During the 23 Feb Parliament proceedings, Minister of State for Trade and Industry Low Yen Ling responded to questions regarding Singapore’s Global Investor Programme (GIP) investors’ contributions to the economy.
Source: MCI Singapore on YouTube
In her speech, she shared about the efforts made to integrate GIP investors into society.
She also touched on the Economic Development Board’s (EDB) stringent selection process before granting GIP investors Permanent Resident (PR) status.
In her speech, Ms Low shared that the ministry granted approximately 200 individuals permanent residency through the GIP between 2020 and 2022.
These PRs can either join other new Singapore residents in various integration activities organised by the National Integration Council and its partners or tap on EDB’s network to embark on philanthropic activities or contribute to community causes that benefit society.
According to The Straits Times (ST), foreigners can apply to be GIP PRs after investing S$2.5 million into starting or expanding a business in Singapore.
Alternatively, they can invest in a GIP fund that invests in Singapore-based companies.
Responding to questions raised by Leader of the Opposition Pritam Singh, Ms Low clarified that EDB has been extremely selective about the GIP investors accepted, despite the stable interest that the programme has received since 2004.
Source: MCI Singapore on YouTube
Describing EDB’s evaluation as “stringent and robust”, Ms Low shared that GIP PRs accounted for less than 1% of total PRs awarded yearly. Of which, only a small proportion are eventually granted citizenship.
Applicants for Singapore citizenship, including PRs under the GIP, are assessed independently by the Immigration and Checkpoints Authority (ICA).
Ms Low reassured members in the house that EDB conducts “regular reviews to ensure rootedness by the GIP investors in Singapore, and that they contribute to our industries, to our economy, and to job creations”.
In fact, GIP PRs are required to submit documentary evidence of the Singapore-based companies that they have invested in.
She elaborated, “In addition to looking through all this documentary evidence, EDB will also conduct site visits to assess the companies’ business activities and the employment situation.”
Ms Low also mentioned that EDB also periodically reviews GIP investors’ economic and residency commitments.
Those who do not meet the commitments and other renewable criteria will not have their re-entry permit renewed.
Source: lonely.cam on Flickr
This would result in the individual’s PR status lapsing when they eventually leave Singapore. In other words, they will lose their PR status without a re-entry permit.
Yio Chu Kang Member of Parliament (MP) Yip Hon Weng took to the stand to ask about the sectors where investments have been made.
He also enquired about the total investment amount investors have brought in.
In response, Ms Low shared, “GIP investors come from a wide spectrum of areas and sectors like technology, urban solutions, and sustainability, as well as financial services.”
These GIP investors brought in more than S$5.46 billion in total business expenditure via direct investments from 2011 to 2022. This has in turn generated more than 24,000 jobs in Singapore.
As of Oct 2022, GIP investors have also injected S$1.62 billion into approved GIP funds. Fund managers have deployed 87.2% of this amount, translating to about S$1.41 billion, into actual investments.
Singapore-based companies received about S$930 million, or about 65.6% of the investments.
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Featured image adapted from Swapnil Bapat on Unsplash.
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