This past Friday, the Singapore Government revealed the RIE2020 plan which is committing to funding $19 billion in research, innovation and enterprise over the next five years.
The outcome of this research funding will boost the lives and adaptability of Singaporeans, strengthen societal bonds, as well as improve the quantity and quality of economic opportunities.
The primary spotlight of the RIE2020 plan is: to capitalise on investments already made thus far, expedite private-sector R&D capabilities, and nurture high growth innovative enterprises.
Under the RIE2020 plan, the government has prioritised research funding in four technology domains where Singapore has developed comparative advantage in research excellence or meets national needs. These domains include Advanced Manufacturing and engineering (AME), Health and Biomedical Sciences (HBMS), Services and Digital Economy (SDE), Urban Solutions and Sustainability (USS).
These domains will then be supported by three essential cross-cutting programmes: Academic Research, Manpower, and Innovation & Enterprise.
Coupled with increased governmental efforts, collective efforts with multi-national companies (MNCs), large local enterprises (LLEs) and small- and medium-sized enterprises (SMEs) will help to construct the foundation of progress for Singapore.
“[RIE 2020] reflects the Government’s continued commitment to research, innovation and enterprise, so as to develop a knowledge-based, innovation-driven, economy and society, and build the foundations of Singapore’s progress for our next 50 years.”
Singapore is presently embarking on a Smart Nation journey which hinges upon innovation and knowledge-intensive industries.
This will call for the need for a more tight-knitted public-private collaborations so that together, the foundations of Singapore’s progress for the next 50 years can be built.