Singapore's future economy committee to focus on five key areas

NEW growth areas, corporate innovation, jobs, urban infrastructure and connectivity are the key areas that Singapore's Committee on the Future Economy (CFE) - made up of 30 members from the government, financial, manpower, semiconductor industries - will look into.

"By coming together to imagine new possibilities, I am optimistic that we can transform our economy, keep it vibrant and resilient, and create opportunities for all," said chairman of the committee Heng Swee Keat, who is also Singapore's Finance Minister, in a press release on Monday.

In consultations with trade associations, chambers, thought leaders from Singapore and abroad, the CFE will focus on five areas to mould the future of Singapore's economy. One key area that the committee will be looking into is identifying and designing growth strategies for priority clusters in Singapore. It hopes to help companies seize opportunities in the global marketplace.

The committee will also recommend strategies to enable companies and industry clusters to develop innovative capacities, and use technology as well as new business models and partnerships to create value.

As for helping workers to remain relevant in the new economy, the committee aims to assess the impact of demographics and technology on the labour force, and recommend strategies to create and re-design jobs, and to equip Singaporeans with the skill sets needed for the future.

The committee also recognises the importance for Singapore's living environment to be in line with new economic priorities. It will recommend strategies to enhance Singapore's infrastructure and develop sustainable urban spaces, so as to create an outstanding living environment for its people and reinforce economic advantage.

Finally, the committee will study modern connectivity and flows in the future global economy and recommend how Singapore can continue to be a hub that brings value to Asia and the world.

Unveiled for the first time was the list of the CFE's committee members. They include senior adviser at McKinsey & Company Jean-Luc Butel; chief executive of group enterprise at Singtel Bill Chang; co-founder and managing director of Timbre Group Edward Chia; chief executive of Citibank Singapore Han Kwee Juan; and corporate vice-president of Applied Materials Russell Tham.

Also on the list are political office holders including Minister in the Prime Minister's Office Chan Chun Sing; Acting Education Minister Ong Ye Kung; and Industry Minister S Iswaran, who is also the committee's vice-chairman.

The committee aims to complete its work by the end of 2016.