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Committee on Future Economy assembled to review Singapore's economic strategies

Xinhua, December 21, 2015 Adjust font size:

Singapore's Finance Minister Heng Swee Keat will helm a 30-member Committee on the Future Economy (CFE) to develop economic strategies to position Singapore well for the future, said the country's Ministry of Finance (MOF) in a press release Monday.

The committee is chaired by Finance Minister Heng Swee Keat, with Minister for Trade and Industry S Iswaran as deputy chairman, said MOF.

Singapore's Acting Minister for Education (Higher Education and Skills) Ong Ye Kung, Secretary-General of the National Trades Union Congress Chan Chun Sing, and Minister for National Development Lawrence Wong are also on the committee.

Other members of CFE included leaders of multinational companies as well as local enterprises. "With their diverse backgrounds, experiences and expertise, members can contribute different perspectives and help reach out to different stakeholders", noted MOF.

CFE will build on and update the Report of the Economic Strategies Committee of 2010, taking new global and domestic realities into account. The committee will address five areas crucial to Singapore's future economic development, namely, future growth industries and markets, corporate capabilities and innovation, jobs and skills, urban development and infrastructure, as well as connectivity.

"The CFE comes at an important juncture for Singapore and Singaporeans. Our businesses and workers are facing difficult adjustments in the face of slower global growth and rising costs." said Minister Heng in the press release.

CFE aims to complete its work by the end of 2016. MOF said the committee will consult and engage widely to get a good representation of views from all sectors of the economy.

Singapore's Prime Minister Lee Hsien Loong in October first announced that the committee aims to help Singapore be a vibrant and resilient economy with sustainable growth that creates value and opportunities for all. Enditem