Prime Minister Lawrence Wong has appointed Deputy Prime Minister (DPM) Gan Kim Yong to oversee an upcoming review of government rules and processes for businesses and keep the regulatory burden to a minimum.

PM Wong announced this during his maiden National Day Rally Speech on Aug. 18, at the Institute of Technical Education (ITE) Headquarters at Ang Mo Kio.

This review would ensure a business-friendly environment, so Singapore can stay economically competitive, PM Wong noted.

To stay economically competitive

During his speech, PM Wong spoke about how Singapore would stay competitive in its next phase of economic development.

He stressed that the government has been investing heavily in research and development and nurturing and growing the local enterprise ecosystem.

As such, Singaporean entrepreneurs are carving out new niches in music, fashion and other areas and making their mark globally, PM Wong noted.

"We will do more to encourage this spirit of innovation and enterprise," he said.

'Rules have grown over time'

Nevertheless, PM Wong noted that the number of rules imposed by Singapore government agencies has increased over time.

"Our agencies understand the importance of minimising regulations, and only impose rules when necessary. But over time, the rules have grown, and sometimes overgrown," he acknowledged.

PM Wong raised the example of a company that had to apply to seven different agencies to convert their factory into a workers' dormitory, and only got permission to proceed after nine months.

PM Wong noted that the application took "too long", and believed the government can and will shorten the process.

PM Wong also said that he wanted to be fair to the regulators, who are doing their jobs.

PM Wong noted that "every agency has legitimate concerns to deal with" and with every incident such as a workplace injury or food poisoning outbreak, regulators are pressured to tighten the rules further.

"Each new rule may seem small. But the small changes add up," he said.

DPM Gan to oversee review of regulatory environment

To that end, PM Wong announced that the Singapore government will do a thorough and proactive review of its rules and processes, and prune them back where possible.

This is to ensure a business-friendly environment and keep the regulatory burden to a minimum, PM Wong noted.

It will be done every few years or so.

PM Wong said that he has asked DPM Gan, who is also the Trade and Industry Minister, to oversee the review.

"He has roped in a few ministers, and they have been hard at work," PM Wong added.

As a caveat, PM Wong shared that "relaxing some rules also means accepting more risks, and Singaporeans need to understand and support these changes."

"I am sure this will improve things, and I hope this will go some way in helping businesses, especially our small and medium enterprises (SMEs)," PM Wong said.

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Top image from Lawrence Wong / Facebook & Tan Tock Seng Hospital / FB