Singapore govt will never reverse policy on your say so.
Here are just some ideas which will never make it pass policymakers

If you reverse the policy and uproot it totally now - FTs are too entrenched in the system - you will definitely see a negative economic impact which will end up in them being brought back and you get told that you are wrong.
Slowly start with all ministries government linked agencies - no permanent residents allowed to work in the public sector at all. Jobs are reserved for only Singaporeans. They are given a 6 month period to convert to Singaporean Citizenship . If they refuse, they have to resign.
Then move towards the companies that the government has a majority share in. Slowly get rid of FTs the way they got rid of older wiser Singaporean workers. Ask them to teach and then kick them out. That is actually the American way.
Then the Government start playing favorites by giving Singaporean owned and managed companies some tax kickbacks especially the SMEs.
Cut down places in the education system for foreign students. Bearing in mind , those foreign students have no experience and we should not spoonfeed them into sitting on top of Singaporeans. All foreign students should only be invited for postgraduate scholarships which factors more on their work experience, links and academic merit.
Cut down on local scholarships that send scholars overseas for their first basic degree. Increase the overseas scholarships to send out people with work experience and good academic qualifications as well as a history of community service should be factored in .
But the thing is ...this is all utopia....just ideas from my brainstorming.