Singapore's ruling party has promoted Finance Minister Heng Swee Keat (HENG SWEE KET) to No 2 post, making him a likely choice to succeed the prime minister.

He called the leadership reshuffle "a major step forward in our political renewal."

The People's Action Party has been in power since Singapore's independence in 1965. It holds 81 out of 87 seats in Parliament.

Fifty-seven-year-old Heng was selected Friday from a group of younger politicians who are expected to take on more responsibilities.

He was named the first assistant secretary-general and Minister for Trade and Industry Chan Chun Sing was named the second assistant secretary-general.

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