ASEAN KEY DESTINATIONS
Singapore to spend $16.1b from 2011 to 2015 on research
This was announced by the Research Innovation and Enterprise Council (RIEC), chaired by Prime Minister Lee Hsien Loong and also comprising several cabinet ministers as well as international leaders in science and technology.
The new allocation is a 20 percent increase over the S$13.55 billion which was committed from 2006 to 2010.
The council said this reflected the growing importance of research and development in Singapore's development as a knowledge based and innovation driven economy.
Giving details at a news conference, Mr. Lee said Singapore's long-term aim is to be among the most research intensive and entrepreneurial economy in the world in order to create high value jobs and prosperity for Singaporeans.
He said research and innovation underpin the competitiveness of industries, catalyse new growth areas and transform the economy.
Deputy Chairman of the RIEC, Dr. Tony Tan said a larger portion of the R&D funding will be awarded on a competitive basis to projects that will strengthen Singapore's capability and contribute to economic and societal outcomes.
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