Some of SBF's recommendations in line with committee on the future economy, says Heng
TODAY file photo
SINGAPORE – The Singapore Business Federation (SBF) Position Paper was today (Jan 12) formally presented to Finance Minister Heng Swee Keat, who is also Chairman of Committee on the Future Economy (CFE) that will develop economic strategies to drive Singapore’s growth. The CFE and the Government, Mr Heng said, will study the recommendations presented in the position paper “very carefully”.
“You cannot always be thinking about long-term if you cannot survive the short-term. So I think it’s quite remarkable the recommendations touch a lot on medium- to long-term, and what we need to do. This is exactly what the CFE seeks to do,” Mr Heng said.
Singapore, he noted, is at an important point of its development where structural and cyclical forces are making the economic environment more complex and challenging. Within a few years, significant changes have taken place not only within Singapore, but also outside.
“In China, Japan, the United States and Europe, there are some broad forces at work, like demographic changes, technology and digitalisation. In Singapore, we are also facing structural factors like the demographics.
“A number of recommendations are very much in line with our thoughts on how we can develop Singapore as a great economy not affected by geographical boundaries,” he said of the SBF paper.
With Asian economies growing significantly above the global average, SBF’s strategy first on internationalisation and second on developing Singapore as a strong home base are right on the mark.
“I fully endorse it. There are many other thought-through ideas and recommendations,” he said.
Businesses in the Republic need to develop their entrepreneurial, innovative and collaborative spirit — three qualities that will help them overcome the challenges of the small domestic market, he added.
