Future Economy Council to transform Singapore’s economy

For transforming Singapore’s economy and to grow jobs, a Future Economy Council has been formed which is headed by Heng Swee Keat, Finance Minister. This Council will implement the proposals of Committee for the Future Economy (CFE).

The Finance Minister will be assisted by S Iswaran, Trade and Industry (Industry) Minister,  Chan Chun Sing, Labour chief and Minister in the Prime Minister's Office, Ong Ye Kung,  Education Minister (Higher Education and Skills) and Lawrence Yong, National Development Minister.

Future Economy Council will implement the proposals of CFE.
Future Economy Council will implement the proposals of CFE. Photo courtesy: packwebasia.com

In addition to this, other ministers and ministers of state, especially the younger ones, will also be roped into the Council.

Making the announcement about the Future Economy Council, Lee Hsien Loong, Prime Minister of Singapore, said, “It is a deep transformation, which will take time and will extend beyond this term of government. It is an opportunity for them to work closely together as a team, strengthening their bonds with employers and unions, and with each other, and show Singaporeans what they can do," he added.

This Council was first set up in May 2016 to further efforts by the SkillsFuture Council and the National Productivity Council. It was earlier called as Council for Skills, Innovations and Productivity and headed by Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies.

Also read : CFE lays out roadmap for Singapore’s development

The main function of the council is to focus on developing skills for the future and supporting productivity-led economic growth by implementing the Industry Transformation Maps announced in Budget 2016.

Since the CFE has completed its report, Heng will take over the implementation portion to make the transformation happen, Lee said.