Business

Three-pronged approach for Future Economy Council

The new Future Economy Council (FEC) will focus on growing and transforming Singapore's economy for the benefit of Singaporeans amid the significant changes taking place globally, said Finance Minister Heng Swee Keat.

This will be done at three levels, he noted.

One strategy is to grow an economy that is vibrant, open and connected to the world, while the second is to strengthen local enterprises through industry-specific transformation to help them grow, innovate and scale up.

The third approach involves enabling Singaporeans to acquire and utilise deep skills so they can seize opportunities in the future economy.

"A small, open economy like Singapore must adapt to the significant structural shifts in the external environment," said Mr Heng, who was responding to a question in Parliament by MP Liang Eng Hwa yesterday on the plans of the council and what it aims to achieve.

"Industries and jobs are changing due to changes in technology, demand patterns and supply conditions.

"In particular, digital technology is likely to trigger changes in many industries.

"These changes will bring new opportunities and new challenges."

The FEC, a national council overseeing skills and innovation efforts, was announced in May.

Mr Heng, who heads the FEC, added that its three-level approach will require close collaboration among the Government, industries, unions and individuals. - THE STRAITS TIMES

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