At what point does the high-effort labmeat become more economical for Singapore than importing meat? I suspect this is the nontrivial bit of the equation, massive quantities of imports are already inbound every single day.
There may be some aspect of geopolitical independence here as well, if they're dependent on imports for luxury foods (like meat) then they're more exposed to higher prices and external supply issues (which might be health related, scarcity, or some kind of politically caused scarcity).
I must respectfully disagree. Geopolitical independence is fundamentally less of a concern for luxury goods. You not being able to get a fancy steak is not a national security threat.
Meat is actually a "superfood" that gives you both energy and the building blocks your body needs to keep working. We don't need it in developped countries but in times of trouble when importations might be impossible, meat is not going to be a luxury.