value of the claim – ranging from $10.70 for claims of less than $5,000 to $53.50 for claims of up to $20,000; with an additional $53.50 for every $10,000 or part thereof above $20,000. CASE has not rejected any requests from consumers for assistance, except where the requests are beyond the ambit of consumer protection laws.”
“For example, through the TAC-led Collaborative Industry Projects, TACs will identify and drive the adoption of solutions to address common industry-specific needs. Since the launch of the programme in 2016, five TACs have embarked on projects which are expected to benefit 600 SMEs. More recently, we have taken steps to make our grants more accessible through the Business Grant Portal (BGP). This is an online application platform for businesses to apply for grants across different Government agencies. Through the BGP, businesses can easily find the relevant grants to support their business needs, without the need to approach multiple agencies. The beta version of BGP was launched on 3 May 2016 with International Enterprise Singapore's Market Readiness Assistance grant and subsequently the Building and Construction Authority's Building Information Modelling grant, and over 900 applications have been received thus far. The BGP will be launched soon and businesses can expect more grants to be introduced onto the BGP progressively. As we navigate the challenges ahead, the Government will need to work collectively with our companies, workers, unions and industry associations for successful economic transformation. It is critical that SMEs stand ready to embrace new technologies and business models and, on its part, the Government will remain firmly committed in supporting our companies through this phase.”