Singapore Matters

​​When the external world becomes difficult, we don't respond by turning inwards. We don't run away from competition. Singapore is a hub of hubs. We have world class infrastructure. We are highly connected and trusted. We are also a deeply embedded node in the regional and global economic networks. Connectivity alone in a fragmented world is not enough. Singapore must be a place where global flows are orchestrated, financed, governed, and translated into economic value. Our strategy, therefore, should be to make ourselves too useful to be bypassed. In this respect, MNCs matters. If Singapore deliberately moves away from MNCs, what replaces the international networks, investments, technology and global connections that help make Singapore a regional and global hub in the first place? What kind of hub will we be without the networks that make us a hub? If Singapore systematically becomes less attractive to MNCs over a long period, the network effects that sustain our hub position could gradually weaken. Companies have fewer reasons to locate here. That means fewer global networks run through Singapore. And that, in turn, makes Singapore less valuable as a hub. We certainly should build dynamic local companies. There's no question about that. And we are doing that. And strengthening local companies means strengthening their connections to the global enterprises that connect them to the world. Some commenters seem to have little idea what it takes to build a global company from a small domestic market like Singapore with just 3.5 million citizens. They think it is very easy. They should start to build one. They ask: Why must Singapore depend on MNCs to build our local companies? That's the wrong question. Let's put things in the right perspective. We don't depend on MNCs to build our local companies. But MNCs represent opportunities. We use our connections with global enterprises to help our local companies build capabilities, gain access to markets, move up the value chain and compete globally. Homegrown global leader AEM is a good example. Its long-standing relationship with Intel helped it build the capabilities and relationships that allowed it to move up the value chain and compete on the world stage. The WP's proposal to structurally shift away from MNCs is potentially unravelling. It reduces job opportunities for Singaporeans, weakens the environment for SMEs to grow, undermines our aspiration to be the node on supply chains that is not easily replaceable, and threatens our ambition as a global hub to secure the future of Singaporeans. There was no need to choose between SMEs or MNCs.. And there is no need now to be forced into a false choice.

​​AEM is a homegrown Singapore company that is a global leader with a market capitalisation of $2.8 billion. It designs advanced systems that test semiconductors before they reach the market, including the thermal control technology needed to screen today's power-hungry AI chips. AEM was founded in 1990 and began as a contract manufacturer. Through a partnership with a global semiconductor MNC in the 2010s, AEM evolved into a trusted, innovative engineering partner to the semiconductor industry, delivering test, thermal and automation solutions to AI, high-performance computing and memory devices. From a Singapore base, it has grown into a global test leader with operations across Asia, Europe, and the United States, and is now extending its expertise to the world's most advanced AI processors. AEM is an example of how partnership with a global enterprise can help a Singapore company build proprietary capabilities, move up the value chain, and compete and win on the world stage. As MP Edward Chia said: "Dynamic local companies matter. But we should not frame local companies and global enterprises as competing choices. Singapore's success has never been built on such a false choice. Instead, our focus should be on helping MNCs, large local companies, SMEs and startups build up one another. Global enterprises bring investments, technology, and international networks, while local enterprises contribute agility, innovation, and specialised capabilities. Together, they create an ecosystem that builds capabilities, accelerates innovation, and creates better job opportunities for Singaporeans." End quote Our children's future is not an academic exercise or argument.

​​Lucence is an example of a company that managed to crack the competitive US healthcare market with support from Enterprise SG. A spin-off from ASTAR, the precision medicine start-up is an example of Singapore's ability to generate companies from its own research and innovation ecosystem. Lucence made the news in 2023 by becoming the first Asian-headquartered company to have its cancer test approved by Medicare, the US government-funded healthcare insurance programme. Its LiquidHallmark is a blood test that profiles 80 genes and 15 types of cancers. The liquid biopsy test helps match late-stage cancer patients with targeted drugs – should there be any – while being less invasive than conventional tissue testing. The tests are also available at most private and public hospitals and clinics in Singapore, as well as at medical facilities in Hong Kong, Taiwan and Canada. Singapore functions as the company's international base. The Singapore laboratory receives and processes samples from overseas markets. So Singapore isn't merely the company's domestic market—it is part of the infrastructure supporting its international operations. Enterprise Singapore helped Lucence internationalise. Its US network helped the company establish relationships with US institutions and navigate an unfamiliar market. Success is measured not just by the size of a company. It is measured by whether the company produces something that is of help to humanity.

​​Our SMEs are going global. A survey of 530 SMEs and LLEs by SBF found that 70% of them have a presence overseas. About half derive 40% of their revenue from overseas. In another more recent survey, - DBS Business Pulse Check Survey - 82% of 730 companies, polled between December 2025 and January 2026, plan to internationalise this year. This points to resilience and signals a renewed push to diversify markets beyond domestic boundaries. Among surveyed SMEs, 49% cited access to new customer bases as the primary motivation for expanding overseas, while 43% pointed to building a stronger international brand presence. The findings suggest a strategic pivot toward revenue diversification and market resilience rather than short-term opportunistic expansion. There are many government grants to help SMEs expand overseas. Check with Enterprise SG.

​​The data speaks for themselves. Nearly 70% of senior management roles in MNCs are held by Singaporeans where they plan, direct and evaluate the overall activities of the organisations. Think about the implications of a policy and institutional shift away from the interests of MNCs and what it means for Singaporeans. What will it do? It will reduce the opportunities for Singaporeans to build their careers in MNCs, particularly in the higher-skilled, higher-paying senior and professional roles that these companies create in Singapore. Is reduced opportunities the future you want for your children?

Being struck off the roll is a typical outcome for lawyers who are convicted of dishonesty. Pritam Singh did not contest the Law Society's application. His lawyer said his case did not meet the threshold for an exception to being struck off. Chief Justice Sundaresh Menon said that it was not disputed that dishonesty was an 'integral element' of Singh's offences. "In the present case, the respondent is a lawyer, an MP and he was at the time leader of the opposition. For him to lie to the COP which was looking into the question of whether lies were told in Parliament is a serious matter." - Senior Counsel Cavinder Bull

No where to hide.

​​First, Kenneth Tiong looked at the Fortune Global 500 and found only three Singapore companies on the list. Then he turned to R&D, looked for a billion-dollar champion and couldn't find one. “After decades and tens of billions, not one local R&D champion has emerged worth more than a billion dollars.” Looking for a billion-dollar R&D company is the wrong KPI. It's akin to saying: “I've spent billions on education. Where's my billion-dollar school?” Spending on education can produce better-educated workers, researchers, entrepreneurs and a more productive economy. You wouldn't demand that the ultimate proof of educational success be the emergence of a billion-dollar school. So, what is the policy intent of our R&D investments? This was clearly articulated by Dr Tan See Leng in Parliament earlier this year. R&D policy, as Dr Tan said, can have commercial objectives. But the strategy is about building long-term strategic capabilities across the economy so that Singapore can not just keep pace, but stay ahead. What have we achieved thus far? Data shared in Parliament reveals the following: From 2016 to 2023, annual business expenditure on R&D grew at a 7.8% CAGR to reach around S$9 billion. The number of private-sector R&D firms grew by 33% to more than 1,000. Value-add from R&D firms increased by 142%, while value-add per worker rose by 110%. Private-sector R&D employment increased by 36% to more than 30,000, with more than 70% of those jobs filled by locals. And ASTAR and Singapore's Institutes of Higher Learning have spun off more than 300 companies, while hundreds of SMEs and startups have licensed ASTAR-originated technologies. Singapore's progress in semiconductors, biomedical sciences, advanced manufacturing and other technologically intensive sectors cannot be reduced to whether one Singapore-owned R&D company has crossed a billion dollar valuation threshold. If a multinational develops new technology in Singapore, employs Singaporean researchers, works with our universities and suppliers, trains local talent and transfers knowledge into the wider economy, that is an economic outcome — even if the parent company is not Singaporean. We don't have to measure the success of our R&D strategy by the number of billion-dollar companies it produces. We can have many champions — across different sectors, technologies and parts of the economy. Today, R&D accounts for a massive $32.1 billion in annual revenue generated. Singapore is one of the most innovative countries in the world, ranking in the top 10 in the Global Innovation Index and Bloomberg Innovation Index.

He's a German who came to Singapore in 2019 and fell in love with Singapore because Singapore unites people from different backgrounds in such a peaceful way. 38-year-old Aiko said he loves Singapore very much and has already made Singapore his home. Singapore is not just an economic miracle, but also a social miracle.

​​On MNCs, Kenneth Tiong said, "Ours come and can easily go." He went on to give the examples of H&M moving its HQ to KL and Heineken moving production to Malaysia and Vietnam. But these are examples of Singapore moving up the value chain. Why did Kenneth tell only half the story about Heineken and left the other, important half, unsaid? Telling half the story does not give us the true and complete picture. Here's what Heineken said on its company website: "Singapore will remain the global home of Tiger Beer, with the brand’s global leadership anchored in Singapore—setting strategy, shaping creativity, and guiding direction and R&D that support the brand worldwide. Singapore will also continue to play a pivotal role within HEINEKEN’s Asia Pacific network by driving brand building, commercial excellence and innovation. Large-scale brewing at the Tuas brewery will be phased down progressively by the end of 2027 to support a more agile regional supply approach. Over time, the Tuas site will be redeveloped to support regional logistics and include a pilot brewery for innovation. Tiger Beer, founded and led from Singapore, will also continue to be built and shaped in the country as it grows its presence worldwide." End quote So, Heineken moving its brewing operations out of Singapore is just one part of the story. It makes sense because space is needed for large scale production. The other part of her story is that Singapore remains the global home of Tiger Beer, with its global leadership anchored here. Heineken is also keeping brand building, innovation, R&D and regional logistics in Singapore. We complete the story for you.

​Kenneth Tiong says: “Singapore has three companies in the Fortune Global 500. All three are commodity traders.” Then: “Korea has 13. Taiwan has six. They make semiconductors and ships. They were built by their own people.” This rhetorical trick uses a prestigious benchmark to reduce a complicated economic question to three numbers: 3, 13 and 6. But it does not support the conclusion Kenneth seeks to establish.  First, Fortune Global 500 is a ranking based on revenue. It tells us which companies are among the world's largest by sales. But what does it tell us about the national economic health of a country? Not very much. It does not measure local employment, wage growth or inflation. It does not even tell us whether the company is profitable or efficient. Having more Fortune Global 500 companies therefore does not prove that a country has a superior economic model. Let's not forget that South Korea has a population of over 50 million, while Singapore has just 6 million (or 3.5 million if we exclude foreigners). Relative to our population size, having three companies on the list is actually a better showing compared with South Korea. Kenneth uses the number of home-grown Fortune Global 500 companies to argue that Singapore's existing economic model is inadequate. 𝐁𝐮𝐭 𝐢𝐟 𝐭𝐡𝐢𝐬 𝐢𝐬 𝐞𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐨𝐟 𝐟𝐚𝐢𝐥𝐮𝐫𝐞 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐦𝐨𝐝𝐞𝐥, 𝐰𝐡𝐚𝐭 𝐰𝐨𝐮𝐥𝐝 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐥𝐨𝐨𝐤 𝐥𝐢𝐤𝐞 𝐮𝐧𝐝𝐞𝐫 𝐡𝐢𝐬 𝐩𝐫𝐨𝐩𝐨𝐬𝐞𝐝 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞? 𝐒𝐡𝐨𝐮𝐥𝐝 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞𝐚𝐧𝐬 𝐧𝐨𝐭 𝐞𝐱𝐩𝐞𝐜𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐦𝐨𝐫𝐞 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞𝐚𝐧 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐅𝐨𝐫𝐭𝐮𝐧𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝟓𝟎𝟎 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐩𝐫𝐨𝐩𝐨𝐬𝐞𝐝 𝐖𝐏'𝐬 𝐦𝐨𝐝𝐞𝐥? 𝐓𝐡𝐞 𝐖𝐏 𝐬𝐡𝐨𝐮𝐥𝐝 𝐩𝐚𝐢𝐧𝐭 𝐚 𝐜𝐥𝐞𝐚𝐫 𝐩𝐢𝐜𝐭𝐮𝐫𝐞 𝐨𝐟 𝐰𝐡𝐚𝐭 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐮𝐧𝐝𝐞𝐫 𝐢𝐭𝐬 𝐩𝐫𝐨𝐩𝐨𝐬𝐞𝐝 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐦𝐨𝐝𝐞𝐥 𝐰𝐨𝐮𝐥𝐝 𝐥𝐨𝐨𝐤 𝐥𝐢𝐤𝐞, 𝐚𝐧𝐝 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐭𝐡𝐞 𝐦𝐞𝐚𝐬𝐮𝐫𝐚𝐛𝐥𝐞 𝐨𝐮𝐭𝐜𝐨𝐦𝐞𝐬 𝐛𝐲 𝐰𝐡𝐢𝐜𝐡 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞𝐚𝐧𝐬 𝐜𝐚𝐧 𝐣𝐮𝐝𝐠𝐞 𝐢𝐭. And if Fortune Global 500 membership is not actually a meaningful government KPI, then why use the number of Fortune Global 500 companies as evidence that the current economic model is inadequate? Singapore is often accused of being obsessed with rankings. Let us at least be obsessed with rankings that matter such as the economic competitiveness rankings. And Singapore actually has globally successful local companies outside the Global 500 firms. Given Singapore's size, it may be more rational to produce a larger number of globally competitive firms rather than a handful of giant conglomerates. Our objective should not be to win a Fortune 500 counting contest. The PAP Government's position is very clear. SMEs are very important because they are the backbone of our economy, employing 70% of our workforce. MNCs are equally important. They complement the SMEs. Together, they form the twin engines of Singapore's economy. Let us not grow arrogant and forget that we are still a little red dot that needs the world more than the world needs us. We should be ambitious—but we should also be humble.

Throughout our history, Singaporeans from all backgrounds have come together as one people and one nation. Six decades ago, that conviction found expression in our National Pledge. It reflected a simple but powerful belief: that we could become one nation, bound together not by race, language or religion, but by a shared commitment to one another and to Singapore. Today, the world is becoming more divided. Yet the values embodied in the Pledge are more relevant than ever. The challenges before us are real. But so too are our strengths — our resilience, our openness and our unity. If we keep faith with one another and stay true to the ideals of our Pledge, we will build a better and stronger Singapore together. Happy National Day! Majulah Singapura! - PM Wong

Throughout our history, Singaporeans from all backgrounds have come together as one people and one nation. Six decades ago, that conviction found expression in our National Pledge. It reflected a simple but powerful belief: that we could become one nation, bound together not by race, language or religion, but by a shared commitment to one another and to Singapore. Today, the world is becoming more divided. Yet the values embodied in the Pledge are more relevant than ever. The challenges before us are real. But so too are our strengths — our resilience, our openness and our unity. If we keep faith with one another and stay true to the ideals of our Pledge, we will build a better and stronger Singapore together. Happy National Day! Majulah Singapura! - PM Wong

We, the citizens of Singapore, wish our beloved nation a very happy and blessed birthday! ❤️🇸🇬 Happiness, prosperity and progress for our nation! 💯🌈🇸🇬🎉🎂

Happy birthday, Singapore! 🇸🇬❤️🇸🇬❤️ Thank you for 61 good years. We look forward to more good years! 🌈💯👍💪🇸🇬 Majulah Singapura!

Unlike the picture painted by the WP, MNCs and SMEs are not in competition. They have a complementary relationship. MNCs can be the clients of SMEs - your customer at your doorstep. They can also help connect SMEs to global markets thereby helping them to internationalise and grow. MNCs and SMEs are the two pillars of our economy. There are many Singapore brands that have gone regional or global. We can continue to grow our SMEs without cutting away the MNC pillar to stand on one leg.

​​Let's take a look at what Jamus Lim's parable tell us. (1) He says that 'helping the younger child doesn't mean you kick the older one aside." And yet that was precisely what he was calling for in Parliament when he proposed an institutional shift 'away from the interest of MNCs'. Try telling a son or daughter that they are not being kicked aside when their parents decide to formally move away from their interests. (2) Here's something worth noting. The WP is not just calling for a shift away from the interest of MNCs and even 'GLC behemoths'. In Jamus' speech, this call was followed immediately by the call for 'creative destruction'. "By destroying, we will create simultaneously an economy ready for the 21st century," he said. Now, our GLC behemoths include DBS, SIA, PSA, ST Engineering and Sembcorp Industries. So perhaps Jamus should leave no room for doubt and tell Singaporeans what exactly he means by “creative destruction”. What does he wish to see disrupted or displaced — existing MNCs, GLCs, or SMEs? (3) The parable of the two children confirms the views the WP expressed in Parliament: that MNCs and SMEs are competing for a fixed pie and that devoting more resources or support to one necessarily means less for the other. As an economist, surely Jamus knows that economies do not work that way. 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐧𝐨𝐭 𝐚 𝐳𝐞𝐫𝐨 𝐬𝐮𝐦 𝐠𝐚𝐦𝐞. Government support for MNCs can create opportunities for SMEs. The converse is also true. Support for SMEs strengthen the wider ecosystem in which MNCs operate. In short, MNCs and SMEs reinforce each other and together, they grow the pie. (4) Jamus' parable also gets Singapore's development backwards. The parable builds on an erroneous historical premise that MNCs are the beneficiaries of Singapore's prosperity - His analogy: You had a good job and then your first child (MNC) was born. But the Singapore story is not that Singapore became prosperous and then attracted the MNCs. We attracted MNCs as part of the strategy to become prosperous. The MNCs were not simply the first child benefiting from a wealthy household. They were among the contributors that helped put food on the table in the first place. They brought investment, jobs, technology, skills and access to global markets. And their presence also created opportunities for local companies (the younger child) to become suppliers, partners and eventually global companies in their own right. The younger child does not have to take food from the older child's plate. The younger child can benefit from the older child's strengths while the older child can also benefit from the younger child's growth. (5) 𝐓𝐡𝐞 𝐖𝐏 𝐰𝐚𝐧𝐭𝐬 𝐭𝐨 𝐦𝐨𝐯𝐞 𝐌𝐍𝐂𝐬 𝐚𝐧𝐝 𝐆𝐋𝐂𝐬 𝐚𝐰𝐚𝐲 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐛𝐞𝐚𝐭𝐢𝐧𝐠 𝐡𝐞𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐦𝐨𝐝𝐞𝐥. 𝐈𝐧 𝐜𝐨𝐧𝐭𝐫𝐚𝐬𝐭, 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭'𝐬 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐩𝐥𝐚𝐜𝐞𝐬 𝐌𝐍𝐂𝐬 𝐚𝐧𝐝 𝐒𝐌𝐄𝐬 𝐚𝐭 𝐭𝐡𝐞 𝐛𝐞𝐚𝐭𝐢𝐧𝐠 𝐡𝐞𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐦𝐨𝐝𝐞𝐥. In this model, MNCs, GLCs and local enterprises reinforce one another like a healthy heart whose rhythmic beat pumps vital opportunities throughout our economy, creating many good jobs for Singaporeans. (6) If you are a young Singaporean looking for a job, which would you prefer? An economy that gives you opportunities in both MNCs and growing local companies? Or one that deliberately shifts its economic model "away from the interest" of MNCs/GLCs? I know which one I would choose.

​​Singaporeans, by and large, understand the difference between economic theory and reality. Here's the photo comment reproduced here for easy reading: The Workers’ Party’s proposals read more like textbook economic theory than a practical strategy for Singapore’s unique economy. What works in large countries with vast domestic markets does not automatically work for a small, open city-state that depends on trade, investment and global confidence. Their argument assumes Singapore can shift economic weight from multinational corporations to SMEs without affecting investment flows. That ignores a basic economic reality: capital is mobile. Investors compare tax systems, regulations, labour quality, infrastructure and political stability across countries. If Singapore becomes less competitive, investments can move elsewhere, taking jobs, technology and business opportunities with them. Many local SMEs do not compete against MNCs—they grow because they supply, partner with and innovate alongside them. Weakening one pillar weakens the other. The relationship is complementary, not adversarial. Likewise, expanding statutory employment benefits without equal attention to productivity, business costs and fiscal sustainability risks raising the cost of hiring, especially for smaller businesses. Every economic policy involves trade-offs. More mandates may provide greater protection for some workers but can also reduce hiring incentives or increase operating costs. Singapore’s economic model has succeeded because it balances multiple objectives simultaneously: attracting foreign investment, helping local enterprises upgrade, developing local talent, maintaining sound public finances, encouraging innovation and preserving long-term competitiveness. It is a strategy refined through decades of experience and tested against global crises. Economic policy cannot be based solely on attractive ideas or theoretical models. It must work under real-world conditions where businesses, capital and skilled workers have choices. That is why pragmatism, evidence and execution matter more than broad concepts. Singapore’s long-term resilience has been built on adapting to global realities rather than assuming theory alone can overcome market forces.