Singapore boosts research spending to $12 bn
18 Sep 2010
The Singapore government said yesterday that it would spend S$16.1 billion ($12 billion) over the next five years on research, innovation, and enterprise to solve complex national challenges and take the country's economy forward.
The island-nation's research, innovation, and enterprise council (RIEC) endorsed the allocation, which is 20-per cent higher than the S$13.6 billion committed for the 2006-2010 period, a statement said.
The RIEC, headed by prime minister of Singapore Lee Hsien Loong, consists of several cabinet ministers, and eminent leaders in science and technology.
''Singapore's long term aim is to be among the most research intensive, innovative, and entrepreneurial economies in the world in order to create high value jobs and prosperity for Singaporeans,'' prime minister Lee said.
Lee further stated that the government aims to increase the R&D expenditure through greater private sector involvement, like in countries such as Sweden, Finland, and Israel where private enterprises take the lead in R&D.
The government plans to do more to facilitate collaboration between industry and public research institutions to foster greater commercialisation of R&D.
