S’pore To Invest $24B Over 3 Years To Help Firms, Workers
Deputy Prime Minister Heng Swee Keat announced today (February 16) that S $ 24 billion will be allocated to enable local businesses and workers to “come out stronger” over the next three years.
This builds on the momentum of the transformation push that began five years ago when Singapore launched the Industry Transformation Cards.
This exercise, Mr. Heng will focus on how Singapore can act decisively to build three catalysts for the next phase of transformation:
- Develop a dynamic business community
- Catalyze a broad spectrum of capital to enable businesses to transform and scale
- Creating opportunities and rethinking jobs for Singaporeans to develop their skills, creativity and talents
Mr. Heng said that the ultimate goal of economic transformation is to create opportunities for Singaporeans to realize their full potential and aspirations.
As a small city-state, Singapore has kept its society vibrant by enabling the global flow of goods, ideas, capital and people, Heng said.
The pandemic disrupted physical connectivity but accelerated the rise of virtual and knowledge economies.
To emerge stronger, Singapore needs to strengthen its position as a global node-Asia, Heng said. To do so, Singapore will restore physical connectivity and transform the aviation sector for its recovery.
It will also expand digital connectivity and strengthen the ability to collaborate and innovate with partners around the world.
Investments to support businesses
The government will invest in three platforms to support businesses.
The first is the Corporate Venture Launchpad. It will be piloted this year to drive new innovative companies.
This will provide co-funding for companies to start new businesses through pre-qualified venture capital studios, and will be useful for large companies who wish to rekindle a start-up mindset within their organizations.
Second, the Open Innovation Platform (OIP) makes it easier to match issues faced by businesses and public agencies with solution providers, and co-funds prototyping and deployment.
Mr Heng said he would enhance the OIP with new features such as a cloud-based digital bench for accelerated virtual prototyping and testing.
Finally, the Global Innovation Alliance (GIA) serves to catalyze cross-border collaboration between Singapore and major innovation hubs around the world.
Since its inception in 2017, more than 650 students and around 780 Singapore companies have participated in overseas innovation launch hubs, 40% of which are in Southeast Asia.
To help businesses commercialize the fruits of their innovation, the government is developing Singapore’s Intellectual Property Strategy 2030, which will include equipping businesses with tools to assess their intellectual property (IP) and intangible assets. , and the training of qualified professionals in these fields.
Mr. Heng said the Singapore Intellectual Property Office will announce the details on World Intellectual Property Day in April.
Featured Image Credit: MEDICI Global
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