Singapore is facing “significant challenges” in the global economy and there is a need to strengthen the country’s position as “a trusted hub for businesses to invest with confidence”, says Trade and Industry Minister Gan Kim Yong.
SINGAPORE: Singapore is exploring “new tools” to “manage significant investments into critical entities”, said Trade and Industry Minister Gan Kim Yong on Monday .
“To do that, we will need to make sure that investments into critical entities do not affect Singapore's economic resilience and our national security interest,” said Mr Gan. In the UK, the National Security and Investment Act, which came into force in January last year, allows the UK government to block or impose remedies on investments deemed to pose a national security risk.with a new law that would aim to enhance economic security, according to a Reuters report.
These include slower global growth amid monetary policy tightening worldwide to combat inflation, the multilateral open trading system coming under pressure, the rise of new technology such as generative artificial intelligence that has disrupted industries and businesses, as well as climate change.
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