Future Economy report to be out after CNY

Dr Koh (second from right) at the opening of precision engineering firm ASM Pacific Technology's second building and new innovation centre at Yishun industrial park yesterday.
Dr Koh (second from right) at the opening of precision engineering firm ASM Pacific Technology's second building and new innovation centre at Yishun industrial park yesterday.PHOTO: LIANHE ZAOBAO

The keenly-awaited report of the Committee on the Future Economy (CFE) will be issued "in a few weeks' time, after the Chinese New Year", Dr Koh Poh Koon, Minister of State for National Development, revealed yesterday.

Dr Koh was speaking at the opening of precision engineering firm ASM Pacific Technology's second building and new innovation centre at Yishun industrial park, where he also repeated the Government's commitment to job creation.

"A key implementation platform under the CFE is the industry transformation maps," said Dr Koh, who is also the Minister of State for Trade and Industry.

"Each road map will integrate strategies to upgrade productivity, create good jobs, deepen skills."

When the CFE - the latest economic review committee formed by the Government - started its work on charting the course of Singapore's future economy a year ago, Finance Minister Heng Swee Keat had emphasised that it would measure success by the opportunities and jobs it creates for Singaporeans.

This is in contrast to the hard annual productivity growth targets set out by the previous economic review committee in 2010.

Yesterday, Dr Koh noted that an additional 3,000 jobs for professionals, managers, executives and technicians or PMETs are expected to be created in the precision engineering industry by 2020 under the Government's industry transformation plan.

Examples of new job roles include integration engineers, who implement digitisation on the shop floor and integrate systems across the manufacturing value chain; and development engineers, who develop and manage algorithms and software to translate digital and computing capabilities into real-world situations, Dr Koh said yesterday.

"A key thrust of the precision engineering industry transformation maps is to support the training and skills upgrading of our workforce, so that they can take advantage of these new job opportunities," he added.

ASM employs more than 1,400 workers in Singapore, where its global headquarters, research and development and manufacturing operations are housed.

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A version of this article appeared in the print edition of The Straits Times on January 18, 2017, with the headline 'Future Economy report to be out after CNY'. Print Edition | Subscribe