30-member Committee to Chart Our Economic Future

Have any views on how Singapore can have a successful economy of the future?  

The Committee on the Future Economy, chaired by Finance Minister Heng Swee Keat, will study five key areas that are crucial to sustaining economic growth vital to the future of Singapore.

One key focus is to identify future growth industries and markets, and help firms to seize opportunities in those areas. Another is providing strategies to cultivate innovation and technology.

For workers, there will be a detailed study on how technology and demographics will impact the labour force. The committee will also draw up plans to develop Singapore's infrastructure while making living spaces sustainable. Lastly, there will be attention on entrenching Singapore as a hub for Asia with the growing connectivity in the region.

The committee aims to complete its work by the end of next year. Its 30 members include Ministers, business associations, multinational companies such as Shell and the Boston Consulting Group, and local enterprises such as the Timbre Group, ST Engineering, and Sing Lun Holdings.

Minister Heng said the formation of the committee comes at an "important juncture" where businesses and workers are "facing difficult adjustments" amidst slowing global growth and rising costs.

"We hope to go beyond seeking their views, to working with and supporting them to lead and champion some of the transformation processes".

Having such a committee is not new, with the last one formed in 2009. Members said both Singapore and the world have changed significantly since then. They noted that this committee will have to tackle a wide range of issues, from disruptive technologies to the impact of an ageing population.

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Source: “30-member committee to chart future of economy” (The Straits Times, 22 Dec 2015)

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