The newly formed group that has been tasked by the Singaporean government to update the city-state’s economic strategy has held its first meeting, in which it identified five key areas of study and named the heads of the five subcommittees that will be responsible for each focus area.
The 30 members of the Committee on the Future Economy (CFE) met for the first time on January 11, 2016 and “discussed and endorsed the five key areas of work that it would embark on to set the direction for Singapore’s future economic development,” according to a statement made by the CFE Secretariat.
These areas are corporate capabilities and innovation, growth industries and markets, connectivity, urban development and infrastructure, and jobs and skills.
The CFE also set up five subcommittees that will take charge of specific study areas, overseen by overall committee heads Minister for Finance Heng Swee Keat and Minister for Trade and Industry S Iswaran.
Each subcommittee will be co-chaired by a minister and a CFE member from the private sector.
For the subcommittee on future corporate capabilities and innovation, it will be co-chaired by Heng Swee Keat and Teo Siong Seng, chairman of the Singapore Business Federation.
The future growth industries and markets group has S Iswaran and Jean-Luc Butel, president of K8 Global as co-chairs, while the team on future connectivity is co-headed by Minister of the Prime Minister’s Office Chan Chun Sing and Mariam Jaafar, partner and managing director for Singapore of The Boston Consulting Group.
The subcommittee on the future city is to be led by Minister for National Development Lawrence Wong and Tan Chong Meng, who is group CEO of PSA International.
Finally, for the team handling the study area of future jobs and skills, Acting Minister for Education Ong Ye Kung and Bill Chang, country chief officer for Singapore and CEO of Group Enterprise, will be the co-chairs.
The CFE was formed early this month “to develop economic strategies to position Singapore well for the future—to be a vibrant and resilient economy with sustainable growth that creates value and opportunities for all,” said the secretariat.
In an earlier statement, the secretariat said CFE “will build on and update the Report of the Economic Strategies Committee (ESC) of 2010, taking new global and domestic realities into account.”
It added that since 2010, implementing the ESC’s recommendations has enabled the economy to remain competitive. “But with rapid changes in the global environment, technological change and a slower growth of our labour force, we face new challenges and opportunities.”
The committee will consult with trade associations and chambers, as well as trade unions, to forge new strategies together to develop “competitive strengths.” The CFE is also going to tap on resource persons, such as thought leaders from the corporate world and in academia, from both Singapore and abroad.
In addition, it will consult and engage widely with stakeholders to get a good representation of views from all sectors of the economy.
The CFE aims to complete its work in a year’s time.
Photo: Erwin Soo
