Singapore convenes Economic Strategy Review with establishment of five committees: Allen & Gledhill

28 August 2025

On 4 August 2025, the Ministry of Trade and Industry (“MTI”) published the speech delivered by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong in which the Minister announced that an Economic Strategy Review (“ESR”) will be convened.

Among other things, the Minister highlighted the need, in the face of the uncertain economic outlook, to start planning for the longer-term to position the Singapore economy, businesses, and workers so that they can adapt to the new economic landscape. The ESR will chart an economic blueprint that will enable Singapore to stay globally competitive over the longer term.

The Minister highlighted five focus areas under the ESR and the five committees that will be established to propose recommendations by mid-2026. The five committees are:

Committee on Global Competitiveness: Amid a more protectionist and competitive landscape, Singapore must strengthen its value proposition to continue to attract and anchor new investments. Companies must also be encouraged and supported to grow and expand into the region. This will allow companies to capture new opportunities amid the reshuffling of production and supply chains. To do both well, it is necessary to reinforce Singapore’s competitive positioning as a key hub for trade and investment and remain relevant to the global economy. The Committee on Global Competitiveness will look into each of these areas.
Committee on Technology and Innovation: This committee will look into how Singapore can harness new engines of growth and innovation in the future economy, and develop, deploy, and diffuse new technologies and innovation, including AI, across the whole of the economy.
Committee on Entrepreneurship: This committee will look into deepening the Singapore ecosystem for entrepreneurs and start-ups.
Committee on Human Capital: This committee will look into the need to prepare workers and enterprises to be ready for the shifts in the global economic landscape and be able to access opportunities in the future economy. This will require empowering them with the relevant skills needed for the future. This will ensure Singapore has a skilled workforce for Singapore to stay globally competitive.
Committee on Restructuring: Enterprises will need to adapt to the shifts in the economy; some companies, especially those in less productive sectors, may need help to restructure and transform. This committee will look into helping companies transform, focusing on sectors at greater risk of disruption. This committee will also support workers at risk of being disrupted, so as to help them manage the transition and find new opportunities for employment.