Committee on the Future Economy releases report: A look at the 3 economic units tasked to chart Sing
This article was first published on Oct 2, 2015, and updated on Feb 9,2017
SINGAPORE - The third iteration of a committee tasked to develop economic strategies for Singapore's future released its report on Thursday (Feb 9), as it called upon Singaporeans to be the "pioneers of the next generation".
Taking into account a challenging global environment, the Committe on the Future Economy - chaired by Finance Minister Heng Swee Keat - outlined seven broad and "mutually-reinforcing" strategies for Singapore to stay ahead in the digital era.
The practice of setting up such a unit is not new.
In 2001, then-Prime Minister Goh Chok Tong created the Economic Review Committee (ERC) - chaired by PM Lee Hsien Loong (who was Deputy PM at that time) - to review policies and propose appropriate strategies to promote further growth in the Singapore economy.
About eight years later in 2009, Mr Lee himself commissioned the Economic Strategies Committee (ESC) - led by then-Finance Minister Tharman Shanmugaratnam - to brainstorm new and creative ways to ensure the economy's long-term growth.
Here's a quick rundown of the three committees and what they proposed.
When it was set up: December 2015
What was its goal: To tackle five key areas:
Future growth industries and markets
Corporate capabilities and innovation
Jobs and skills
Urban development and infrastructure
Connectivity
Who was on it: A total of 30 members comprising five ministers - committee chairman and Finance Minister Heng Swee Keat, Minister for Trade and Industry (Industry) S Iswaran, Minister for Education (Higher Education and Skills) Ong Ye Kung, Minister for National Development Lawrence Wong and NTUC Secretary-General Chan Chun Sing.
The rest include leaders from different industries in both global and domestic markets, as well as large and small enterprises.
When did it submit its report: February 2017
Key performance indicators mooted:
Achieve average GDP growth of 2-3 per cent per year over the next decade
Key recommendations: The CFE envisioned the people to possess deep skills and be inspired to pursue lifelong learning; businesses to be innovative and nimble; the city vibrant and connected to the world and the Government coordinated, inclusive and responsive.
These can be achieved through the seven mutually-reinforcing strategies it proposed:
1. Deepen and diversify Singapore's international connections
Press on with trade and investment cooperation
Set up a Global Innovation Alliance
Deepen knowledge of Singapore's markets
2. Acquire and utilise deep skills
Facilitate acquisition of deeper skills
Strengthen nexus between acquisition and utilisation of skills
3. Strengthen enterprise capabilities to innovate and scale up
Strengthen Singapore's innovative ecosystem
Support enterprises to scale up
Catalyse the private sector to provide more growth capital
4. Build strong digital capabilities
Help SMEs adopt digital technologies
Build deep capabilities in analytics and cybersecurity
Leverage data as an asset
5. Develop a vibrant and connected city of opportunity
Invest in Singapore's external connectivity
Continue to plan boldly for growth and city rejuvenation
Build partnerships for a vibrant city
Develop exportable capabilities
6. Develop and implement Industry Transformation Maps (ITMs)
Tailor ITMs for each industry
Take an open, cluster approach to maximise synergies across industries
7. Partner each other to enable innovation and growth
A greater role for Trade Associations and Chambers (TACs) and unions
Create a regulatory environment to support innovation and risk-taking
Use lead demand to support the development of promising industries
Review and reshape Singapore's tax system
Create a sustainable environment