Deputy Prime Minister Gan Kim Yong will oversee the review of rules and processes.
SINGAPORE – Singapore will keep the regulatory burden to a minimum to help businesses foster innovation and manage costs amid growing global competition, said Prime Minister Lawrence Wong.
However, PM Wong said: “Relaxing some rules also means accepting more risks, and Singaporeans need to understand and support these changes.” He said easing the regulatory burden and cutting the cost of doing business was part of his Government’s efforts to nurture and grow the spirit of innovation and enterprise in Singapore. The initiatives are also part of a major reset of policies and attitudes needed to transform the economy, which is facing new challenges.
Singapore in the past couple of years has seen a surge in investment commitments from global players in industries ranging from semiconductors to pharmaceuticals, that are seeking to avoid intensifying trade and technology competition between global powers.New inter-ministerial committee to review S’pore business rules and help firms cut red tape, costs
He said home-grown companies are also using their creativity, knowledge, and ideas to grow and expand overseas – such as e-commerce platform Sea, super-app developer Grab and technology firm Razer.He mentioned Morningstar Engineering – which designs and manufactures fully programmable MIDI pedals used by musicians worldwide – as one such SME.
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