REPORT OF COMMITTEE ON SINGAPORE'S COMPETITIVENESS (Response to recommendations)

Dr Lee Tsao Yuan asked the Minister for Trade and Industry whether the relevant Government agencies will respond to each of the medium-term recommendations given in the report of the Committee on Singapore's Competitiveness, stating whether they accept the recommendation or, if they reject, the reasons for doing so.

The Minister for Trade and Industry (Mr Lee Yock Suan): Mr Speaker, Sir, the Government has accepted the report of the Committee on Singapore's Competitiveness (CSC) and the thrust of its recommendations. These include short-term measures to help Singapore regain its competitiveness and medium-term initiatives to lay the foundations for future growth.

The relevant Government Ministries are following up on the CSC report. In many cases we have already proceeded to act on them, for example, the recommendations to further develop the financial services sector and the establishment of the Technopreneurship 21 Ministerial Committee.

My Ministry will coordinate Government's response to specific medium-term recommendations during the Committee of Supply debate next month.