FLOW OF FOREIGN INVESTMENTS INTO SINGAPORE

Mr Teong Eng Siong asked the Minister for Finance whether there has been a flow of foreign investments into Singapore recently, especially from Hongkong, and if he can give details of such investments.

Dr Goh Keng Swee: Sir, it is not possible to give a straightforward answer to the hon. Member's question. Whenever disturbances occur anywhere, some flight of capital usually takes place. Refugee capital coming into any country does so by means which avoid official records. The number of approaches made by Hongkong industrialists to the Economic Development Board has considerably increased since these disturbances began. More than 300 Hongkong industrialists have discussed investments proposals with the Singapore Economic Development Board, and I believe that a substantial number of these proposals will materialise into factories on the ground. This, of course, will take time.