2. Speeches
Speech by Minister of State for Trade and Industry Alvin Tan at MTI Committee of Supply Debate 2026
2 March 2026
“Growing Singapore’s ability to attract flows of people and firms”
Mr Chairman,
Introduction
1. SMS Low spoke of how we are helping businesses weather uncertainty. To do that, we must stay relevant in two ways:
a. First, remain attractive to visitors.
b. Second, build a vibrant startup ecosystem that is attractive to founders here and beyond.
Strengthen attractiveness to international visitors
2. Let’s start with how we are making Singapore more attractive to visitors.
3. Mr Saktiandi Supaat asked for updates in Tourism 2040. Tourism 2040 is our long-term roadmap that is anchored on quality tourism. We are expanding our reach in segments and markets that can drive higher tourism returns, and working with our industry to create more exciting and distinctive experiences.
4. Our 2025 performance reflects this shift.
a. Last year, we welcomed 16.9 million international visitors, a 2.3% increase from 2024.
b. Importantly, our tourism receipts reached $23.9 billion in the first three quarters of 2025, a 6.5% increase compared to the same period in 2024.
5. There are a few reasons for this good performance. Last year, we continued to deliver world-class events, including concerts by Lady Gaga and the World Aquatics Championships 2025.
6. We also hosted major Meetings, Incentives, Conferences and Exhibitions (MICE) events and opened major attractions such as Rainforest Wild and Illumination’s Minion Land.
7. Building on this positive momentum, we expect international visitor arrivals to reach between 17 and 18 million this year, bringing in approximately $31 to $32.5 billion in tourism receipts.
8. To remain attractive to visitors, we will strengthen our stage, our people, and our show.
9. Let me start with our stage. This is our precincts and infrastructure.
10. One of our key tourism precincts is Sentosa. In 2019, then-PM Lee talked about building the Greater Southern Waterfront, including developing Pulau Brani together with Sentosa.
11. I am pleased to update that we have commenced the first phase of our Greater Sentosa Master Plan.
a. In Phase One, we will upgrade Sentosa’s infrastructure. We will add a new transport hub to link Sentosa and Brani, which are collectively known as Greater Sentosa. It will also house lifestyle and hospitality developments. We also plan to replace the Sentosa Express to improve connectivity.
b. We will also rejuvenate our beaches and add coastal protection measures so visitors can enjoy a day at the beach, even as we protect Sentosa from rising sea levels.
c. We will also create new icons in Sentosa, like Imbiah Canopy, which will become a beacon atop Mount Imbiah that leads visitors to heritage buildings and nature trails.
12. We will share more details about our Greater Sentosa Master Plan later this year, and I invite the public to share your ideas with us as we continue to reimagine and shape Greater Sentosa.
13. I would also like to update Singaporeans on our progress to refresh Orchard Road.
a. The historic Emerald Hill will be part of this refresh. We will launch a tender in the coming months to transform 37 Emerald Hill, site of the former Singapore Chinese Girls’ School. This will be a mixed-use development featuring unique hotel concepts, lifestyle offerings and community and public spaces.
b. We are also on track to complete the Grange Road Event Space in Q4 2026. The 3,000-capacity venue can host international touring acts and local artistes, bringing live music, community and cultural events right to the heart of Orchard Road.
14. We are also enhancing our cruise infrastructure and reinforcing our position as one of Asia’s leading cruise hubs. In October, we increased Marina Bay Cruise Centre Singapore’s capacity from 6,800 to 11,700 passengers. This enables two large cruise ships to berth concurrently, allowing us to welcome more cruise lines like Disney Adventure, which will call Singapore home. I look forward to attending the ship’s christening this week.
15. Second, our people. Our tourism workers and businesses shape how every visitor experiences Singapore. We will continue to equip them with the tools to excel.
a. For example, our Tourism Leadership Excellence and Advancement Programme equips tourism professionals with skills in tech and sustainability.
b. Our tourism businesses have been using AI and other technologies, and we will help them better use these tools. STB will unveil the Industry Digital Plans for the Travel Agents and MICE industries, alongside a GenAI Roadmap, at our upcoming Tourism Industry Conference in May.
16. Finally, we must put on a good show and curate an exciting line-up of events that attract visitors.
a. We continue to be attractive to art lovers. In addition to kicking off the year with Singapore Art Week 2026 in January, we have brought “Botero in Singapore” to Gardens by the Bay. Singapore is the first and only stop in Southeast Asia.
b. Like art fans, music fans have been attracted to Singapore over the years. This year, they will enjoy acts like BTS World Tour in December - made possible through STB’s partnership with HYBE and Klook. It will be BTS longest-running Asian stop outside of Korea and Japan.
c. We have also made Singapore an attractive e-sports destination over the years. This year, we will host PGL Major Singapore 2026, the first Counter-Strike 2 Major event in Southeast Asia.
d. This year’s F1 will also be different and more exciting, because we have secured our first-ever F1 Sprint event. This means F1 teams will also compete for championship points on Saturday. We are one of only six circuits to host this in 2026. This will make our F1 weekend even more exciting.
17. Our MICE industry also continues to attract quality visitors and cement our reputation as a global business hub. We will host major events this year such as the Passenger Terminal Expo Asia, and the RECHARGE Wind Power Summit Asia-Pacific.
18. We will also host many ASEAN events as Chair next year, including the ASEAN Tourism Forum 2027. This is an important platform for us to strengthen regional tourism cooperation and showcase Singapore to our neighbours.
19. Sir, these collective efforts position us as an attractive destination. I will next speak about how we are going to be attractive to startups.
Sustaining the vibrancy of our startup ecosystem
20. Our startup ecosystem has evolved significantly over three decades. Venture capital (VC) funding to startups more than quadrupled in the past decade, from US$1 billion in 2014 to US$4.8 billion in 2024.
a. We are ranked 4th in the Global Startup Ecosystem Index 2025, up from 16th a few years ago.
b. To date, we have over 4,500 tech startups, 220 incubators, and 500 VC firms.
21. As co-chair of the Economic Strategy Review (ESR) Committee on Entrepreneurship alongside MOS Dinesh Vasu Dash, we have engaged stakeholders across the startup ecosystem to develop recommendations to enhance their access to capital, markets and talent.
22. Assoc Prof Kenneth Goh asked how we can strengthen pathways beyond capital incentives so Singaporeans across all age groups can venture into entrepreneurship and return to employment without being disadvantaged. We are developing further measures under our Committee, and we welcome members of the public to share your ideas.
23. Our Committee has been working on ideas to expand startups’ access to capital, and I will share what we are doing so.
Targeted support for deep tech startups
24. First, we will set aside $1 billion to expand the Startup SG Equity (SSGE) scheme, to continue investing into early-stage startups, as well as expand into growth-stage deep tech startups.
25. Today, SSGE supports new and early-stage deep tech startups by:
a. Co-investing with qualified private sector investors; and
b. Investing in global VC firms that in turn invest in these startups, through a fund-of-funds approach. One such fund is Matter Venture Partners, a Silicon Valley-based HardTech VC. Matter has invested in early-stage Singapore-based startups, encouraged its portfolio companies to have a strong business and R&D footprint in Singapore, and mentored local startup founders.
26. SSGE also benefits early-stage deep tech companies like Blue Whale Energy (BWE), which builds and operates a Virtual Power Plant (VPP) platform, combining its own sodium-ion batteries with edge-based control software to create a flexible energy network. SSGE funding can help BWE crowd in private capital and speed up its development for large-scale deployment in Singapore and expansion into other markets.
27. Mr Ng Shi Xuan asked about the gap we are trying to close with this additional $1 billion injection. We now have maturing crop of high-potential deep tech startups, like Nuevocor, a biotech firm that develops potential life-saving medicines for heart muscle diseases caused by genetic mutations. Nuevocor closed a US$45 million Series B funding round in May 2025 and will enter clinical trials across the US and Europe. Growth-stage deep tech startups like Nuevocor need substantial capital to scale beyond our early-stage support.
28. This is how we are supporting them:
a. First, we will directly invest in growth-stage deep tech startups like Nuevocor. This will provide them the capital they need to scale their operations, strengthen their teams, and enter new markets while remaining anchored in Singapore as their home base.
b. Second, we will invest in global growth-stage deep tech VC funds. By expanding our fund-of-funds approach, we will attract top-tier growth investors to establish their presence. They will bring capital, global networks, expertise, and deep experience in scaling frontier tech, helping to grow and expand our deep tech startups globally.
Third, we will continue co-investing with third-party investors into early-stage deep tech startups. By sharing risks with credible investors, we will catalyse private capital and strengthen market discipline for our early-stage startups.
Support for the wider ecosystem
29. Mr Ng Shi Xuan asked if Startup SG Founder programme only applies to first-time founders. In April 2024, we have made the programme more flexible. While the main applicant needs to be a first-time founder, they can now partner with founders who have previous startup experience to apply.
30. Mr Neo Kok Beng pointed out that our startups receive great support during the seed stage but face difficulties as they start to mature, due to uncertainty of exit liquidity for investors. To address this, we are strengthening options for companies to raise capital in both public and private markets.
31. Let me first speak about our public markets. In 2022, we set up the $1.5 billion Anchor Fund to attract and anchor listings of high-growth companies, including promising startups. We have deployed the bulk of the fund to support companies in their journey towards public listing in Singapore.
32. We will now launch the second $1.5 billion tranche of the Anchor Fund, or Anchor Fund 2. Like the first tranche, we will co-invest in Anchor Fund 2 with Temasek. This is the second move arising from our ESR Entrepreneurship Committee’s work.
33. This will complement the new initiatives from MAS’ Equities Market Review Group, which has seen our equity market has achieved some early wins with increased IPO activity and higher average daily trading volumes. Our upcoming SGX-Nasdaq dual listing bridge will also allow eligible companies to simultaneously list on both exchanges with one set of prospectus. I will open NASDAQ’s new Singapore Office next week with NASDAQ’s management and we look forward to working with the NASDAQ team in the run-up to the launch of the Global Listing Board.
34. Sir, with these measures, we aim to strengthen our public markets as a compelling choice to anchor growth companies as they raise capital and grow from Singapore.
35. But we recognise not every company will want to raise capital through public markets. We must thus help our startups better access private capital to meet their diverse financing needs. Minister Chee Hong Tat has convened a new workgroup to develop strategies to strengthen Singapore as a leading centre for growth capital. We have met the workgroup and look forward to developing measures to better help our companies raise private capital and pursue other non-public exits.
36. Together, these initiatives strengthen support for our startup ecosystem and across the growth stages of our companies.
Conclusion
37. Mr Chairman, I have spoken of how we will continue to make Singapore more attractive to visitors.
38. I have also spoken about how we will continue to make us even more attractive to startups, founders and enterprises, by strengthening our startup ecosystem, helping innovative companies thrive and seek funds.
39. I will now handover to MOS Gan to speak about how we are addressing their need for space.