Round-up Speech by MOS Koh Poh Koon at the Second Reading of the International Enterprise Singapore Board (Amendment) Bill

​ROUND-UP SPEECH BY DR KOH POH KOON, MINISTER OF STATE, MINISTRY OF TRADE AND INDUSTRY AT THE SECOND READING OF THE INTERNATIONAL ENTERPRISE SINGAPORE BOARD (AMENDMENT) BILL

Madam Speaker, I would like to thank Mr Louis Ng who has spoken and will address the points he raised. 

Regulation of the rubber trade and industry

2. Mr Louis Ng pointed out that Singapore remains a big player in the rubber industry and asked if there are any pipeline plans relating to the regulation of the rubber trade and industry. The regulations under the Rubber Industry Act (“RIA”) – which includes the licensing of rubber traders and dealing, shipping and treatment of natural rubber - have served the industry well and remain relevant. IE Singapore will continue to administer the RIA and will conduct periodic reviews of the Act. IE Singapore will also continue to work in promoting the growth of the rubber trade and industry in Singapore. 

 IE Singapore’s role in assisting companies

3. Mr Louis Ng also asked if IE Singapore’s advisory and assistance role pertaining to the development or regulation of trade can be extended to “persons, bodies or organisations”. I would like to clarify that this is already provided for under Section 6(2) of the IESBA, and is in fact a key role that IE Singapore plays today. IE Singapore provides advisory and assistance to individuals and public organisations in various ways. These include organizing industry events, such as the annual Global Trader Dialogue, and regular advisory seminars that help individuals and companies keep up to date with the latest developments affecting global commodity trading. Through its different assistance schemes, such as the Market Readiness Assistance and Global Company Partnership programme, IE Singapore also helps Singapore companies expand their presence overseas. 

Conclusion

4. To conclude, IE Singapore plays an important role in the promotion and development of the trading industry. It also takes on certain regulatory functions that ensure commodity trade is carried out smoothly and efficiently. The proposed amendments to the IESBA will provide better clarity on IE Singapore’s regulatory functions, in view of the reduced scope of the CTA. 

5. Thank you. Madam speaker, I beg to move. 

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