Press Releases

Introduction

Prime Minister Lee Hsien Loong announced in Parliament on 27th May 2009 that the Government will set up an Economic Strategies Committee (ESC). The ESC will develop strategies for Singapore to build capabilities and maximise opportunities as a global city in a new world environment, so as to achieve sustained and inclusive growth.

Composition of the ESC

2 The ESC, chaired by Mr Tharman Shanmugaratnam, comprises members drawn from Government, the labour movement and the private sector. The 25-member Committee is aimed at bringing a wide range of views and fresh ideas. The members are listed in the Annex. They include 14 private sector representatives, drawn from the manufacturing and services sectors; foreign and local enterprises, large and small; as well as academia.

Scope

3 The ESC will study and make recommendations in the following key areas:

a. Seizing Growth Opportunities: Develop strategies to capitalise on future areas of growth in both developed and developing markets, leveraging on Singapore's strengths;
b. Building Corporate Resilience: Diversify and deepen Singapore's corporate capabilities, including rooting foreign companies in Singapore and supporting the growth of globally-competitive local companies;
c. Growing Human and Knowledge Capital: Make Singapore a vibrant global city, with a diverse and deep pool of talent and strong links between R&D and enterprise;
d. Fostering Inclusive Growth: Create good jobs and equip Singaporeans with the skills and capabilities to enable broad based income growth; and
e. Maximising Value from Scarce Resources: Develop strategies to conserve and diversify energy; and optimise the use of land.

4 To facilitate this, the ESC will form sub-committees to undertake in-depth reviews of the various issues. The sub-committees will involve further representation from both the private and public sectors. The ESC and its sub-committees will also consult widely in the course of their work. (Details of the sub-committees will be announced in early July.)

Time Frame

5 The ESC aims to put forward its key recommendations in January 2010. It will release its full report by mid-2010.

MINISTRY OF FINANCE