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Singapore outlines seven strategies for economic development

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.
Singapore outlines seven strategies for economic development ảnh 1Marina Bay in Singapore (Source: VNA)
Singapore (VNA) - Singapore's Committee on theFuture Economy (CFE) on February 9 outlined seven strategies for the country’s economicdevelopment to submit to Prime Minister Lee Hsien Loong.

The strategies will focus on deepening and diversifyinginternational connections, acquiring and utilising deep skills, strengtheningenterprise capacity to innovate and scale up, building strong digitalcapabilities, developing a vibrant and connected city of opportunity,developing and implementing Industry Transformation Maps.

The 30-strong CFE recommended strengthening tradecooperation and tapping reduced tariff and non-tariff barriers to trade viainitiatives such as the ASEAN Economic Community or the Regional ComprehensiveEconomic Partnership.

Singapore should form a Global Innovation Alliance that willsee tertiary institutions and companies link up with overseas partners topromote innovation, create multiple economic clusters of innovation and morepartnerships with private firms, it said.

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

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

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