On May 3, Singapore held its General Election. The People’s Action Party (PAP), under Prime Minister Lawrence Wong, secured 87 out of 97 Parliament seats with 65.6% of the vote — a stronger mandate compared to the 2020 election.
In the immediate aftermath, Singapore’s leading business chambers issued strong endorsements of the election outcome, emphasizing their hopes for continued political stability, policy consistency, and business-friendly reforms.
What Do Business Chambers Say?
📌 Singapore Chinese Chamber of Commerce & Industry (SCCCI):
“We look forward to resilient and united leadership.”
In a statement, SCCCI noted:
“The results reflect the people’s strong mandate and trust in the PAP. We look forward to the new government leading Singapore steadily amid global uncertainties.”
The Chamber pledged support in:
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Driving economic transformation
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Unlocking growth opportunities
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Creating quality jobs
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Supporting workforce upskilling
📌 Association of Small & Medium Enterprises (ASME):
“SMEs need short- to mid-term support.”
ASME President Kurt Wee highlighted key challenges for SMEs:
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Rising operating costs
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Tight labor supply
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Financing limitations
He urged the government to offer concrete support in areas like:
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Tax relief and cost subsidies
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Access to transformation funds
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Training support schemes
📌 Singapore International Chamber of Commerce (SICC):
“Rule of law and openness are business anchors.”
SICC CEO Victor Mills said:
“Singapore’s political stability, rule of law, and pro-business environment are essential pillars of investor confidence.”
He added:
“What matters most to businesses is continuity — efficiency, transparency, openness to talent and trade — values embedded in Singapore’s DNA.”
He also encouraged companies to engage with chambers on priorities such as:
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Digitalization
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Sustainability
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Regional integration
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Talent development
Analysts: Strong Mandate Means Steady Policy
According to The Business Times, analysts say the PAP’s strong mandate will boost investor confidence in Singapore’s economy. Amid global uncertainty, continuity in leadership and economic policy will anchor long-term investments and help Singapore stay ahead.
