Sub-group on growth areas to canvass widely for views

Minister for Trade and Industry (Industry) S. Iswaran (third from left), with fellow members of the sub-committee on growth industries and markets (from left) Mr Ahmad Azmoon, senior vice-president of Desay SV Automotive; Mr Jean-Luc Butel, president of K
Minister for Trade and Industry (Industry) S. Iswaran (third from left), with fellow members of the sub-committee on growth industries and markets (from left) Mr Ahmad Azmoon, senior vice-president of Desay SV Automotive; Mr Jean-Luc Butel, president of K8 Global and senior adviser at McKinsey; Mr Peter Tan, chief executive of Fischer Tech; Ms Susan Chong, founder and chief executive of Greenpac; and Mr James Rowan, chief operation officer of Dyson. PHOTO: MINISTRY FOR TRADE AND INDUSTRY

The Future Economy Committee's sub-group on growth industries and markets said it would canvass widely for views on how different sectors can collaborate to compete globally.

"The scope of work is broad, and we will canvass widely for views. We also invite Singaporeans, academics, companies and trade associations and chambers to share their ideas and thoughts with us," said Mr S. Iswaran, Minister for Trade and Industry (Industry), who co-chairs the sub-committee, which had its first meting yesterday.

The team, comprising executives from firms such as Rolls Royce and specialist manufacturer Fischer Tech, will also study the impact of disruptive technologies and new business models, and work out strategies for Singapore-based companies to seize opportunities abroad.

"This sub-committee aims to identify which future growth industries and markets offer good opportunities by playing to Singapore's strengths, some building on what we have developed over the past 50 years and others requiring new capabilities and skills for a sustainable competitive advantage," said Mr Iswaran in a statement.

Committee members noted that one of Singapore's key advantages was the ability to facilitate collaboration across different industries, and partnership between government and industry to create opportunities for growth.

The meeting also discussed the potential for Singapore to serve as a test-bed to develop solutions for global problems and the need to develop an entrepreneurial mindset.

McKinsey senior adviser Jean-Luc Butel, a co-chair of the sub-committee, said: "Some of the growth clusters we are looking at, such as healthcare and urban solutions, can also benefit Singaporeans more directly in improving their daily lives. For instance, we can test-bed and bring together the biomedical and health sciences industry with the healthcare sector to deliver better care to our ageing population."

Over the next few months, the Future Economy Committee will meet and engage stakeholders across the business community, as well as Singaporeans, young and old, to garner more views and ideas, it said.

The committee will submit its report at the end of the year.

A version of this article appeared in the print edition of The Straits Times on February 04, 2016, with the headline 'Sub-group on growth areas to canvass widely for views'. Print Edition | Subscribe