Major changes needed for shift from value-adding to value creation

THE Committee on the Future Economy (CFE) which was established late last year to chart new directions for the Singapore economy is, at least chronologically speaking, about halfway through its term; it is expected to present its recommendations by the end of the year. During this consultation phase, a number of ideas have surfaced, from industry leaders, entrepreneurs and expert observers. Hopefully, there will be many more.

It is widely recognised, including by the CFE, that the journey from being a "value-adding" economy to a "value-creating" one will require a multi-pronged effort.

For its part, the committee will address at least five key areas which can be said to be among the building blocks of the transformation: future growth industries and markets; corporate capabilities and innovation; jobs and skills; urban development and infrastructure; and connectivity.