The Committee on the Future Economy (CFE) has proposed seven strategies to help Singapore’s economy grow in the long term, of which one is to develop a vibrant and connected city of opportunity.
Four proposed suggestions were made to aid the development of a vibrant city that is full of opportunities and is well-connected to the rest of the world.
1. Improve Connectivity
The first suggestion involves improving connectivity through the building of new infrastructure to connect Singapore to other countries, as well as investing in digital communications infrastructure. These would strengthen Singapore’s physical connectivity and position as a global air and sea hub, as well as improve its digital connectivity.
2. Bold Urban Planning
The report identified Singapore’s small size as a key challenge in pursuing economic growth, and thus bold urban planning was suggested to help Singapore overcome its limited land issue. Creative use of spaces was urged, and the creation of an urban logistics system, including the roll-out of a nationwide locker system and logistics networks in new industrial estates was also suggested.
3. Clusters of Innovation and the Arts
It was suggested to develop the Jurong Lake District into a “livelier second Central Business District” to improve vibrancy. Closer proximity between related economic activities, more workspaces for startups, greater range of purpose in industrial spaces’ usage, and sprucing up Singapore’s lifestyle destinations such as Orchard Road was suggested.
4. Export Urban Solutions
The committee raised the idea of Singapore being a “living lab” for urban solutions that can be exported to the rest of the world; and that the Government could help more local firms by setting aside zones to test and refine their products. Experimentation with new forms of transport was also suggested, as well as the ramping up of Singapore’s use of solar energy, and investing more in the research and development of energy storage.
Source: “Committee on the Future Economy report: Make Singapore a vibrant global city that is full of opportunities” (The Straits Times, 9 February 2017)