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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


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.


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.


Annex 1
Seizing Growth Opportunities
Mr Heng Swee Keat
Managing Director, Monetary Authority of Singapore
Mr Lothar Herrmann
CEO ASEAN, Siemens
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
Attracting and Rooting MNCs and GlobalSMEs
Mr Leo Yip
Chairman EDB
Ms Deb Henretta
Group President, Asia, Procter & Gamble
Growing Knowledge Capital
LG(NS) Lim Chuan Poh
Chairman A-STAR
Dr Jan-Anders Karlsson
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
Fostering Inclusive Growth
Mr Gan Kim Yong
Minister (Manpower)
Mrs Josephine Teo
Assistant Secretary-General, NTUC
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
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.

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