Committee to review Singapore's economic strategies revealed

Committee to review Singapore's economic strategies revealed

Helmed by Finance Minister Heng Swee Keat, the 30-member committee aims to help Singapore be a vibrant and resilient economy with sustainable growth that creates value and opportunities for all.

SINGAPORE: The Committee on the Future Economy (CFE), which is set to develop economic strategies to position Singapore for the future, was revealed in a Press Release on Monday (Dec 21).

First announced on Oct 1 by Prime Minister Lee Hsien Loong, the Committee aims to help Singapore be a vibrant and resilient economy with sustainable growth that creates value and opportunities for all.

The CFE will build on and update the Report of the Economic Strategies Committee of 2010. It will address five areas of Singapore's future economic development:

  • Future growth industries and markets
  • Corporate capabilities and innovation
  • Jobs and skills
  • Urban development and infrastructure
  • Connectivity

The 30-member CFE will be helmed by Finance Minister Heng Swee Keat and his deputy chairman, Minister for Trade and Industry (Industry) Mr S Iswaran.

Committee members come from different industries, operating in both global and domestic markets, and enterprises both large and small. They include Citibank Singapore CEO Han Kwee Juan, Minister for National Development Lawrence Wong and Singapore Business Federation Chairman Teo Siong Seng.

"With their diverse backgrounds, experiences and expertise, members can contribute different perspectives and help reach out to different stakeholders," said the CFE.

Added Mr Heng: “We hope to go beyond seeking their views, to working with and supporting them to lead and champion some of the transformation processes. Ultimately, what this committee recommends will touch all Singaporeans and friends of Singapore who are invested in our future. Through this, we want to encourage everyone – employers, employees, individuals alike – to work with us to build a stronger economy for the future, and a Nation of Opportunity for all.”

"Over the coming year, we will work closely with stakeholders spanning various backgrounds and experience to design strategies that can spur sustainable growth and create good jobs for Singaporeans,” said Mr Iswaran.

For its work, the Committee said it will consult with Trade Associations and Chambers, and the trade unions; as well as tap on local and international resource persons, such as thought leaders from the corporate world and in academia.

CFE said it will also consult and engage widely to get a good representation of views from all sectors of the economy.

"We will seek the views of key stakeholders on our challenges and opportunities, and draw on their ideas on how our people and enterprises can play an active role in developing our nation’s economic future," it said.

Members of the public will also be invited to share their views through various platforms and channels, added CFE.

The CFE is expected to complete its work by the end of 2016.


In a Facebook post, Mr Heng said that the Committee will be "gearing Singapore up for the future."

He said: "We released the scope and composition of the Committee on the Future Economy today. I will be leading this effort with Minister Iswaran, and the committee will focus on creating good jobs and opportunities in Singapore even in a VUCA (volatile, uncertain, complex, ambiguous) future.

"The CFE comes at an important juncture for us. Businesses and workers are facing some difficult adjustments in light of global economic developments. But we have our strengths, and there are many exciting opportunities ahead with a growing Asia, technological change, and new business models. By working together – workers, businesses and government – we can overcome challenges and seize new opportunities.

"Ultimately, what this committee recommends will touch all Singaporeans, and friends of Singapore who are invested in our future. Let’s work together for a better future for all."

Full list of Committee on the Future Economy members:

  1. Mr Heng Swee Keat - Minister for Finance
  2. Mr S Iswaran - Minister for Trade and Industry (Industry)
  3. Mr Azmoon Ahmad - Senior Vice President and Member of Executive Management, Desay SV Automotive
  4. Mr Christian Bischoff - Founder and Executive Chairman, Pan Asia Logistics
  5. Mr Jean-Luc Butel - President, K8 Global, and Senior Advisor, McKinsey & Company
  6. Mr Bill Chang - Country Chief Officer, Singapore and CEO, Group Enterprise, Singtel
  7. Ms Cham Hui Fong - Assistant Secretary-General & Director, Industrial Relations, NTUC
  8. Mr Chan Chun Sing - Minister, Prime Minister's Office & Secretary-General, NTUC
  9. Mr Edward Chia - Co-Founder and Manager Director, Timbre Group
  10. Ms Chia Yong Yong - Partner, Yusarn Audrey
  11. Ms Susan Chong - Founder and CEO, Greenpac
  12. Mr Vincent Chong - President and CEO (Designate), ST Engineering
  13. Ms Rachel Eng - Joint Managing Partner, WongPartnership
  14. Ms Goh Swee Chen - Chairman, Shell Companies in Singapore
  15. Mr Han Kwee Juan - CEO, Citibank Singapore
  16. Ms Mariam Jaafar - Partner and Managing Director (Singapore), The Boston Consulting Group
  17. Mr Mark Lee - CEO, Sing Lun Holdings
  18. Mr Forrest Li - Founder, Chairman and Group CEO, Garena
  19. Mr Lim Chow Kiat - Group Chief Investment Officer, GIC
  20. Mr Lim Der Shing - Venture Partner, Jungle Ventures, and Co-Founder and former CEO, JobsCentral Group
  21. Mr Harish Manwani - Global Executive Advisor, Blackstone, Private Equity, and former COO, Unilever
  22. Mr Ong Ye Kung - Acting Minister for Education (Higher Education and Skills)
  23. Mr Dilhan Pillay Sandrasegara - Head, Enterprise Development Group, Temasek Holdings
  24. Mr Saktiandi Supaat - Executive Vice President, Head of FX Research, Global Markets, Global Banking, Maybank Group
  25. Mr Tan Chong Meng - Group CEO, PSA International
  26. Mr Teo Siong Seng - Chairman, Singapore Business Federation
  27. Mr Russell Tham - Regional President (Southeast Asia) and Corporate Vice President, Applied Materials
  28. Mr Fabian Wong - CEO, Philips ASEAN and Pacific
  29. Mr Lawrence Wong - Minister for National Development
  30. Mr Robert Yap - President, Singapore National Employers Federation
Source: CNA/av