Singapore outlined on Thursday the composition and scope of an Economic Strategies Committee (ESC), which aims to develop strategies for Singapore to build capabilities and maximize opportunities as a global city.
The ESC, which will be chaired by Singapore Finance Minister Tharman Shanmugaratnam, comprises members drawn from the government, the labor movement and the private sector. The 25-member Committee is aimed at bringing a wide range of views and fresh ideas, according to a statement by Singapore's Ministry of Finance.
The ESC will study and make recommendations in the following key areas:
First, developing strategies to capitalize on future areas of growth in both developed and developing markets, leveraging on Singapore's strengths.
Second, diversifying and deepening Singapore's corporate capabilities, including rooting foreign companies in Singapore and supporting the growth of globally-competitive local companies.
Third, making Singapore a vibrant global city, with a diverse and deep pool of talent and strong links between research and development and enterprise.
Fourth, creating good jobs and equipping Singaporeans with the skills and capabilities to enable broad based income growth.
Fifth, developing strategies to conserve and diversify energy and optimize the use of land.
The setting up of the ESC was announced by Singapore Prime Minister Lee Hsien Loong in Parliament on May 27. The ESC will put forward its key recommendations in January 2010.