Singapore has potential to be test-bedding base: CFE sub-committee

THE Committee on the Future Economy's (CFE) sub-committee on Future Growth Industries and Markets had its first meeting on Wednesday.

Co-chaired by S Iswaran, Minister for Trade and Industry (Industry), and Jean-Luc Butel, president of K8 Global & senior adviser in McKinsey, the group aims to identify key growth clusters and markets, as well as strategies that will enable Singapore-based companies to seize opportunities in the global marketplace.

At their first meeting, the sub-committee members discussed the potential for Singapore to serve as a test-bed to develop solutions for global problems, and the need to develop an entrepreneurial mindset.

Said Mr Iswaran: "Asia's growing needs, global technological trends, and novel business models are creating new opportunities. We are also seeing closer linkages across industry sectors."

He gave the example of aerospace equipment manufacturers who, as a value-added service to their clients, are using data analytics to carry out predictive equipment maintenance.

Over the next few months, the committee will garner more views and ideas by engaging stakeholders across the business community, as well as other Singaporeans.