Press Releases

Economic Strategies Committee (ESC) Meets To Deliberate On Areas For Review

08 Jul 2009

The 25-member ESC had its first meeting on 7 July 09 to consider the key issues it will study, and to set up sub-committees to pursue specific areas of work.

Objectives of the ESC

2 The ESC agreed on the objectives that would guide its work, as follows:

To develop and recommend strategies to grow Singapore's future as a leading global city in the heart of Asia

To enable sustained economic growth, faster than other advanced economies
- Developing depth of talent and superior capabilities
- Seizing growth opportunities
- Optimising use of scarce resources

So as to provide opportunities for all
- Creating quality jobs and real wage growth for the broad majority
- Making continued social investments for an inclusive, upwardly mobile society

Sub-committees

3 The ESC has set up 8 sub-committees to review the key issues in greater depth. The sub-committees will involve further representation from both the private and public sectors, so as to achieve wide participation in the Committee's work. Each sub-committee will be co-chaired by a member from the public sector, with the other co-chair being from the private sector or labour movement. The list of sub-committees and the names of the co-chairs are attached at Annex 1. The key issues that the sub-committees will look into are set out at Annex 2.

Consultations

4 Through the course of its study, the ESC will be consulting widely and soliciting views from various individuals and organisations. The ESC also welcomes members of the public to submit their feedback and suggestions on the key areas that the ESC is looking into via the ESC website. Information and updates on the ESC will be available on the website.

Time Frame

5 The ESC aims to put forward its main recommendations to the Government by January 2010. It will release its full report by mid 2010.

ESC SECRETARIAT

Annex 1

ESC SUB-COMMITTEES

Sub-Committees	Co-Chairs
SUBCOM 1: Seizing Growth Opportunities	Mr Heng Swee Keat Managing Director, Monetary Authority of Singapore	Mr Lothar Herrmann CEO ASEAN, Siemens
SUBCOM 2: Developing a Vibrant SME Sector and Globally Competitive Local Companies	Mrs Lim Hwee Hua Minister (Prime Minister’s Office), 2nd Minister (Finance and Transport)	Dr Ricky Souw CEO Sanwa Group, President SPETA
SUBCOM 3: Attracting and Rooting MNCs and GlobalSMEs	Mr Leo Yip Chairman EDB	Ms Deb Henretta Group President, Asia, Procter & Gamble
SUBCOM 4: Growing Knowledge Capital	LG(NS) Lim Chuan Poh Chairman A-STAR	Dr Jan-Anders Karlsson CEO S*Bio
SUBCOM 5: Making Singapore a Leading Global City	RAdm(NS) Lui Tuck Yew Acting Minister (Information, Communications and the Arts)	Mr Gautam Banerjee Executive Chairman, PricewaterhouseCoopers Singapore
SUBCOM 6: Fostering Inclusive Growth	Mr Gan Kim Yong Minister (Manpower)	Mrs Josephine Teo Assistant Secretary-General, NTUC
SUBCOM 7: Ensuring Energy Resilience and Sustainable Growth	Mr S Iswaran Senior Minister of State (Trade and Industry, Education)	Mr Jen Kwong Hwa MD Micron Semiconducters Asia
SUBCOM 8: Maximising Value from Land as a Scarce Resource	Ms Grace Fu Senior Minister of State (National Development, Education)	Mr Wong Fong Fui Chairman and CEO, Boustead Singapore Ltd

NOTE: The full list of sub-committee members will be published in the ESC website soon.

ANNEX 2

LIST OF ESC SUB-COMMITTEES AND TERMS OF REFERENCE

Subcommittee 1: Seizing Growth Opportunities

• Identify growth themes arising from global and regional trends that are relevant to Singapore’s strengths

• Recommend strategies to:

– Harness existing and develop new capabilities to capitalise on these opportunities

– Tap effectively on global, Asian and ASEAN markets, taking into account potential for regional synergies.

Subcommittee 2: Developing a Vibrant SME Sector and Globally Competitive Local Companies

• Recommend strategies to:

– Develop a vibrant landscape of entrepreneurial activity

– Foster the growth and internationalisation of local Globally Competitive Companies

– Strengthen synergies between small and large enterprises

Subcommittee 3: Attracting and Rooting Multi-National Corporations and Global SMEs

• Recommend strategies to:

– Anchor MNCs in Singapore

– Further diversify the base of global companies

• Singapore as a base for Asian MNCs to internationalise

• Attracting Global SMEs

Subcommittee 4: Growing Knowledge Capital

• Recommend strategies to enhance the impact of our Research, Innovation and Enterprise (RIE) framework:

– Review the Knowledge Creation, Innovation and Enterprise value chain

– Identify the key fields and areas in the value chain to focus resources on

– Propose schemes to strengthen commercialisation of R&D

Subcommittee 5: Making Singapore a Leading Global City

• Recommend strategies to create:

– A vibrant multi-cultural city that provides an outstanding quality of life

– The best home for Singaporean and global talent

– A hub for creative enterprise

Subcommittee 6: Fostering Inclusive Growth

• Recommend strategies to:

– Create quality jobs and enhance skills and capabilities to achieve broad-based income growth

– Improve enterprise productivity

– Ensure a sustainable foreign worker population that complements our local workforce and supports a high-productivity economy

Subcommittee 7: Ensuring Energy Resilience and Sustainable Growth

• Recommend strategies to

– Enhance our energy security and resilience for the medium to long term.

– Develop a vibrant and competitive energy sector and promote greater innovation.

– Prepare Singapore for a carbon-constrained world.

Subcommittee 8: Maximising Value from Land as a Scarce Resource

• Recommend strategies to

– Optimise and prioritise land use to support sustained economic growth

– Expand supply of land and space in Singapore