Industry players back PM Wong's promise to streamline processes

He focused on three areas.

Prime Minister Wong received praise from key organisational figures after his speech at his first National Day Rally. Wong aims to reduce regulatory burden for companies by shortening business processes and reaffirming the government’s role in helping them seize new opportunities.

“We applaud the government's pursuit to stay competitive, drive innovation, and upskill the workforce in this current digital age. These are key ingredients for Singapore to be resilient and will promote long-term economic growth amid global challenges and disruptions” said Jasie Fon, regional vice president of Asia at Ping Identity.

This comes after the Prime Minister introduced the ITE Progression Awards (IPA) which will benefit all Singaporean ITE graduates aged 30. They will receive $5,000 in their post-secondary education account and an additional $10,000 upon finishing a diploma.

“The arts and sports too are fields which we should not neglect,” said the Prime Minister.

Two art institutions, La Salle and NAFA, recently came together to form the University of Arts Singapore. Whilst it is privately owned, it will be supported by the government through the development of new facilities and the provision of subsidies for students.

Moreover, the government plans to build better facilities for Singaporean athletes at Kallang.

Shortening business processes

“The PM’s announcement to review regulatory processes for businesses will help drive greater growth and productivity in the country,” said Hassan Ahmed, Country Director for Coinbase Singapore.

During his speech, Prime Minister Wong said he will ensure a business-friendly environment and keep regulatory burden to a minimum.

One example he cited was a company that had to process an application to convert their factory into a dormitory which lasted for a whole nine months.

Despite the company causing the delay by submitting incomplete documents, the Prime Minister said the application would still have taken several months.

“I think that is still too long. We can and we will shorten the process,” said Wong. 

"But sometimes there are difficult trade-offs to be made. Relaxing some rules also means accepting more risk, and Singaporeans need to understand and support these changes [...] I am sure this will improve things, and I hope this will go some way in helping businesses, especially our small and medium enterprises (SMEs)," he added.

Seizing new opportunities

“SMEs are the backbone of our economy. The government's role in helping businesses restructure and transform to seize new opportunities through investments in R&D, new infrastructure, and technology is crucial,” said Koh Ching Hong, Chief Executive Officer of FUJIFILM Business Innovation Singapore.

PM Wong said the government is investing heavily in the aforementioned areas to stay competitive and not be left behind.

“Our strategies are working," Wong said. According to the PM, the country is attracting new investments and is nurturing its enterprise eco-system.