“The way of Singapore's economic growth is not through man- power-led growth, but should be based on productivity and innovation,” said Ong Ye Kung, Minister for Education (Higher Education and Skills).
He was speaking at an international roundtable organised by the Singapore University of Technology and Design's Lee Kuan Yew Centre for Innovative Cities.
Ong further said, "Singapore's manpower growth was bound by its small size, challenging demographic trends and need to preserve a sense of identity.”
He also informed that the report by the Committee on the Future Economy (CFE) will focus on figuring out how Singapore can maximize the use of its limited resources.
Ong, who is also the Second Minister for Defence, said the report will go deeper into the "algorithms and mechanisms of (resource) allocation, achieving quantum leaps in optimization".
This can be done by anticipating areas of future growth, deepening the skill base of employees here, encouraging people and businesses to enter regional and global markets, and nurturing an enterprising spirit.
Ong said, ”While the Government can foster an environment that facilitates enterprise, society needs to play an even bigger role in the way it views failures, celebrates successes, and decides who it shall honour."