Budget 2021 debate: Louis Chua on restructuring the economy, shoring up long-term support

The COVID-19 crisis offers an opportunity to urgently restructure Singapore’s economy, said MP Louis Chua in Parliament on Wednesday (Feb 24). He welcomed efforts to accelerate the growth of new digital capabilities, but said more must be done to help SMEs scale up and internationalise. He suggested that large local GLCs and MNCs be given incentives to partner SMEs on this. Mr Chua also said pandemic support schemes like the COVID-19 Recovery Grant could be made permanent, but automatic stabilisers like unemployment insurance should ultimately be considered.