Future Economy Advisory Panel kicks off first meeting

Senior executives from DBS, Grab, and Microsoft Asia are part of the panel.

Singapore has convened the first meeting of an advisory panel aimed at supporting economic growth and transformation on 15 August 2024, with industry leaders from Grab and DBS amongst the panel members.

The Future Economy Advisory Panel (FEAP) will provide expert advice to the government for the future of Singapore’s economy, the Ministry of Trade and Industry (MTI) said in a press release. 

It is composed of 21 members from businesses, trade associations and chambers unions, schools, and government officials. Amongst them include Deputy Prime Minister Heng Swee Keat, Deputy Prime Minister and MTI minister Gan Kim Yong, DBS CEO Piyush Gupta, Grab COO Alex Hungate, and CapitaLand Investment CEO Lee Chee Koon.

FEAP replaces the Future Economy Council (FEC), which ended its third term in 2023. 

The panel is expected to build on the work of the FEC to identify new growth areas where Singapore can be competitive and build capabilities in.

The FEC was established in 2017 with the aim of growing a vibrant and open economy in Singapore, strengthening enterprises in the city, and help citizens acquire skills and opportunities geared to the “future economy.”

The FEC implemented industry transformation maps (ITMs) across 23 industries over its 7 years of operations. 

During the FEC’s tenure, the economy achieved a value-added growth of 2.8% per annum, and a labour productivity growth of 2.1%per annum, the MTI said.