Future Economy Council appoints 16 new members, unveils new structure
THE Future Economy Council (FEC) appointed 16 new members and announced a new structure at its first meeting of a new term on Friday.
Among the new members are CapitaLand group chief executive officer (CEO) Lee Chee Koon, Nanyang Polytechnic principal and CEO Jeanne Liew, and government ministers including incoming Minister for Trade and Industry Gan Kim Yong and Minister for Sustainability and the Environment Grace Fu.
The 40-member FEC comprises members from diverse backgrounds; these include the government, businesses, trade associations and chambers (TACs), unions, institutes of higher learning and training institutes. Set up in 2017 and currently chaired by Deputy Prime Minister Heng Swee Keat, it spearheaded the launch of 23 Industry Transformation Maps (ITMs).
The ITMs are credited with helping to raise Singapore's overall labour productivity by 2.7 per cent per annum between 2016 and 2019, up from 2.2 per cent per annum in the preceding three years. Real median income from the work of full-time Singaporeans increased by 3.7 per cent per annum for the same period, compared to 3.2 per cent in the preceding period.
Noting that this progress was disrupted by Covid-19, the FEC said it will review and refresh the ITMs for the next five years to address systemic shifts and seize new opportunities brought about by Covid-19.
The ITM 2025 plan will be strengthened in three ways: First, the FEC will be restructured to align its work more closely with the Research, Innovation and Enterprise (RIE) 2025 plan. Its new structure will comprise seven FEC clusters, aligned to the four RIE domains. These clusters are:
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* Advanced manufacturing and trade;
* Connectivity;
* Human health and potential;
* Urban systems;
* Resource and environmental sustainability;
* Modern services, and
* Lifestyle.
Second, ITM 2025 will build on the work done by the Emerging Stronger Taskforce (EST), which has been forging Singapore's path towards post-pandemic recovery. The Singapore Together Alliances for Action under the EST have brought together public and private stakeholders to develop safe business operating strategies and training and upskilling pathways for transport workers, for example.
Third, ITM 2025 will focus more on jobs and skills, with an aim to uplift productivity and wages, create good jobs for Singaporeans and prepare the local workforce to take on such roles.
Pontiac Land Group head of hotels Kwee Wei-Lin, among the new FEC members appointed on Friday, said: "Covid-19 has left its mark on many sectors, especially the tourism industry, which relies heavily on international travellers, and we are still not out of the woods.
"This provides greater impetus for us to plan even more earnestly for the future - a future where resilience is a core pillar of our plans, to strengthen our ability to withstand and bounce back from shocks, notwithstanding our open economy and small domestic market."
Said Wong Kim Yin, group president and CEO of SembCorp Industries: "Singapore is well-positioned to seize opportunities in sustainability, but we cannot do so in silos. I look forward to working with industry stakeholders and tripartite partners through the FEC, to create a more sustainable future with innovation at its core, and prepare our workforce for future skills and job opportunities in the space."
The 16 new FEC members are:
* Chen Kok Sing, corporate vice-president and Singapore country manager, Micron Semiconductor Asia;
* Chew Men Leong, president, urban solutions, ST Engineering;
* Chong Tow Chong, president, Singapore University of Technology and Design;
* Chua Kee Lock, chief executive officer, Vertex Holdings;
* Grace Fu, Minister for Sustainability and the Environment;
* Gan Kim Yong, incoming Minister for Trade and Industry;
* Euleen Goh, chairman, Singapore Institute of Management Group;
* Andrew Kwan, group managing director, Commonwealth Capital;
* Kwee Wei-Lin, head of hotels, Pontiac Land Group;
* Liam Wee Sin, group chief executive officer, United Overseas Land Group;
* Lee Chee Koon, group chief executive officer, CapitaLand;
* Jeanne Liew, principal and chief executive officer, Nanyang Polytechnic;
* Masagos Zulkifli, Minister for Social and Family Development, Second Minister for Health and Minister-in-charge of Muslim Affairs;
* Tan See Leng, incoming Minister for Manpower and Second Minister for Trade and Industry;
* Wong Kim Yin, group president and chief executive officer, SembCorp Industries; and
* Neil Yong, executive director, Woh Hup Holdings.
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