PIONEER CERTIFICATES GRANTED SINCE 1959 (Amount of capital from foreign countries)

Mr Ong Chang Sam asked the Minister for Finance how many pioneer certificates have been granted since June 1959; what is the total amount of paid-up capital involved; and how much of this capital is from foreign countries, and from which countries.

Mr Ramaswamy (for the Minister for Finance): Mr Speaker, Sir, I have been asked to reply.

Since June 1959, 24 pioneer certificates have been granted. Another five certificates will be granted soon.

For the firms which have been awarded pioneer certificates, the capital involved is as follows: $ Total Authorised Capital 163,750,000 Total Subscribed Capital 48,538,715 Total Paid-up Capital 33,112,132 (a) Local 13,972,134 (b) Foreign 19,139,998

For the other five firms, the capital involved is: Total Authorised Capital 9,500,000 Total Subscribed Capital 920,202 Total Paid-up Capital 920,202 (a) Local 364,204 (b) Foreign 555,998

Of the total amount of Paid-up Capital, 58 per cent is from abroad. This foreign capital comes from the United Kingdom, the United States of America, Japan, Hongkong, Holland, Switzerland, and other countries.

Mr Ong Chang Sam: (In Mandarin): Mr Speaker. Sir, the Parliamentary Secretary said that foreign capital of $19,139,998 has been invested in local industries, namely 58 per cent.

Can he tell us whether the Government has any future plan to encourage our local capitalists to invest in our local industries and not to issue too many of these pioneer certificates to foreign capitalists?

Mr Ramaswamy: We have always encouraged local capitalists to invest in Singapore.