Yip Hon Weng on Transport Sector (Critical Firms) Bill

The Transport Sector (Critical Firms) Bill seeks to enhance the Government’s oversight over critical companies in Singapore’s air, land and sea transport sectors, said MP Yip Hon Weng. Speaking in Parliament on Wednesday (May 8), he stressed the need to strike a balance between security, innovation, business viability, transparency and global competitiveness. He urged the Government to ensure that the Bill enhances rather than hinders the transport sector’s growth and resilience. He raised concerns over the potential impact on businesses, warning that bureaucratic hurdles could deter investment. He also called for clarity on compliance costs and the timelines for approval processes. Mr Yip also raised concerns about the impact on competition and consolidation within the sector, as well as innovation and costs for consumers. He also said transparency and an effective appeal process are paramount and added that the Minister’s broad powers require clear justification and accountability mechanisms to prevent misuse.