Newly-formed Future Economy Advisory Panel in Singapore convenes its first meeting

Chaired by DPM Heng Sweet Keat, the panel will identify new growth areas where Singapore can be competitive and build capabilities in, and provide the Government with insights and advice on industry trends, emerging opportunities and challenges.

The newly-formed Future Economy Advisory Panel (FEAP) in Singapore, chaired by Deputy Prime Minister Heng Swee Keat, convened its first meeting on Thursday (15 August 2024). 

The FEAP was formed with the purpose providing expert advice to support the next bound of Singapore’s economic growth and transformation, following the end of the third term of the Future Economy Council (FEC) in 2023. It will build on the work of the FEC, to identify new growth areas where Singapore can be competitive and build capabilities in, and provide the Government with insights and advice on industry trends, emerging opportunities and challenges.

Details on the FEAP

The FEAP comprises 21 members from diverse backgrounds, including businesses, trade associations and chambers, unions, institutes of higher learning, and the Government, all of whom have been appointed for their extensive experience, expertise across the different fields, and strong stewardship in their respective sectors.

These members are:

1. Heng Swee Keat, Deputy Prime Minister
2. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry
3. Dr Bicky Bhangu, President, Southeast Asia, Pacific and South Korea, Rolls-Royce
4. Chen Kok Sing, Corporate Vice President and Singapore Country Manager, Micron Technology
5. Chew Seow-Chien, Senior Partner and Board Director, Bain & Company
6. Geraldine Chin, Chairman and Managing Director, ExxonMobil Asia Pacific
7. Euleen Goh, Chairman, Singapore Institute of Management Group
8. Piyush Gupta, Chief Executive Officer and Director, DBS Group
9. Prof Ho Teck-Hua, President, Nanyang Technological University
10. Alex Hungate, Chief Operating Officer, Grab Holdings
11. Andrew Kwan, Group Managing Director, Commonwealth Capital Group
12. Lee Chee Koon, Group Chief Executive Officer, CapitaLand Investment
13. Jenny Lee, Senior Managing Partner, Granite Asia
14. Lim Ming Yan, Chairman, Singapore Business Federation
15. Ahmed Mazhari, President, Microsoft Asia
16. Ng Chee Meng, Secretary-General, National Trades Union Congress
17. Dilhan Pillay Sandrasegara, Executive Director and Chief Executive Officer, Temasek Holdings (Private) Limited, Temasek International
18. Andreas Sohmen-Pao, Chairman, BW Group
19. Prof Tan Eng Chye, President, National University of Singapore
20. Wong Kim Yin, Group President and Chief Executive Officer, Sembcorp Industries
21. Dr Zhou Lihan, Co-Founder and Chief Executive Officer, MiRXES

Commenting on the lineup, DPM Heng said: "We are delighted that outstanding leaders in our industry, unions, business associations and academia are stepping forward to contribute. Each of them brings a wealth of real-world expertise and experience. The FEAP will provide valuable inputs to the Government as we navigate rapid changes in technologies and markets, within a more contested geopolitical environment.

"Our aim is to continue to create good jobs for Singaporeans and uplift the lives of our workers."

Expressing her views, FEAP member Chew Seow-Chien, Senior Partner and Board Director, Bain & Company, acknowledged the need to enhance how companies and workers adapt and stay resilient in the face of unprecedented change. "Global flows are shifting in a post-globalisation era, balancing decarbonisation and energy provision is an urgent priority, and AI is opening the floodgates to new possibilities.

"I look forward to working with other industry stakeholders and tripartite partners through the FEAP to strengthen Singapore’s competitiveness," she added.

Fellow member Piyush Gupta, Chief Executive Officer and Director, DBS Group highlighted that the transformation of firms and sectors is "not merely a choice but a necessity in the pursuit of relevance and sustainability in today’s dynamic landscape," adding that embracing change, innovating processes and adapting swiftly are the "cornerstone for firms to not just survive, but thrive amidst evolving market demands and technological disruptions."

"Collaborating across multinational corporations and small to medium enterprises is not just advantageous but essential in fostering a culture of innovation and upskilling towards a more competitive and sustainable future economy," he concluded.

Background on the FEC 

The FEC was established in 2017 with an aim to grow a vibrant and open economy, strengthen our enterprises, and help Singaporeans acquire skills to seize opportunities in the future economy. Over the past seven years, the FEC has overseen the formulation and implementation of Industry Transformation Maps across 23 industries. These efforts provided strong impetus for transformative efforts across the economy.

Between 2016 to 2023, the Singapore economy achieved real value-added growth of 2.8% per annum, and labour productivity growth of 2.1% per annum (in terms of real value added per hour worked).

This performance was lauded to be stronger than most other small, advanced economies.

On that note, a report titled Transforming the Singapore Economy, detailing this transformation journey was released on 23 July 2024.