Sharael Taha on National Productivity Fund (Amendment) Bill

Singapore’s economy faces growing challenges such as global geopolitical uncertainties, increased competition and rising cost pressures. The best way to deal with these is for the country to remain a trusted investment destination, remain open, and boost the long-term productivity and global competitiveness of its enterprises. Making this point, MP Sharael Taha said he welcomed a S$4 billion top-up to the National Productivity Fund (NPF) and expansion of its scope to include investment promotion. Speaking in Parliament on Thursday (Aug 3), he sought several clarifications. First, he wanted to know what type of investments will meet the criteria for NPF investment support. He noted that while S$4 billion is a huge sum of money, it “pales in comparison” with resources other countries have. So, Singapore must be very selective and clear about the capabilities it wants to develop. Second, Mr Sharael asked how the Government will ensure that the fund is used effectively to drive real productivity, and how to prevent abuse. Finally, as the Industry Transformation Maps (ITMs) are funded through the NPF, he asked what progress has been made in refreshing the ITMs.