Panel on future economy outlines 7 strategies to take Singapore forward
AMID A challenging global environment, Singapore's people and companies have many opportunities to innovate, deepen their skills and capabilities and stay relevant to the world, a high-powered committee charged with coming up with a blueprint for economic growth has said.
In its report released yesterday, the Committee on the Future Economy (CFE) noted the United States and Europe continue to have innovative companies and people, and many Asian markets have strong potential that Singapore companies are well-poised to tap into.
The sectors to tap into include finance, hub services, logistics, urban solutions, healthcare, the digital economy and advanced manufacturing, the committee noted in its 109-page report.
The report came after the 30-member committee, co-chaired by Finance Minister Heng Swee Keat and Minister for Trade and Industry S Iswaran, spent a year talking to over 9,000 workers, unions, companies, trade bodies and others.
“We cannot know which industries will succeed. What we do know is that Singapore must stay open to trade, talent and ideas, and build deep capabilities,” the committee said in its report.
Pioneers of next generation
“By being innovative, bold and willing to change; by remaining open to the world, and deepening our knowledge of markets everywhere; our businesses and people can grasp the opportunities that this new environment offers, and Singapore can continue to prosper.
“We call upon the Singaporeans of today, young and old, to be the pioneers of the next generation.” The CFE sketched its vision of a future economy where people are inspired to learn throughout their lives, businesses are innovative and nimble, the city is connected and vibrant and the government coordinated, inclusive and responsive.
To achieve this, it outlined seven “mutually-reinforcing” strategies for Singapore to stay ahead.
The committee has submitted its report to Prime Minister Lee Hsien Loong.
In a letter to Heng and Iswaran, PM Lee said the government accepts the strategies proposed and will pursue all of them.
Ministers will provide a full response during the Budget and Committee of Supply debates, he added.
Lee noted that developing the strategies is the first step: "What counts is how well we implement them to transform our economy."
Difficult trade-offs will be necessary, as resources are limited, he added. “We will take a hard-headed, pragmatic approach. When results are promising, we will vigorously pursue them. When a scheme does not look like it is going anywhere, we must have the courage to cut losses.
“That is how we progressed for the past 50 years, and the only way to continue progressing in future.”
The committee’s recommendations aim to help the country stay open and relevant, ensure its people acquire skills for future jobs, and see companies scale up through innovation and transformation.
