Photo of Lee Hsien Loong from Today Online Ooi Boon Keong

In his response to the Committee on Future Economy (CFE)’s report, Prime Minister Lee Hsien Loong said that he has approved the report but did not mention what new policy will take place. The Prime Minister put in numerous figure of speech in his letter, waxing lyrical about pragmatism and planning with no concrete details:

“Amidst the disruption, there will also be opportunities. We cannot be sure which industries will perish and which will flourish. What is certain that Singapore must stay open to trade, people and ideas, and build deep capabilities so that our people and companies can seize the opportunities in the world. Developing the strategies was a first step, but what will count is how well these recommendations will be implemented to transform the economy. He said implementation may also require difficult trade-offs and calculated bets amidst limited resources. Hence, a “hard-headed and pragmatic” approach will be needed. When results are promising, we will vigorously pursue them. When a scheme does not look like it’s going anywhere, we must have the courage to cut losses. That is how we progressed for the past 50 years, and the only way to continue progressing in future.”

Prime Minister Lee Hsien Loong ended his letter telling Singaporeans to work hard to achieve prosperity and success for the country:

“The publication of the report marks the beginning of another chapter of the Singaporean story, and now, the hard work begins. Every one Singaporean had a role and all Singaporeans are to work as a united people, to achieve success and prosperity.”