Committee on the Future Economy report

New chapter of the Singapore story

PRIME MINISTER LEE HSIEN LOONG, in a letter to the co-chairmen of the Committee on the Future Economy, Minister for Finance Heng Swee Keat and Minister for Trade and Industry (Industry) S. Iswaran:

Thank you for your letter dated 7 February 2017, submitting the recommendations of the Committee on the Future Economy (CFE).

The world is going through a period of great uncertainty. Significant structural shifts are taking place in many countries. Industries and jobs are changing rapidly. Amidst the disruption, there will also be opportunities. We cannot be sure which industries will perish and which will flourish. What is certain is that Singapore must stay open to trade, people and ideas, and build deep capabilities so that our people and companies can seize the opportunities in the world.

The CFE has proposed a comprehensive set of recommendations to guide our economic strategy for the next five to 10 years. The Government accepts the strategies proposed and will pursue all of them. Ministers will provide a full response during the 2017 Budget Speech and Committee of Supply debates.

Developing the strategies is the first step. The strategies are our guide but what counts is how well we implement them to transform our economy. This will require difficult trade-offs as our resources are limited and we have to take calculated bets. We will take a hard-headed, pragmatic approach. When results are promising, we will vigorously pursue them. When a scheme does not look like it is going anywhere, we must have the courage to cut losses. That is how we progressed for the past 50 years and the only way to continue progressing in future.

On behalf of the Government, I wish to thank the members of the committee, the sub-committees and the working groups for all the hard work. This report epitomises how in Singapore, Government, businesses and workers tackle challenges and seize opportunities together. Its publication marks the beginning of another chapter of the Singapore story. Now the hard work begins, and every Singaporean has a role. Let us work together as one united people, to achieve success and prosperity for ourselves and our families.

A version of this article appeared in the print edition of The Straits Times on February 10, 2017, with the headline 'New chapter of the Singapore story'. Subscribe