5 year plan for R&D initiatives
Earlier this year, Prime Minister Lee Hsien Loong revealed S$19 billion initiatives aimed at increasing and supporting Singapore’s R&D efforts over the next five years. The governments Research Innovation Enterprise 2020 Plan (RIE2020) aims to develop and encourage innovation and technology adoption in companies, increase economic growth through value creation and support the commercialization of industry research into valuable and meaningful solutions for national challenges.
RIE2020 has pledged a 18 percent increase compared to that in 2015 is the largest budget increase. Prime Minister Lee believes the RIE program “Will contribute significantly to the economy and creates opportunities and jobs, supports national initiatives like Smart Nation, SkillsFuture, studies which we are doing under the Committee for the Future Economy, and it helps our workers to thrive amidst technological changes and globalization”.
Improvements in healthcare for seniors, transformations of urban landscapes to increase livability and sustainability, economy growth and job creation and helping workers thrive amidst technological changes and globalization are all key objectives of the program.
REI2020 is the sixth of such five-year road maps for research, innovation and enterprise. The key target for this newly announced REI will be a funding approach that aims to capitalize on technology, aimed to create a competitive advantage in and also build on existing capabilities.
The National Research Foundation (NRF) have created the latest REI2020 to be more selective and targeted in its support of research and development (R&D) initiatives, even as it continuously discover ways to capitalize from the latest advancements.