SINGAPORE: The newly-formed Committee on the Future Economy (CFE) announced five sub-committees to set the direction for Singapore's future economic development after its first meeting on Monday (Jan 11).
The areas the sub-committees will be working on are corporate capabilities and innovation, future growth industries and markets, connectivity, urban development and infrastructure, as well as jobs and skills.
The sub-committees will draw in additional representatives from both the private and public sectors, and will each be co-chaired by a minister and a private sector CFE member. They will also be engaging stakeholders and the public for their views.
Subcommittee: Co-chairman / Co-chairman
Future Corporate Capabilities and Innovation: Finance Minister Heng Swee Keat / Singapore Business Federation Chairman Teo Siong Seng
Future Growth Industries and Markets: Minister for Trade and Industry (Industry) S Iswaran / K8 Global President Jean-Luc Butel
Future of Connectivity: Minister in the Prime Minister's Office Chan Chun Sing / The Boston Consulting Group managing director Mariam Jaafar
Future City: Minister for National Development Lawrence Wong / Group CEO for PSA International Tan Chong Meng
Future Jobs and Skills: Acting Minister for Education Ong Ye Kung / Singtel's country chief officer Bill Chang
The sub-committees plan to study the changes in the regional and global economic landscape, and Singapore's domestic environment, and how companies and workers in the Republic can adjust and innovate.
"We are also cognizant that the work of the various sub-committees is very inter-related," said chairman of the 30-member committee, Finance Minister Heng Swee Keat. "So on one level, we're going to have a very deep dive into each of the thematic areas; but at another level, we're also going to have the main committee conduct meetings to coordinate this and also have thematic discussions on specific areas which allows sub-committees to bring these different ideas together."
"Each of the sub-committees will then delve deeply into each of these five broad themes. And in fact for some of the sub-committees, the area is so broad that we may even have smaller groups to look at it in a very focused way," he added.
Mr Heng said the committee had a fruitful first meeting touching on major global trends, as well as recent economic developments since the last restructuring effort and what has to be different.
Noting the importance of the exercise, the committee's deputy chairman, Minister for Trade and Industry (Industry) S Iswaran also pointed out that developments are taking place externally and domestically.
He said: "If you look at it overall, the environment is always dynamic. This committee is being formed at a time which punctuates that trend in a sharper way because of the confluence of these many events occurring.
"So it's timely for us to take a longer view, in order to see how we can position ourselves as an economy. For our businesses and individual workers, how can we position ourselves for the medium- to long-term opportunities that we can see?"
"NOT ABOUT ONE GROUP OR ANOTHER"
The Singapore Business Federation will present its position paper to Mr Heng on Tuesday. The paper lays out steps it hopes the Government will take to help local businesses cope with a more challenging environment. Mr Heng was asked whether there was concern that the committee would be seen as favouring a pro-local business agenda, given its makeup of several business groups.
"At the end of the day, it's about creating good jobs and good opportunities for Singaporeans and Singapore businesses. So, in that regard, it is not about one group or another," said Mr Heng.
"More broadly, the work of economic restructuring is a complex and arduous task. Because it is complex, it's important for us to bring the best possible ideas and therefore the very wide consultation will allow us to bring in the best possible ideas from fellow Singaporeans, from businesses, from academics, from researchers and so on," he added.
The CFE aims to complete its work by the end of 2016.
Read more at http://www.channelnewsasia.com/news/singapore/committee-on-the-future-economy-announces-5-key-areas-of-work-8202834