Singapore Plans Investment Rules to Shield Critical Entities

Bloomberg2023-11-03

Singapore plans to screen investments more closely in sectors critical to its national interests, as part of a new regime to boost security without undermining the Asian financial hub’s reputation for...

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The new bill, if passed, will be implemented in 2024 and seeks to widen the scope to any entity that is incorporated, operates or provides goods or services in Singapore.Australia, China, Japan, the UK and the US have similar investment regimes to safeguard strategic sectors, including artificial intelligence, production of semiconductors, cybersecurity, aerospace, or energy. While Singapore didn’t specify the sectors, Minister for Trade and Industry Gan Kim Yong said he expects only a handful of critical entities to be designated under this bill.“In an increasingly competitive world, there are increasing numbers of actors, both state and non-state, who will seek to advance their own interests and influence those of other countries,” said Nicholas Fang, director of security and global affairs at the Singapore Institute of International Affairs. 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