Deputy Prime Minister Lawrence Wong says Singapore can’t afford to outbid the big boys for investments from multinational corporations
TWC – Singapore’s Deputy Prime Minister Lawrence Wong addressed the annual May Day Rally, warning Singapore already feels the impact of tough investment competition. As significant economies mobilize enormous sums of money to build their strategic industries, Singapore “cannot afford to outbid the big boys” to attract investments from multinational corporations, according to Mr Wong. He cited conversations with MNCs about raising Singapore’s effective corporate tax rates to 15% in line with an overhaul of global tax rules. Mr Wong noted that advanced economies are rolling out massive subsidies to build their domestic production capacities, especially in strategic industries like semiconductors and clean energy. He said Singapore must have enough ingenuity, innovation, guts, and gumption to prevail. Singapore’s Prime Minister Lee Hsien Loong delivered his May Day message on Sunday, describing how the external environment remains volatile and fraught with geopolitical tensions.