The Committee on the Future Economy (CFE), recently formed by Prime Minister Lee Hsien Loong October 2015, has just announced five subcommittees that will shape the direction of the committee.
The mission of the CFE is to come up with economic strategies which will position Singapore well for the future economy. It aims to help sustain a vibrant and resilient economy throughout the nation- which sustains growth, creates values, and offers opportunities.
The CFE is helmed by Minister for Finance, Mr Heng Swee Keat, and his deputy chairman, Minister for Trade and Industry (Industry), Mr S Iswaran.
In the launch of the CFE, Mr. S Iswaran exclaimed, “For a small, open country like Singapore to remain competitive, it is imperative that we hone our competitive advantage in industries that will drive the global economy of the future. In the area of future growth sectors and markets for example, we will look at identifying priority clusters for Singapore and recommend strategies to grow them.”
CFE First Meeting
The 30 members of the CFE held their first meeting yesterday, 11 January. During which, they discussed the five areas of work it would focus on- setting the direction for the Committee.
The five areas include:
- Corporate capabilities and innovation.
- Future growth industries and markets.
- Urban development and infrastructure; and
- Jobs and skills.
To assess these areas in more depth, the CFE established five subcommittees, each co-chaired by a Minister and a private sector CFE member:
Future Corporate Capabilities and Innovation
Mr Heng Swee Keat
Minister for Finance
Mr Teo Siong Seng
Chairman, Singapore Business Federation
Future Growth Industries and Markets
Mr S Iswaran
Minister for Trade and Industry (Industry)
Mr Jean-Luc Butel
President, K8 Global, and Senior Advisor, McKinsey & Company
Future of Connectivity
Mr Chan Chun Sing
Minister, Prime Minister’s Office, and Secretary-General of the National Trades Union Congress
Ms Mariam Jaafar
Partner and Managing Director (Singapore), The Boston Consulting Group
Mr Lawrence Wong
Minister for National Development
Mr Tan Chong Meng
Group CEO, PSA International
Future Jobs and Skills
Mr Ong Ye Kung
Acting Minister for Education, (Higher Education and Skills)
Mr Bill Chang
Country Chief Officer, Singapore and CEO, Group Enterprise,
Each of these committees will look at changes and trends in both the domestic and international economic landscape.It will assess the environment to discover what will help companies and workers adjust and innovate to embrace the future economy.
The work of the CFE is expected to be completed in a year’s time.