Mr Thomas Chua Kee Seng: To ask the Minister for Trade and Industry since the launch of the Global Investor Programme (a) how many employment opportunities have been created for Singaporeans; (b) what is the total local business expenditure generated; and (c) what are the actions taken to prevent abuse of the programme.
Oral reply (to be attributed to Senior Minister of State for Trade & Industry Sim Ann):
- The Global Investor Programme (GIP) aims to attract and anchor entrepreneurs and investors of high calibre, who can bring quality investments and good jobs to Singapore. From 2011 to 2016, GIP investors brought in $1.8 billion in total business expenditure via direct investments, generating over 6,000 job opportunities in Singapore. Industries that have benefitted include infocomm media, engineering and financial services.
- To qualify under the GIP, applicants may invest in a business, or in a GIP fund that invests in Singapore-based companies. Both options have safeguards to prevent abuse. Each applicant is required to submit detailed plans and supporting documents to EDB. EDB assesses the applicant’s track record, business and investment plans, and potential contribution to Singapore. EDB also engages a risk assessment consultancy firm to undertake independent checks, and works with relevant agencies for security screening. GIP investors undergo a fresh round of checks before their re-entry permits are renewed.
- In addition, GIP funds are carefully assessed by an independent rating agency and a fund selection panel. All GIP fund managers must be incorporated and based in Singapore, and be regulated by MAS. Investors of GIP funds are subject to the relevant safeguards under MAS’s regulatory regime for fund management companies.