Deputy Prime Minister Lee Hsien Loong has taken the wraps off a special advisory committee, vowing that its recommendations will help to transform Singapore's economy. The 20-member ad hoc body is tasked with reviewing all of Singapore's economic policies in a bid to put the recession-hit city-state back on a path to more sustainable growth over the next five to 10 years. Mr Lee, who is also Finance Minister, suggested that the team of politicians, unionists, businessmen and academics would endorse a shift towards a greater reliance on services, rather than manufacturing. Singapore's basic economic model - as an open, export-orientated economy - is unlikely to be much changed, although Mr Lee reiterated a long-standing government desire that citizens become more entrepreneurial. 'We will try and grow both [manufacturing and services] as quickly as we can. But our guess is that there is greater potential in growing services than in growing manufacturing . . .' he said. 'We want to upgrade [manufacturing] but even to maintain it as a certain percentage - it is about 20 per cent of employment - will not be easy because of the competition from China and other countries.' Manufacturing accounts for about 25 per cent of gross domestic product, a proportion that has changed little in the past 20 years. The committee was first mentioned by Prime Minister Goh Chok Tong in October, after Singapore had tumbled into recession but before the ruling People's Action Party secured another five-year term in elections last month. Mr Lee named its members yesterday ahead of its first full meeting. Among those on the taskforce are Trade and Industry Minister George Yeo Yong-Boon; Rob Stein, chief executive (Asia-Pacific) for Deutsche Bank and Teo Ming Kian, head of Singapore's Economic Development Board. The committee will be divided into seven groups, each focusing on a separate policy area. Mr Lee said the mini-groups would take submissions from the government-linked and private sectors, as well as the general public. It is expected that the bulk of the Economic Review Committee's recommendations will be released within nine months, possibly before next year's National Day on August 9. An interim report concentrating on fiscal policy will draw up its proposals ahead of Budget Day, which is set for May 3. In a theme that has become increasingly common in recent months, Mr Lee said there was a need to 'reinvent' Singapore and change people's 'mindsets'. That process could take years, he said. 'If you look at Margaret Thatcher in Britain or Ronald Reagan in America, it was a long process before they got their countries on to a new path,' Mr Lee said. The former British prime minister and former United States president championed a right-wing drive in the 1980s to promote private enterprise, shrink the role of government, cut taxes and bolster the rights of the individual. Raymond Lim, Minister of Trade and Industry and Foreign Affairs, said: 'Going ahead, we want a more entrepreneurial culture . . . efficiency may not be the be-all and end-all of things.' Mr Lim will head the taskforce's work on entrepreneurship. Singapore's GDP is on course to shrink by about 3 per cent this year, the worst performance since 1964. The trade-reliant economy has been hard hit by the slump in demand for high-technology goods, the slowdown in the global economy and disruption caused by the suicide strikes on the US.