Singapore channels over 18 billion USD to boost innovation efforts
Singapore will spend around 24 billion SGD (over 18 billion USD) over the next three years to help firms and workers adapt to the changing global landscape partly caused by the COVID-19 pandemic as part of its 80.8 billion USD budget plan for 2021 announced by Deputy Prime Minister Heng Swee Keat on February 16.
The funds will go towards building a more vibrant business sector and innovation ecosystem. (Photo: straitstimes.com)
Singapore (VNA) - Singapore will spend around 24 billion SGD (over18 billion USD) over the next three years to help firms and workers adapt tothe changing global landscape partly caused by the COVID-19 pandemic as part of its80.8 billion USD budget plan for 2021 announced by Deputy Prime Minister HengSwee Keat on February 16.
The funds will go towardsbuilding a more vibrant business sector and innovation ecosystem, helping enterprises to transform and scale up their operations, and creatingopportunities for workers, said Heng, who is also Minister of Finance.
Singapore will invest in three platforms to help firms innovate and collaborateon the global scale. The Corporate Venture Launchpad (CVL) will be piloted thisyear to drive innovative ventures, providing co-funding for companies to buildnew ventures through pre-qualified venture studios.
Meanwhile, the Open Innovation Platform (OIP) will be enhanced to increase thespeed and scale of digital innovation through new features such as a discoveryengine.
Additionally, enhancementswill also be made to the Global Innovation Alliance (GIA), which helps tocatalyse cross-border collaboration between Singapore and major globalinnovation hubs.
The network has 15 citylinks to the likes of Bangkok (Thailand), Ho Chi Minh City (Vietnam), Jakarta(Indonesia) and Manila (the Philippines), and will be expanded to more than 25cities over the next five years.
The GIA will be given aboost by the Co-Innovation Programme, which will support up to 70 percent ofqualifying costs for cross-border innovation and partnership projects.
Hengsaid that Singapore must deepen its position as a global-Asia node toemerge stronger from the COVID-19 crisis. That will involve working to restorethe country's physical connectivity with the rest of world, expand its digitalconnectivity and deepen its capacity to collaborate and innovate with globalpartners.
Singapore’s 80.8 billion USD budget plan in 2021 aims toprovide immediate help to sectors under stress, and invest in the country’slong-term future./.
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The funds will go towards building a more vibrant business sector and innovation ecosystem. (Photo: straitstimes.com)
