This press release was originally published by Singapore’s Ministry of Digital Development and Information on 4 August 2025, titled “Economic Strategy Review to Chart a New Economic Blueprint for Singapore.”
Deputy Prime Minister (DPM) and Chairman of the Singapore Economic Resilience Taskforce (SERT) Gan Kim Yong announced that the Government would embark on an Economic Strategy Review (ESR) so that Singapore can continue to thrive and strengthen our economic relevance amid structural shifts including geopolitical realignments and technological disruptions. The ESR will chart a forward-looking economic blueprint with clear actions to take today to secure good opportunities for our businesses and workers.
The ESR will replace the third workstream [1] under SERT which is meant to review our longer-term strategies. It will comprise five committees, each co-chaired by two Political Office Holders (POHs) with relevant members drawn from the private sector, unions and other relevant stakeholders. The five Committees will develop longer-term strategies in the following areas:
- Strengthen Singapore’s global competitiveness by refreshing our comparative advantages;
- Leverage technology and innovation to capture opportunities in new frontiers and drive broad-based economic growth;
- Nurture entrepreneurship by deepening the ecosystem for start-ups from initial stages to scale-up and growth;
- Enhance human capital to maintain Singapore’s competitive advantage and ensure locals can access good jobs; and
- Manage the impact of restructuring so that all can share in our future prosperity.
The key focus areas for each of the ESR Committees and member composition are set out at Annex A.
At the press conference to announce the launch of this review, DPM Gan said that the ESR will build on past economic reviews that have laid strong foundations for Singapore’s growth and consider new ideas and approaches to sharpen our economic competitiveness, deepen our economic resilience, and secure our economic future. The review reflects the Government’s commitment to respond proactively and decisively to global shifts and technological advancements, and plan for the longer term, so that Singapore will remain globally competitive, with good opportunities for our businesses and workers.
The ESR will engage widely with businesses, workers, and relevant stakeholders to gather feedback and ideas over the next few months. The ESR Committees will publish a report outlining their recommendations by mid-2026.
[1] SERT comprises three Workstreams: (i) Workstream 1 focuses on “Sensemaking and Communication” on the latest tariff developments; (ii) Workstream 2 focuses on “Addressing Immediate Challenges” faced by businesses and workers; and (iii) Workstream 3 looks at developing “Longer-Term Strategies and Responses” to transform our businesses and workforce to seize opportunities in the new economic landscape.
***
Willson Cuaca, Co-Founder and Managing Partner of East Ventures, has been appointed as one of the Committee members of Singapore’s ESR Committee on Entrepreneurship.
The Committee on Entrepreneurship seeks to strengthen Singapore’s ecosystem for startups and entrepreneurship, to support Singaporean people’s entrepreneurial aspirations and contribute to the nation’s innovation-driven economy.
Specifically, the Committee will put forth recommendations to (a) enhance the competitiveness and attractiveness of Singapore’s startup ecosystem; and (b) grow the Singapore core for entrepreneurship.
Committee Co-Chairs:
- Mr Alvin Tan (Minister of State, Ministry of Trade & Industry; Minister of State, Ministry of National Development)
- Mr Dinesh Vasu Dash (Minister of State, Ministry of Culture, Community & Youth; Minister of State, Ministry of Manpower)
Committee Members:
- Mr Arrif Ziaudeen (Partner, Susquehanna Asia Venture Capital; Founder, Chope)
- Ms Candice Ong (Partner and Chief Operating Officer, Xora Innovation)
- Mr Declan Ee (Co-Founder, Castlery)
- Ms Dione Song (Chief Executive Officer, Love, Bonito)
- Mr Ervin Yeo (Chief Executive Officer, Commercial Management and Group; Chief Strategy Officer, CapitaLand Investment)
- Ms Lee Sze Yeng (Managing Partner, KPMG Singapore)
- Mr Marcus Tan (Co-Founder, Carousell; Deputy Chairman, Action Community for Entrepreneurship (ACE.SG))
- Dr Shi Xu (Founder and Group Chief Executive Officer, Nanofilm Technologies International)
- Mr Wee Teng Wen (Managing Partner, The Lo & Behold Group)
- Mr Willson Cuaca (Co-Founder and Managing Partner, East Ventures)
