Committee of Supply 2025 debate, Day 5: Gan Kim Yong on growing Singapore’s economy

Singapore is “already in uncharted waters” and will face economic uncertainties and disruption in the months and years to come, said Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong. There will be challenges but there will also be opportunities, he said in parliament on Thursday (Mar 6). Singapore can look ahead to the next bound of economic development with confidence by remaining open to trade, talent and investments, as well as maintaining a pro-business environment, he said. It must further strengthen its competitive edge through innovation and deepen its integration with the region and the world, as well as invest in building strong enterprises and a skilled workforce, he added. Mr Gan stressed that innovation is at the heart of economic growth and pointed out that Singapore has a strong and competitive semiconductor ecosystem to cement its place as a critical node in the global supply chain. To remain as a semiconductor powerhouse, the government will invest about S$500 million in a new facility in Tampines. It will initially focus on advanced packaging, offering state-of-the-art clean room infrastructure and industry-grade tools. To expand Singapore’s start-up ecosystem, a Global Founder Programme will be launched later this year. To support the financing needs of businesses, the government will introduce a Long Term Investment Fund and deploy more than S$200 million of government capital over a longer time horizon for enterprises that need more time to fully realise their potential. The government will also launch a S$1 billion Private Credit Growth Fund targeted at local enterprises with strong growth potential to become leaders in their industry domains.