PIONEER INDUSTRIES (Particulars)

Wednesday, 18th November, 1964

Mr Ong Eng Guan asked the Minister for Finance to state the number of Pioneer Certificates which have been issued to date, with details of name of firm: product specified: date of issue: time limit to commence operation, if any; whether and when the firm has commenced production; paid-up capital of the firm, percentage of local capital and foreign capital in the firm; and number of workmen of the firm.

Dr Goh Keng Swee: During the debate on Government's financial policy, Opposition members tried to make out that Singapore's pioneer industries were being monopolised by foreign capital. I made a point in reply that the majority of capital subscribed in these pioneer industries is local capital.

I welcome this question from the Member for Hong Lim as it provides me with an opportunity for giving full details. The Schedule setting out the particulars in respect of each one of the 119 pioneer firms will be sent to you in due course. To summarize the aggregates, the total subscribed capital in all pioneer industries amounts to $221,967,000. 57 per cent of this capital is provided by local businessmen and 43 per cent come from abroad. Among the pioneer industries are a number of international oil companies. Their total subscribed capital invested comes to $49.8 million and the enterprises are wholly owned by them. If we deduct the enterprises set up by these companies - there are only five oil companies involved - the ratio of local capital to foreign capital is 73 per cent to 37 per cent.

The number of workers who will be employed by these industries at the initial stage of production is estimated at 10,032. When these firms are in final production the estimated number of workers employed will increase to 18,128.