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Future Economy Council (FEC) – 2017 to 2023 The Future Economy Council (FEC) was set up in 2017 to grow and transform Singapore’s economy for the benefit of our people. Namely, by (i) growing an economy that is vibrant, open and connected, (ii) strengthening our enterprises through industry-specific transformation, and (iii) helping Singaporeans take up quality jobs and seize opportunities in the future economy. It comprised members from diverse backgrounds, including the Government, businesses, unions, trade associations and chambers, and Institutes of Higher Learning.
Taking into account the recommendations of the Committee of the Future Economy, and building on the efforts of earlier committees such as the National Productivity and Continuing Education Council and the Council for Skills, Innovation and Productivity, the FEC spearheaded the launch of the Industry Transformation Maps (ITMs) in 2017 and the subsequent refresh of the ITMs under ITM 2025. The FEC also brought together key stakeholders in our economy to mobilize broad-based support for industry transformation. These efforts have provided a good momentum for transformation across the economy and enabled us to make important strides in our journey to achieve sustainable economic growth and increase our productivity.
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Industry Transformation Maps Overseen by the FEC
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Overview of the Seven Sub-Committees under the FEC
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Future Economy Advisory Panel (FEAP) – From 2024 The FEAP was formed following the conclusion of the third term of the FEC in March 2023, to continue driving the next bound of Singapore’s economic growth and transformation. The FEAP builds on the work of the FEC and advises the government on important industry trends, emerging opportunities and challenges in the future economy. It taps on the knowledge, experience and expertise of a panel comprising 21 members from diverse backgrounds, including the Government, businesses, trade associations and chambers, unions, and Institutes of Higher Learning. |
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