Singapore to invest $14 billion in innovation to boost post-virus economy


The Singapore government plans a massive investment in innovation to kickstart its economy after the coronavirus-induced disruption, Bloomberg News reported.

The city-state will set aside more than $14.3 billion in funds to support research in “high impact areas” such as health and biomedical sciences, climate change and artificial intelligence, deputy prime minister Heng Swee Keat said. The investment is part of a five-year research and development plan, which is currently being finalised.

“We are investing to give everyone a springboard, to bounce back even stronger. In Singapore, we never stop thinking of tomorrow,” he said.

With Singapore’s economy facing its biggest contraction since independence in 1965, and employment sliding in the first quarter by the most on record, Heng said the government’s most urgent task is job creation. Officials have pledged to create 100,000 jobs and training opportunities to help cushion the blow.

Green investments and food security

Heng reiterated the government’s commitment to infrastructure investment, including greener developments and food security initiatives. A series of industry-led groups assembled by the government will explore new opportunities in areas such as robotics, e-commerce and supply-chain digitisation, he added.

Heng noted that Singapore has remained one of the most competitive economies in the world. That distinction was highlighted earlier this week when the city-state retained its top position in a global competitiveness ranking by IMD Business School in Switzerland.

On June 19, Singapore entered the second phase of re-opening its economy after a multi-month lockdown to avert the coronavirus spread.



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The Singapore government plans a massive investment in innovation to kickstart its economy after the coronavirus-induced disruption, Bloomberg News reported. The city-state will set aside more than $14.3 billion in funds to support research in “high impact areas” such as health and biomedical sciences, climate change and artificial intelligence, deputy prime minister Heng Swee Keat said. The investment is part of a five-year research and development plan, which is currently being finalised. “We are investing to give everyone a springboard, to bounce back even stronger. In Singapore, we never stop thinking of tomorrow,” he said. With Singapore’s economy facing its...


The Singapore government plans a massive investment in innovation to kickstart its economy after the coronavirus-induced disruption, Bloomberg News reported.

The city-state will set aside more than $14.3 billion in funds to support research in “high impact areas” such as health and biomedical sciences, climate change and artificial intelligence, deputy prime minister Heng Swee Keat said. The investment is part of a five-year research and development plan, which is currently being finalised.

“We are investing to give everyone a springboard, to bounce back even stronger. In Singapore, we never stop thinking of tomorrow,” he said.

With Singapore’s economy facing its biggest contraction since independence in 1965, and employment sliding in the first quarter by the most on record, Heng said the government’s most urgent task is job creation. Officials have pledged to create 100,000 jobs and training opportunities to help cushion the blow.

Green investments and food security

Heng reiterated the government’s commitment to infrastructure investment, including greener developments and food security initiatives. A series of industry-led groups assembled by the government will explore new opportunities in areas such as robotics, e-commerce and supply-chain digitisation, he added.

Heng noted that Singapore has remained one of the most competitive economies in the world. That distinction was highlighted earlier this week when the city-state retained its top position in a global competitiveness ranking by IMD Business School in Switzerland.

On June 19, Singapore entered the second phase of re-opening its economy after a multi-month lockdown to avert the coronavirus spread.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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