Marina Bay in Singapore (Source: VNA)
Singapore (VNA) - Singapore's Committee on the Future Economy (CFE) on February 9 outlined seven strategies for the country’s economic development to submit to Prime Minister Lee Hsien Loong.

The strategies will focus on deepening and diversifying international connections, acquiring and utilising deep skills, strengthening enterprise capacity to innovate and scale up, building strong digital capabilities, developing a vibrant and connected city of opportunity, developing and implementing Industry Transformation Maps.

The 30-strong CFE recommended strengthening trade cooperation and tapping reduced tariff and non-tariff barriers to trade via initiatives such as the ASEAN Economic Community or the Regional Comprehensive Economic Partnership.

Singapore should form a Global Innovation Alliance that will see tertiary institutions and companies link up with overseas partners to promote innovation, create multiple economic clusters of innovation and more partnerships with private firms, it said.

It called for a review of existing tax system based on the two principles of staying broad-based, progressive and fair as well as remaining competitive and pro-growth.

Prime Minister Lee Hsien Loong said in a letter to the committee that the government will pursue all the strategies proposed in the report and will adopt a "hard-headed and pragmatic" approach in implementing them.-VNA