7 strategies to secure Singapore's economic future

SINGAPORE — The Committee on the Future Economy (CFE) has completed its year-long work of charting out strategies to secure Republic’s economic success over the longer term.

“Our vision is for us to be the pioneers of the next generation,” the CFE said in its report released on Thursday (Feb 9).

“In the future economy, our people should have deep skills and be inspired to learn throughout their lives; our businesses should be innovative and nimble; our city vibrant, connected to the world, and continually renewing itself; our Government coordinated, inclusive and responsive,” it added.

To achieve this vision, it was recommended that the Government, companies and individuals work together to pursue seven “mutually-reinforcing” strategies, aimed at keeping the country plugged into the world, and building the capabilities of its people and organisations.

These are:

1. DEEPEN AND DIVERSIFY INTERNATIONAL CONNECTIONS

- press on with trade and investment cooperation

- set up a Global Innovation Alliance

- deepen knowledge of existing markets

2. ACQUIRE AND UTILISE DEEP SKILLS

- facilitate acquisition of deeper skills

- strengthen the link between acquisition and utilisation of skills

3. STRENGTHEN ENTERPRISE CAPABILITIES TO INNOVATE AND SCALE UP

- enhance innovation ecosystem

- support enterprises to scale up

- catalyse the private sector to provide more growth capital

4. BUILD STRONG DIGITAL CAPABILITIES

- help small and medium enterprises adopt digital technologies

- build deep capabilities in analytics and cybersecurity

- leverage data as an asset

5. DEVELOP A VIBRANT AND CONNECTED CITY OF OPPORTUNITY

- invest in external connectivity

- continue to plan boldly for growth and city rejuvenation

- build partnerships for a vibrant city

- develop exportable capabilities

6. DEVELOP AND IMPLEMENT INDUSTRY TRANSFORMATION MAPS (ITMs)

- tailor ITMs for each industry

- take an open, cluster approach to maximise synergies across industries

7. PARTNER EACH OTHER TO ENABLE GROWTH AND INNOVATION

- greater role for trade associations and chambers, as well as unions

- create a regulatory environment to support innovation and risk-taking

- use government lead demand to support the development of promising industries

- review and reshape Singapore’s tax system

- create a sustainable environment