Committee of Supply 2025 debate, Day 4: Foo Mee Har on attracting innovative companies and the research and innovation ecosystem

Singapore’s start-up ecosystem continues to gain global recognition with the nation rising from 16th position in 2020 to seventh position in 2024 in the Global Start-up Ecosystem Ranking, said MP Foo Mee Har in parliament on Wednesday (Mar 5). She however noted that to sustain this momentum, the government must ensure that start-ups at every stage of growth have the capital to scale successfully from Singapore. She asked how Singapore will enhance venture capital participation, attract global investors, and build a deeper late-stage financing ecosystem. She also wanted to know how the S$1 billion Private Credit Growth Fund will contribute to nurturing high-growth enterprises and keep them anchored in Singapore. Turning to Singapore’s commitment to research and development, she pointed out that while world-class infrastructure is essential, its full impact depends on a skilled workforce, the ability to commercialise research and strong industry adoption. In her speech, Ms Foo also highlighted three critical factors to address in order to fully realise the potential of this investment.