1. Report of the Committee on the Future Economy – Casting An Inspirational Vision

by Patrick Liew on February 15, 2017

While the CFE has put together a commendable report, what seems to be lacking is a bold and inspiring vision.

The report is also long on strategies but short on detailed action plans.

Although we cannot predict the winners and losers in the future but still, that does not mean that we cannot create our own vision and develop our own pathway to the future.

History has shown to us that leaders who dare to dream great dreams and turn these dreams into a reality create the brightest future for their people.

With an electrifying vision, it can motivate our people, galvanize our resources, and propel our people to achieve the best possible results.

To fulfill the vision, as they say, the devil is in the details.

Without details, it will be hard pressed to execute the plan effectively and efficiently.

As we face a slowing down of the economy, many countries are adopting austerity measures and taking a cautious approach.

This is an opportune time for Singapore to invest in capitalizing on the silver lining in every dark cloud, and leapfrogging over competing economies.

We cannot afford to just tweak our current policies and fiddle with our existing infrastructures and systems.

Just like what our founding fathers have done in the past, we should dream – and dream big – and take unprecedented initiatives to shape and influence our destiny.

In the past, we have excelled as a regional entrepôt and hub.

Moving ahead, we should reposition ourselves to become a Global Switching Centre for international trade and commerce, including mobile and online commerce,

We can redesign our economic model and reengineer our infrastructure, capacity and capability to capitalize on the centrifugal and centripetal forces of global value and logistical chains.

In the future, whenever a business or a consumer buys or sells anything from one country to another, and even if the goods do not physically go through Singapore, we can have a stake in the transaction.

We can extract values, including financial profits from the transaction.

Singapore will become like a high value-added toll gate of international trade and commerce.

We can take a leaf from Israel, a small country like us but it has planted a large footprint in advanced technology and in many areas of daily life.

The first and last line of defence against disruptive forces is education.

We need to reform our education system to produce dream-chasers, value-multipliers, game-changers, and world-beaters.

They will become some of the entrepreneurs and innovators that will produce the next generation of advanced technology and other high value-added inventions.

Lead the way in pioneering improvements in homes, in schools, in workplaces, and the environment.

Singapore should aim to become a test bed, model, and co-partner for development of intelligent and eco-friendly cities, Industrial 4.0, and future economy.

If Singapore plans and plays our game well, we can be one of the fulcrums of a new Renaissance Age.

We can become one of the most livable and lovable cities in the new world.


I hope this message will find a place in your heart.

By the way, I have also recorded other reflections.

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