Impact and Strategies to Address Drop in Singapore's World Competitiveness Ranking

19 Mr Melvin Yong Yik Chye asked the Minister for Trade and Industry (a) what are the reasons behind Singapore's drop in ranking from first to fifth in the Institute for Management Development's World Competitiveness Ranking; (b) whether this will have any severe adverse impact in attracting investments to Singapore; and (c) what are the Ministry's plans to enhance Singapore's competitiveness in the short and long term.

20 Ms Mariam Jaafar asked the Minister for Trade and Industry (a) what is the number of companies that have taken a decision in the past year to move their regional or global headquarters out of Singapore; and (b) what are the key strategies to address the slump in our global competitiveness rankings.

Mr Gan Kim Yong: The questions will be addressed by the Ministerial Statements to be delivered by Minister Ong Ye Kung and Minister Tan See Leng on 6 July 2021. [Please refer to "Free Trade Agreements and Foreign Manpower", Official Report, 6 July 2021, Volume 95, Issue No 32, Ministerial Statement section.]