Future Economy to involve tripartite partners: Heng
Singapore
THE government will consult its tripartite partners as it implements Committee on the Future Economy (CFE) recommendations, said Minister for Finance Heng Swee Keat in a parliamentary reply on Monday.
Mr Heng was responding to a question from Member of Parliament Liang Eng Hwa on the scope and terms of reference of the Future Economy Council. Mr Liang also asked how the new council intends to work and coordinate with the other economic agencies and efforts to tackle challenges of the future economy, as well as the desired outcomes set for the council.
Mr Heng noted that industries and jobs are changing due to changes in technology, demand patterns and supply conditions.
"In particular, digital technology is likely to trigger changes in many industries. These changes will bring new opportunities and new challenges," he said in his response.
"The structural changes that are happening in the global economy will require us to respond robustly. All parties will need to each do our best and work in close partnership to respond to change."
Mr Heng said the Future Economy Council (FEC) will oversee the implementation of the CFE recommendations. The FEC will look at growing an economy that is "vibrant, open and connected to the world", supporting the growth of new and existing industries, he said.
The FEC will also look to strengthen businesses through industry-specific transformations to help them grow, innovate and scale-up; and enabling Singaporeans to acquire and utilise deep skills.
"All these will require close collaboration among the tripartite partners," said Mr Heng, adding that the council will comprise representatives from the government, private sector, unions, institutes of higher learning, as well as trade associations and chambers.
Such consultation has already been done. For example, the Building and Construction Authority had gathered 400 industry stakeholders, including the Real Estate Developers' Association of Singapore and the Singapore Institute of Building, to identify several forms of technology that can be further researched upon, so as to boost productivity. It shows how different stakeholders can come together, each bringing their unique strengths, to advance the construction industry, said Mr Heng.
