Don Wee on Significant Investments Review Bill

The COVID-19 pandemic has shown how important it is to have control over critical entities, supply sources and logistic chains, said MP Don Wee. Given how dependent Singapore is on imports, it must ensure that significant investments are from reliable and friendly allies to mitigate the risks, he said. Speaking in Parliament on Tuesday (Jan 9), Mr Wee pointed out that similar legislation had been passed in many countries in recent years, and more nations are expected to follow as governments scrutinise foreign direct investments even more rigorously to enhance economic resilience and national security. Mr Wee said he is glad that the Significant Investments Review Bill was crafted in consultation with industry representatives to take into account the potential impact on businesses and investors. But he is concerned about the potential impact on Singapore’s investments. He wanted to know how the Government will continue to build on the country’s reputation as an attractive investment destination.