SINGAPORE — With Finance Minister Heng Swee Keat expected to remain in intensive care for some time, Minister for Trade and Industry (Industry) S Iswaran was on Monday (May 16) appointed as co-chairman of the Committee on the Future Economy (CFE). 

Mr Iswaran was Mr Heng’s deputy in the committee, which has been tasked with developing economic strategies to position Singapore well for the future. 

With the change, Minister in Prime Minister’s Office Chan Chun Sing — who was already a member of the CFE — has also been drafted in as deputy chairman, the Prime Minister’s Office announced.

CFE members held their first meeting in January, and it is expected to complete its work in a year. 

With Mr Heng out of action indefinitely, economists said Mr Iswaran’s appointment would allow the committee’s work to continue without much disruption. 

Mr Iswaran said he has been working closely with Mr Heng, together with the other committee members, to “scope out the structure and priorities” of the CFE. The committee has made “good progress” over the past few months, with the five sub-committees reaching out to the private and public sectors, and generating “interesting ideas”. 

Mr Iswaran said: “My priority is to ensure that the (committee) continues with its deliberations and active engagement of Singaporeans, industry and other stakeholders, in order to collectively shape strategies to secure Singapore’s economic future.”

Mr Chan said he will “work closely with Minister Iswaran to build on the good work of Minister Heng and the CFE team”. “Our goals, to develop the strategies for our next phase of economic growth and to create good jobs for Singaporeans, remain unchanged,” said Mr Chan.

Mr Heng collapsed from a stroke last Thursday during a Cabinet meeting. He is in stable condition and recovering at Tan Tock Seng Hospital. 

Hours after Mr Heng was taken to hospital, the Government announced that Deputy Prime Minister Tharman Shanmugaratnam will cover Mr Heng’s duties as Finance Minister. 

Both Mr Iswaran and Mr Chan expressed their well-wishes for their colleague. 

“We wish Swee Keat a good recovery and look forward to having him with us again soon,” Mr Chan said. 

The economists whom TODAY spoke to said Mr Heng’s absence would be keenly felt by the committee, but they noted that it is in good hands, given the circumstances.  

CIMB Private Banking economist Song Seng Wun said: “(Mr Heng) being a Finance Minister … (his ministry) cuts across all areas and agencies … so it sometimes does expedite and cut the red tape.” 

Nevertheless, he pointed out that Mr Iswaran is familiar with the committee’s work given his previous role as deputy chairman, and he is also “an old hand” in economic matters given his experience in the trade and industry portfolio. 

With Mr Iswaran supported by Mr Chan, who has a First Class Honours degree in Economics from Cambridge University, the committee’s report should be ready according to the original timeline, Mr Song said. 

OCBC head of treasury research and strategy Selena Ling said it might “not be the most ideal” situation for a change in the committee’s leadership halfway. 

But she noted that the leaders would have already set out the strategic direction by now, and the work going forward would be to solicit and collate voices from the various stakeholders, among other things. 

Whether the CFE is headed by the Finance Minister or the Trade and Industry Minister, it is in “capable hands”, she said.