FIVE FOCUS AREAS
The latest economic strategy review will be driven by five committees, each co-chaired by two political office holders and involving stakeholders from the private sector, unions and other organisations.
The first committee will focus on strengthening Singapore’s global competitiveness. Its remit includes improving the country’s value proposition to international investors, building a strong base of globally active Singapore firms and securing its status as a hub for goods, capital, people, data and energy.
It will be co-chaired by Mr Siow, who is also Senior Minister of State for Finance, and Senior Minister of State for Trade and Industry, as well as Culture, Community and Youth, Low Yen Ling.
The second committee will explore ways to leverage technology and innovation to drive broad-based economic growth. These include catalysing opportunities through technologies such as artificial intelligence and accelerating AI adoption across the economy.
This will be co-headed by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Sustainability and Environment and Culture, Community and Youth Goh Hanyan.
A third committee will focus on strengthening Singapore’s startup and entrepreneurship ecosystem. It is co-chaired by Minister of State for Trade and Industry and National Development Alvin Tan and Minister of State for Manpower, as well as Culture, Community and Youth, Dinesh Vasu Dash.
The fourth committee, led by Acting Minister for Culture, Community and Youth David Neo and Senior Minister of State for Manpower and Health Koh Poh Koon, will focus on equipping workers with relevant skills.
The fifth committee will address the impact of restructuring. It will propose ways to support business transformation, help affected workers transition into better roles, and strengthen system-wide enablers and safety nets to aid re-employment.
This group will be co-led by Minister of State for Home Affairs and Social and Family Development Goh Pei Ming and Minister of State for Defence and Deputy Secretary-General of the National Trades Union Congress Desmond Choo.
The government said the review process will involve wide engagement with businesses, workers and other stakeholders over the coming months.
Mr Gan said the five committees hope to be able to provide an update of their work by “sometime early next year”, and publish a final report outlining their recommendations by mid-2026.
Asked by CNA about the composition of the committees which include several first-time political office holders, Mr Gan said: “I think the idea is to have a balance of both the experienced ones, as well as the younger ones.”
Describing this as “probably the most effective” composition, he noted that the younger political office holders can provide new perspectives and possibly generate new ideas and recommendations.
At the same time, there are more “experienced” ministers and private sector leaders who sit in the task force who can provide another point of view, Mr Gan added.
Besides Mr Gan, the Singapore Economic Resilience Taskforce includes Digital Development and Information Minister Josephine Teo, Manpower Minister Tan See Leng, National Development Minister Chee Hong Tat, SBF chairman Teo Siong Seng, NTUC’s secretary-general Ng Chee Meng and SNEF president Tan Hee Teck.
Mr Siow was appointed to the taskforce in end-May, replacing Education Minister Desmond Lee.
“You have the benefit of both the old and new, the young and the older, more experienced and the fresh political office holders’ contributions towards the ideas and discussions. So, I think this will benefit the work of the committee,” said Mr Gan.
