WP calls for SME-driven economic growth; PAP says Singapore needs both local firms and MNCs
Singapore's parliament debated the country's economic future, with the Workers' Party advocating for a greater focus on local SMEs. The government countered that a balanced ecosystem of both multinational corporations and local firms is essential for national growth.
Why it matters
The debate highlights the tension between fostering local entrepreneurship and maintaining reliance on foreign direct investment in small, open economies.
During the debate, Second Minister for Finance Jeffrey Siow said Singapore's economy needs both MNCs and SMEs to thrive, with the two reinforcing rather than competing with each other.
Workers' Party MP Jamus Lim (left) and Second Minister for Finance and Transport Minister Jeffrey Siow (right) in parliament on Aug 5, 2026.
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