Prime Minister's Office (National Research Foundation)

The Deputy Prime Minister and Coordinating Minister for Economic Policies (Mr Heng Swee Keat): The National Research Foundation (NRF) seeks to build a thriving Research, Innovation and Enterprise (RIE) ecosystem that drives an innovation economy and addresses Singapore’s national imperatives.

Over the years, our RIE investments have benefited Singapore and Singaporeans. Investments in biomedical sciences and medical technology since the 1990s have set the foundation for the flourishing sectors they are today. As of 2020, Singapore hosts more than 30 regional headquarters (HQs) in the sector, many of which are from the world’s top pharmaceutical and med-tech firms. The biomedical sector supports 25,000 jobs and makes up almost 4% of our GDP.

We will support the next bound of Singapore’s economic transformation by advancing Singapore’s capabilities in strategic technology areas. This will unlock new opportunities for growth and create good jobs for Singaporeans. For example, in the area of semiconductors, our public research institutes and universities are collaborating with industry through corporate laboratories and joint projects, to work on new materials, designs, and manufacturing techniques that can drive the next generation of more efficient and powerful chips. These innovations will enable advances in wide-ranging applications such as wearables, communications equipment and vehicles, and expand the base of semiconductor manufacturing activities and jobs in Singapore. Artificial intelligence (AI) is another technology with transformative potential. We will continue to attract top AI talent and spur the development of innovative AI solutions that generate value for businesses and society.

We will continue to support transformation efforts of businesses across industry sectors by creating new and improved solutions that leverage science and technology. We are scaling up platforms that bring together our Institutes of Higher Learning (IHLs), public research institutes and industry, so that technological advancements in areas, such as medical diagnostics and additive manufacturing, are more quickly commercialised. Companies can also establish corporate laboratories with our public research performers to address their industry challenges or tap on Centres of Innovation for technical and business advisory to support their journey to become product builders.

We will also strengthen Singapore's position as an attractive Global-Asia node for businesses to conduct research and development (R&D) and innovation, tapping on our diverse workforce, vibrant RIE ecosystem, and connections to fast-growing markets.

This will build on the growth in Singapore's Business Expenditure on Research & Development, which has risen from about S$1.9 billion in 2000 to about S$6.6 billion in 2020. Many large corporations and multinationals have anchored their R&D centres in Singapore. Small-Medium Enterprises are also growing their innovation ambition and capabilities by tapping on capabilities in the IHLs and the Agency for Science, Technology and Research (A*STAR), and on platforms, such as the Global Innovation Alliance, which provide access to enterprise partners, talent and markets in international innovation hubs.

Our startup ecosystem continues to grow, with a more than 20-fold increase in venture capital funding raised in Singapore, from about S$500 million in 2011 to about S$11 billion in 2022. This includes promising deep-tech startups. In the next phase, as part of the Singapore Global Enterprises Initiative to build more locally-grown, high-growth and globally competitive companies, we will provide customised financial support for promising enterprises to build sustained R&D and innovation capacity.

In addition to its economic importance, RIE has been critical in addressing Singapore’s challenges in areas, such as public health and resource resilience. Our R&D capabilities in biomedical sciences and infectious diseases enabled us to respond to COVID-19 quickly. Singapore was one of the first countries to successfully culture the SARS-CoV-2 virus. We also developed several diagnostic test-kits that were rapidly deployed for use both locally and overseas. Our early investments to diversify our water sources, such as creating and adapting technologies for NEWater and desalination, have also helped make our water supply more secure and resilient.

We will continue to invest in R&D to tackle ongoing and future challenges, for instance, to improve our pandemic preparedness by bolstering our vaccine development capabilities. To respond to the existential threat of climate change, we are deepening our investments in low carbon energy research and strengthening our climate adaptation R&D efforts, including by investing in coastal protection and flood management research. Food resilience is another pressing area. We are investing in food R&D particularly in aquaculture, urban agriculture, alternative proteins, and food safety, to strengthen our food security while reaping economic benefits.

A robust talent pool is a key enabler for good RIE investment outcomes. The number of public and industry researchers in Singapore more than doubled from 20,000 in 2000 to 46,000 in 2020. We will continue to build a strong core of local research talent by nurturing our youths’ interest in Science, Technology, Engineering and Mathematics (STEM) fields, and providing diverse pathways for those who wish to take up research careers.

As a small nation and global city, we must remain open to top international talent. We are expanding our global collaborations in research and innovation to address complex problems that cannot be solved by one country alone, including through the Campus for Research Excellence and Technological Enterprise (CREATE), a collaborative research hub with foreign universities and international research organisations.

We will also continue to enhance the porosity of research talent across academia, public research institutes and industry, for instance, by seconding public researchers to local enterprises. We are working with industry to enhance their research capacity, through initiatives such as the Industrial Postgraduate Programme which provide opportunities for postgraduate students to undertake industrial R&D projects with companies. To grow the pool of deep-tech talent with Innovation & Enterprise and technology commercialisation skills, we also have on-the-job training programmes, which are accessible to mid-career professionals.

Our RIE investments have created a strong foundation for Singapore to remain competitive amidst rapid technological changes. We must continue to leverage and build Singapore’s science and technology capabilities to meet imminent needs and challenges, capture new economic opportunities and support our businesses and workforce.