SINGAPORE (June 20): Singapore plans to invest some $20 billion over the next five years to fund scientific research and boost support for innovation and the commercialisation of technologies.
“Our investments in research and innovation will sharpen our competitiveness,” said deputy prime minister Heng Swee Keat.
Every five years, the government will announce a five-year science and research masterplan.
The last plan was announced in 2016 for the five-year period to 2020. It is called the Research, Innovation and Enterprise 2020 and $19 billion was allocated.
The previous RIE for 2011 to 2015 committed $16 billion. The plans are administered by the National Research Foundation.
“The $20 billion will be used to continue the government’s support of basic and applied research in high impact areas, such as health and biomedical sciences, climate change, and artificial intelligence,” said Heng, who wears another hat as the chair of the NRF.
Besides this $20 billion, Heng has reiterated two other key strategies to help Singapore’s economy recover from the ravages of the Covid-19 outbreak.
As a major trading nation, and sea and aviation hub, Singapore is committed to the free flow of goods, services, capital, data, ideas and talent.
“In a more fractious post-COVID world, whatever the rest of the world does, we will persist to find new links to enable these flows, especially in connecting critical supply lines around the world,” said Heng.
The country will persist as an open, trading nation. “We are finished if we close up,” he added.
Next, despite the delay of mega infrastructure projects such as the Changi Terminal Five, the investment in infrastructure will continue, as Singapore needs efficiently-run ports and airports to keep the connection to the world open.
Smaller domestic projects such as the redevelopment of regional centres, and a bigger proportion of local food production will continue.
“We will also rejuvenate our island into a cleaner and greener Singapore, and a city in nature for our people to enjoy,” said Heng.
