5 days ago
A look at the five committees reviewing Singapore's economic strategy
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(From left) Ms Low Yen Ling, Senior Minister of State for Trade and Industry, and Culture, Community and Youth; Mr Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance; and DPM Gan Kim Yong at a press conference on Aug 4.
SINGAPORE – A new strategy to study how Singapore can continue to thrive amid geopolitical changes like the US tariffs and technological disruptions has been formed.
Deputy Prime Minister Gan Kim Yong on Aug 4
unveiled the Economic Strategy Review (ESR) , aimed at charting a forward-looking blueprint to secure quality opportunities for Singapore's businesses and workers.
'We have built up very strong fundamentals, including our very high-quality infrastructure, our highly skilled workforce, our extensive connectivity both in terms of digital connectivity as well as our trade agreements with our partners,' said DPM Gan, who also chairs the Singapore Economic Resilience Taskforce (SERT).
The task force was set up in April to help businesses and workers navigate immediate uncertainties arising from the US tariffs.
'I think it is important for us to take a fresh look at building on the strengths that we have built over the years to chart the way forward,' DPM Gan said.
The ESR will report to SERT and replace SERT's third work stream. It comprises five committees, each co-chaired by two political office-holders who will be joined by private sector, union and other stakeholders. They will engage widely with businesses and workers and other stakeholders and publish their recommendations by mid-2026.
The five committees are:
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Committee on Global Competitiveness
Chaired by: Mr Jeffrey Siow, Acting Transport Minister and Senior Minister of State for Finance; and Ms Low Yen Ling, Senior Minister of State for Trade and Industry, and Culture, Community and Youth.
This committee will strengthen Singapore's economic standing and relevance to the world with a three-pronged approach.
It will improve the Republic's long-term value proposition for global investments and seize growth opportunities, as well as grow a strong base of local firms anchored in Singapore and with a global or regional footprint.
It will also secure the country's future as a hub of existing and new trade flows, including of goods, capital, people, data and energy.
Committee on Technology and Innovation
Committee on Technology and Innovation co-chairs Goh Hanyan (left) and Jasmin Lau.
ST PHOTO: AZMI ATHNI
Chaired by: Ms Jasmin Lau, Minister of State for Education and Digital Development and Information; and Ms Goh Hanyan, Senior Parliamentary Secretary for Culture, Community and Youth, and Sustainability and the Environment.
This committee will harness technology and innovation to drive economic growth and competitiveness for Singapore.
It will focus on catalysing new economic opportunities enabled by technologies such as artificial intelligence (AI). It will also drive innovation through leading firms and talent, and accelerate AI transformation and adoption.
Committee on Entrepreneurship
Committee on Entrepreneurship co-chairs Dinesh Vasu Dash (left) and Alvin Tan.
ST PHOTO: AZMI ATHNI
Chaired by: Mr Alvin Tan, Minister of State for National Development and Trade and Industry; and Mr Dinesh Vasu Dash, Minister of State for Manpower and Culture, Community and Youth.
This committee will strengthen the country's ecosystem for start-ups and entrepreneurship with recommendations to enhance the competitiveness and attractiveness of the local start-up ecosystem, and grow the Singapore core for entrepreneurship.
Committee on Human Capital
Committee on Human Capital co-chairs David Neo (left) and Koh Poh Koon.
ST PHOTO: AZMI ATHNI
Chaired by: Mr David Neo, Acting Minister for Culture, Community and Youth and Senior Minister of State for Education; and Dr Koh Poh Koon, Senior Minister of State for Manpower and Health.
This committee will empower workers with the relevant skills to support career mobility and resilience, and equip them for trends such as AI disruption and the green economy.
Committee on Managing Impact of Restructuring
Committee on Managing Impact of Restructuring co-chairs Desmond Choo (left) and Goh Pei Ming.
ST PHOTO: AZMI ATHNI
Chaired by: Mr Goh Pei Ming, Minister of State for Home Affairs and Social and Family Development; and Mr Desmond Choo, Minister of State for Defence and deputy secretary-general of the National Trades Union Congress.
This committee will explore recommendations to manage the impact of disruption in the economy by supporting firms in transformation and innovation, so that they can capture new opportunities in a restructured economy.
It will also support workers affected by restructuring in moving into new job roles with better prospects, and help displaced workers regain employment.
