5 Key Highlights to Enhance Singapore’s Technology and Innovation Engines
Singapore is gearing up for a future driven by technology and innovation. In the recently announced Budget 2025, the government introduced several initiatives to enhance our technology and innovation capabilities, positioning the country as a hub for cutting-edge advancements.
Key Highlights:
- Supporting Local and Global Tech Leaders
- Singapore is home to leading local tech companies like Grab, Sea, and Razer, alongside global giants such as Apple and Tesla. These companies are expanding their activities, especially in areas like artificial intelligence (AI) and quantum computing.
- Strengthening Industry Leadership
- Singapore plays a critical role in the semiconductor industry, producing over 10% of the world’s chips and 20% of semiconductor equipment.
- The country is also a global leader in DNA chip production, supplying more than 80% of the world’s DNA chips, which are vital in life sciences and medical diagnostics.
- Top pharmaceutical and medical device companies, including Illumina, have established manufacturing and R&D hubs in Singapore, further strengthening the life sciences sector.
- Anchoring High-Quality Investments
- To remain competitive, the government will inject $3 billion into the National Productivity Fund, ensuring Singapore continues to attract high-value investments and multinational enterprises (MNEs).
- Advancing R&D Infrastructure
- Singapore has consistently invested around 1% of GDP annually in research and development (R&D) over the past 20 years, laying the foundation for today’s biotech and tech ecosystems.
- Moving forward, $1 billion will be invested to upgrade R&D infrastructure:
- Modernizing the biosciences and medtech research facilities in the one-north area.
- Establishing a national semiconductor R&D fabrication facility to support industry innovation.
- Empowering Business Innovation
- Companies engaging in R&D and collaborative innovation will receive further support through enhanced government schemes.
These initiatives underscore Singapore’s commitment to staying at the forefront of technological progress, ensuring our economy remains dynamic and resilient in the years to come.
