"A viable threshold that might attract leading global players to consider investing in local media companies is 15-20 percent," said the information communication technology (ICT) working group, part of the Economic Review Committee.

The government only recently approved raising the foreign ownership limit from three to five percent, but the panel said the revised threshold is still too low compared to other developed countries.

"Foreign investment would enable local media companies to expand and access international markets and expertise," they explained.

This is in line with their recommendations for the government to adopt a lighter stance towards media control, and the aim of lifting the ICT contribution to Singapore's gross domestic product from seven to 12 percent in the next 10 years.

Singapore's reputation for being a country where the media is tightly controlled has prevented the media and ICT industries from developing as rapidly as they should, the report said.

"This perception creates uncertainty and discourages content creators from basing their operations in Singapore."

Singapore's television channels, radio stations and newspapers are largely in the hands of two companies, Singapore Press Holdings and MediaCorp.

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