Singapore Plans More Than $14 Billion to Super-Charge Innovation

Singapore is positioning itself for a post-Covid world with massive investment in innovation, over and above the immediate support it’s giving to help the economy rebound from possibly its worst downturn on record.

The government will set aside more than S$20 billion ($14.3 billion) to support research in “high impact areas” such as health and biomedical sciences, climate change and artificial intelligence, Deputy Prime Minister Heng Swee Keat said in a televised speech Saturday. The investment is part of a five-year research and development plan, which is currently being finalized.

“All countries, including us, are providing immediate support, to provide a cushion,” said Heng, who is also finance minister. “But we are going further, investing to give everyone a springboard, to bounce back from this even stronger. In Singapore, we never stop thinking of tomorrow.”

Heng’s speech is the final one in a series of ministerial broadcasts as the nation girds for an upcoming election. On Friday, the city-state entered the second phase of re-opening its economy after a multi-month lockdown to avert the coronavirus’ spread.

With Singapore’s economy facing its biggest contraction since independence in 1965, and employment sliding in the first quarter by the most on record, Heng said the government’s most urgent task is job creation. Officials have pledged to create 100,000 jobs and training opportunities to help cushion the blow.

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