It will explore new ways to attract investments and keep S'pore ahead
By
Sue-Ann Chia, Senior Political Correspondent
While the outlook remains bleak, there are opportunities for Singapore, said Mr Lee. The new panel must come up with its recommendations in time for next year's Budget. -- ST FILE PHOTO
THE Government has set up an Economic Strategies Committee (ESC) to come up with new and creative ways to grow the economy for the long-term, Prime Minister Lee Hsien Loong announced in Parliament on Wednesday.
THE CORRIDOR OF COOPERATION
'At the same time, we look closer home and we maximise our win-win cooperation with neighbours. Closest, of course, is just across the Causeway, the Iskandar Malaysia project. I had a good discussion with Prime Minister Najib Razak last week and he is keen to develop our relationship and take it forward and have a forward-looking constructive relationship between Malaysia and Singapore. And I told him I fully agree with this approach and we will try to work together. We must try to work together in these difficult times.'
Among the areas it will look into are developing niche and new markets, maximising land use - perhaps by going underground - and how not to be over- reliant on foreign workers.
In announcing the formation of the committee, Mr Lee said that Singapore's approach to economic development and growth 'remains valid'.
It would remain open to international trade and competition, stay plugged into the global marketplace, build new capabilities and encourage self-reliance.
'But we need to review our specific strategies to develop the different sectors of our economy,' he said.
This involved, among other things, new ways to attract investments and implementing policies to keep Singapore growing faster than developed countries.
There are five broad strategies it will study:
Exploring new growth areas; anchoring global companies here and nurturing home-grown enterprises; attracting talent; creating high-value jobs for locals; and maximising resources such as land and energy.
Chaired by Finance Minister Tharman Shanmugaratnam, its members will be from the public and private sector and labour movement. It will consult widely and canvass a broad spectrum of views.
Details of its work and composition will be released in two weeks, the Finance Ministry said a statement on Wednesday. Mr Lee set a timeframe for its work. He wants its main recommendations out in time for next year's Budget.
Read the full story in Thursday's edition of The Straits Times.
