Future Economy panel forms 5 subcommittees for key work areas

SINGAPORE - The newly-formed Committee on the Future Economy (CFE) will form five subcommittees as part of its efforts to set the direction for Singapore's future economic development.

The subcommittees each correspond to one of CFE's five key work areas.

In a statement on Monday (Jan 11), CFE said that the subcomittees will be co-chaired by a minister and a CFE member from the private sector, and will include additional representatives from the public and private sectors to glean a wider range of expert views.

CFE chairman Mr Heng Swee Keat, who is also finance minister, will head the subcommittee for future corporate capabiltiies and innovation. The subcommittee will recommend strategies to enable companies and industry clusters to develop innovative capacities.

His co-chair will be Singapore Business Federation chairman, Mr Teo Siong Seng.

Minister for Trade and Industry (Industry) Mr S Iswaran will co-chair the future growth industries and markets subcomittee, along with Mr Jean-Luc Butel, who is the president of K8 Global. They will be considering macroeconomic and technological trends, and industries and markets that Singapore has a comparative advantage in.

Minister in the Prime Minister's Office, Chan Chun Sing, will be a co-chair for the subcommittee on the future of connectivity, which studies how Singapore can remain well-connected as a competitive key hub. His co-chair is Ms Mariam Jaafar, a partner and managing director with the Boston Consulting Group.

National Development Minister Lawrence Wong will lead the future city subcommittee, together with Port of Singapore Authority International group CEO Mr Tan Chong Meng. Their committee will study how Singapore can sustain new growth opportunities as a leading global city.

Finally, acting Education Minister Ong Ye Kung will co-chair the future jobs and skills subcomittee with Mr Bill Chang, who is Singtel's Country Chief Officer for Singapore. This subcomittee will examine trends affecting the job landscape and recommend ways to prepare Singapore workers for the future.

The 30-member CFE, which was formed in Jan 2016, held its first meeting today. It aims to complete its work in a year's time.