'Important to take a longer term view': DPM Gan announces 5 new committees to strengthen Singapore's economic relevance, Singapore News
The new committees were announced by Deputy Prime Minister Gan Kim Yong at a press conference on Monday (Aug 4), where he detailed Singapore's Economic Strategy Review (ESR).
The ESR, he said, will chart a "forward-looking economic blueprint" to sharpen Singapore's economic competitiveness and deepen its economic resilience.
This comes amid major disruptions to the "rules-based multilateral trading system" caused by US tariffs, which make it "important to take a longer term view".
DPM Gan, who is the Minister for Trade and Industry and the chairman of SERT, said that the third workstream of SERT — aimed at developing longer-term strategies and responses to transform businesses and support the workforce — will be replaced by the five new committees.
SERT stands for the Singapore Economic Resilience Taskforce.
The five committees will develop longer-term strategies in the following areas: Global competitiveness Technology and Innovation Entrepreneurship Human capital Managing impact of restructuring
Each committee, co-chaired by two political office holders, will also have members from the private sector, unions and other relevant stakeholders.
Acting Minister for Transport Jeffrey Siow, who is part of the committee focused on global competitiveness, said that a major focus will be to "strengthen Singapore's competitive advantage" and strengthen its reputation as a trusted and reliable investment destination.
He also pointed out that one of their key areas of focus will be leveraging on Artificial Intelligence (AI) to benefit businesses and workers.
"AI isn't just for tech giants, it is for every Singaporean tomorrow," said Jasmin Lau, Minister of State for the Ministry of Digital Development & Information and the Ministry of Education. Her committee aims to make technology and AI intensive, extensive and inclusive for all.
The ESR will build on past economic reviews that have laid strong foundations for Singapore's growth, while considering new ideas and approaches to sharpen the country's economic competitiveness.
"We are definitely not abandoning the old strategies that we have. We are really building on the very strong foundation and fundamentals that we have accumulated over the years," added Siow, pointing out that the new committees will adapt previous strategies to the changed global environment.
According to DPM Gan, the ESR will engage widely with businesses, workers, and relevant stakeholders to gather feedback and ideas over the next few months. The recommendations are set to be published in a review mid-2026.
"Even as we manage the immediate uncertainties, we must start planning for the longer term to position our economy, our businesses and our workers so that they are able to adapt to the new economic landscape," said DPM Gan. 10% baseline tariffs
US President Donald Trump had released a new list of tariff rates on imports from global trading partners on Aug 1, which are "pretty much set", according to Trade Representative Jamieson Greer.
The levies range from 10 to 41 per cent, with Singapore still facing the baseline rate of 10 per cent — a non-negotiable rate based on previous discussions with the US, according to DPM Gan.
Aggregate US tariff rates will rise from two per cent to around 15 per cent or higher with the new levies, he said.
DPM Gan also warned of "significant uncertainties" that remain, including ongoing discussions between the US and countries like India and China, in addition to sectoral tariffs that are still pending.
"Details on how these tariffs will be implemented are still pending, and the US may also announce further sectoral tariffs, such as pharmaceutical, semiconductors, as well as aerospace in time to come," DPM Gan said, adding that Singapore is still in discussion with the US regarding potential concessions.
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dana.leong@asiaone.com
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