Written reply to PQ on impact of MNC regional headquarters relocation on youth job opportunities and corporate retention strategies

Question:

Mr Yip Hon Weng: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) whether the relocation of multinational corporation (MNC) regional headquarters has reduced job opportunities for youths; (b) what strategies are being deployed by the Government to retain MNCs in Singapore; and (c) how many Singaporean youths have relocated overseas for full-time employment in the past five years as a result of MNC relocations. 

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1.                  Multinational corporations (MNCs) regularly review and adjust their business operations to adapt to evolving economic conditions and industry cycles. The number of foreign HQs in Singapore has actually increased by 33.8% from ~770 in 2019 to ~1030 in 2024 and the number of resident Professionals, Managers and Executives (PMEs) employed in foreign HQs based in Singapore has also increased from 12,700 in 2019 to 13,700 in 2024.

2.                  To attract and retain MNCs in Singapore and create good jobs for Singaporeans, we must continue to strengthen our value proposition and attributes such as good governance, rule of law, well-trained workforce, strong base in science and technology, and connectivity to the region and globally. 

3.                  We do not collect data on the reasons why Singaporean youths relocate overseas for full-time employment.