SINGAPORE - The Future Economy Committee chaired by Finance Minister Heng Swee Keat will form five subcommittees to deep dive into specific areas as part of their work to set the direction for Singapore's economic future.

Each subcommittee will be co-chaired by a minister and a private sector representative who sits on the committee, it was announced on Monday (Jan 11).

Together with Singapore Business Federation chairman S.S. Teo, Mr Heng will co-chair the subcommittee on future corporate capabilities and innovation. This group will recommend strategies to enable firms and industry clusters to create value through new business models and partnerships.

Minister for Trade and Industry (Industry) S. Iswaran will co-chair the subcommittee on future growth industries and markets, together with Mr Jean-Luc Butel, senior adviser at McKinsey & Company. This group will identify priority clusters and markets that can drive future growth, and recommend strategies to help them grow.

Minister in the Prime Minister's Office Chan Chun Sing is a co-chair of the subcommittee on the future of connectivity, which will study how Singapore can remain well-connected to the global economy.

Minister for National Development Lawrence Wong is a co-chair of the future city subcommittee, which will study how Singapore can enhance its infrastructure and overcome land and labour constraints to ensure a highly liveable environment.

Acting Minister for Education (Higher Education and Skills) Ong Ye Kung is a co-chair of the future jobs and skills subcommittee.

The full list of subcommittee members will be released soon, the committee said.

The 30-member steering committee held its first meeting at the Treasury on Monday (Jan 11), which ran for more than two hours.

The committee plans to submit its report and recommendations by the end of the year.