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Singapore’s commitment to remaining at the forefront of global technological and economic advancements has taken a significant step forward with the establishment of the Future Economy Advisory Panel (FEAP).
Led by Deputy Prime Minister Heng Swee Keat, the FEAP held its inaugural meeting today to set the direction for Singapore’s digital transformation and tech innovation. The panel builds on the Future Economy Council’s previous work, which ended its third term in 2023.
The FEC, established in 2017, played a pivotal role in steering Singapore’s economic and technological evolution. Through the formulation and execution of Industry Transformation Maps (ITMs) across 23 sectors, the FEC has driven substantial growth and productivity gains. This strategic approach has fostered a vibrant economy, equipped Singaporeans with the necessary skills, and strengthened enterprises against evolving global challenges.
Building on these achievements, the FEAP is tasked with identifying emerging technological trends and new growth areas that can enhance Singapore’s global competitiveness. The panel comprises 21 members from diverse sectors, including business, trade associations, academia, and government, each bringing a wealth of expertise and experience to the table. The FEAP’s diverse composition reflects a holistic approach to tackling the multifaceted challenges and opportunities in the rapidly evolving tech landscape.
One of the primary focuses of the FEAP is to address the disruptive potential of emerging technologies such as quantum computing and artificial intelligence (AI). Quantum technology, in particular, poses significant challenges and opportunities for cybersecurity and cryptography. The panel will explore advancements in quantum cryptanalysis, post-quantum encryption, and quantum-safe hardware to ensure that Singapore’s digital infrastructure remains robust and secure.
The integration of AI is another critical area for the FEAP. AI has the potential to revolutionise various industries by enhancing decision-making processes, optimising operations, and driving innovation. As AI technologies continue to evolve, the FEAP will work to harness these advancements to drive digital transformation across sectors. This includes supporting the development of AI platforms that can address industry-wide challenges and fostering a culture of innovation and upskilling within the workforce.
DPM Heng emphasised the panel’s role in guiding investments in research and development (R&D) and lifelong learning. “The FEAP seeks to identify new growth areas where Singapore can build global competitive ecosystems, guide our investments in R&D, and foster deeper collaboration both within and beyond Singapore,” he stated. This approach highlights the panel’s commitment to creating a sustainable and competitive digital economy by leveraging cutting-edge technologies and innovative practices.
The panel’s work will also involve enhancing collaboration between multinational corporations, small and medium-sized enterprises (SMEs), and educational institutions. By facilitating partnerships and knowledge exchange, the FEAP aims to strengthen Singapore’s innovation ecosystem and ensure that its digital and technological capabilities are aligned with global trends and market demands.
FEAP member Ms Chew Seow-Chien, Senior Partner at Bain & Company, noted the urgency of adapting to technological changes, “Global flows are shifting in a post-globalisation era, and AI is unlocking new possibilities. We need to enhance how our companies and workers adapt and stay resilient amidst unprecedented change.”
Similarly, Mr Piyush Gupta, CEO of DBS Group, highlighted the necessity for firms to embrace transformation, “Innovation and adaptability are crucial for survival and success in today’s dynamic landscape. Collaboration across various sectors is essential to foster a culture of innovation and ensure a sustainable future economy.”
As Singapore embarks on this new chapter with the FEAP, the focus on digital transformation and technological innovation will play a central role in shaping the nation’s economic trajectory. By addressing emerging tech trends and fostering a collaborative and forward-thinking environment, the FEAP is set to position Singapore as a global leader in technology-driven growth and innovation.
