The proposed Significant Investments Review Bill seeks to allow the government to review ownership or control transactions in the ‘critical entities,’ the trade and industry ministry said in a statement on Friday.

Singapore already relies on a range of laws to monitor and manage entities in sectors such as telecommunications, banking and utilities. The new bill, if passed, will be implemented in 2024 and seeks to widen the scope to any entity that is incorporated, operates or provides goods or services in Singapore.

Australia, China, Japan, the UK and the US have similar investment regimes to safeguard strategic sectors, including artificial intelligence, production of semiconductors, cybersecurity, aerospace, or energy. While Singapore didn’t specify the sectors, trade and industry minister Gan Kim Yong said he expects “only a handful of critical entities to be designated under this bill.”

Such designated entities will be subject to controls, including approval for change in ownership, appointment of key officers, and official nod for even winding up or dissolution, the MTI said.

“It is critical for Singapore to remain open and connected to the world, and as such we must continually strengthen our position as a trusted hub for businesses to invest with confidence,” Gan said.