CFE outlines recommendations on developing ways to create new spaces.
The Committee on the Future Economy is seeing the need for Singapore to develop a vibrant and connected city of opportunity for it to boost its economic growth by 2-3% this year.
As laid out by CFE, the Government should continually invest in new international connections, like that of the development of Changi Airport’s Terminal 5 and the next-generation seaport in Tuas. The committee noted that these developments will further strengthen Singapore’s position as a global air and maritime hub.
More so, the Kuala Lumpur-Singapore High-Speed Rail (HSR) will connect the city-state to the capital of Malaysia, allowing both countries to benefit from the connectivity.
"In the future economy, Singapore must also be digitally connected, for that would allow us to transcend our boundaries. We must maintain our position as one of the world’s most digitally connected cities. This will be supported by the strengthening of Singapore’s communications infrastructure, e.g. by trialling technologies such as the Heterogeneous Network (HetNet)," CFE stated.
Meanwhile, it was also suggested to increase the space Singapore can use even with its limited land. CFE recommended the development of new ways to create new space, such as by developing an underground masterplan to expand underground infrastructure.
"We can also use our existing space better, for example by creating an urban logistics system that will reduce congestion," CFE said.
Another recommendation is to create dense clusters of mutually-reinforcing economic activities – such as in Punggol and JID – by siting companies of varying sizes with synergistic activities together to encourage partnerships.
"At the same time, we can do more to make existing iconic districts more vibrant. Orchard Road, for instance, should be upgraded into a lively shopping and lifestyle destination with a signature street experience. We are building a second Central Business District (CBD) in the Jurong Lake District, with a mix of commercial as well as residential areas. We should strive to be a leading city for the development and appreciation of design and the arts," CFE mentioned.
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