The Committee on the Future Economy (CFE) is a 30-member committee comprising members from different industries that operate in both global and domestic markets, as well as enterprises both large and small and was convened in January 2016 to review Singapore’s economic strategies.
Just yesterday (9 Feb), CFE published their 143-page report on the proposed strategies for Singapore’s future economy. The report was initially planned to be released by the end of 2016.
The press release said that its vision is for the current generation of Singaporeans to be pioneers of the next generation by identifying seven mutually-reinforcing strategies that will maximise the chances of Singapore’s success. Stating that the proposed strategies should enable Singapore to grow by 2-3% per year on average for the next ten years, exceeding the performance of most advanced economies.
It said, “We believe our strategies will create an economy that offers ample opportunities, with all Singaporeans enjoying sustainable wage growth and meaningful careers. Together, we will build a Singapore of global relevance; a Singapore that can ceaselessly reinvent herself and grasp new opportunities.”
The committee noted in its report that in the future economy, Singaporeans should have deep skills and be inspired to learn throughout their lives; Singapore’s businesses should be innovative and nimble; the city being connected and vibrant, continually renewing itself; and the Government coordinated, inclusive, and responsive.
The report identified seven mutually-reinforcing strategies that will maximise the chances of Singapore’s success, which are:
- Deepen and diversify Singapore’s international connections, by pressing on with trade and investment cooperation, setting up a Global Innovation Alliance (GIA) and deepening knowledge of its markets.
- Acquire and utilise deep skills, by facilitating acquisition of deeper skills and strengthening nexus between acquisition and utilisation of skills.
- Strengthen enterprise capabilities to innovate and scale up, by strengthening our innovation ecosystem, supporting enterprises to scale up and catalysing the private sector to provide more growth capital.
- Build strong digital capabilities, by helping small and medium enterprises (SMEs) adopt digital technologies, building deep capabilities in data analytics and cybersecurity and harnessing data as an asset.
- Develop a vibrant and connected city of opportunity, by investing in our external connectivity, continuing to plan boldly for growth and city rejuvenation, building partnerships for a vibrant city and developing exportable capabilities.
- Develop and implement Industry Transformation Maps (ITMs), by tailoring ITMs for each industry and adopting a cluster approach to maximise synergies across industries.
- Partner each other to enable innovation and growth, by providing a greater role for TACs and unions , creating a regulatory environment to support innovation and risktaking, using Government lead demand to support the development of promising industries, reviewing and reshaping Singapore’s tax system and creating a sustainable environment.
While the report states that the committee’s proposed approach is an inclusive one and wants an economy that offers ample opportunities, with all Singaporeans enjoying sustainable wage growth and meaningful careers. But it does not state how jobs will be created nor protected for Singaporeans.