Singapore promotes new innovative projects



Investment in innovation is a policy implemented by the Singapore Government for many years.  Until now, despite difficulties due to the epidemic, this policy has been maintained and adjusted appropriately to support businesses to maintain global competitiveness.

Singapore promotes new innovative projects

Singapore promotes new innovative projects / ph: pexels

Recently, Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat has announced a draft of Singapore's 2021 budget with a total value of about SGD 107 billion ($80 billion), including the content to continue supporting the innovation field.

 To support businesses in the formation and development of innovative ideas, the Government of Singapore will continue to invest in three platforms: the new Business Start-up Program (CVL), An existing open innovation platform (OIP) and Global Innovation Alliance (GIA).  The CVL program will be piloted this year to promote new innovative projects.

 Meanwhile, the GIA alliance supports cross-border cooperation between Singapore and major global innovation centers.  

GIA's network currently has 15 city links, including Bangkok (Thailand), HCMC (Vietnam), Jakarta (Indonesia), Manila (Philippines) and is expected to expand to more than 25 cities around the world in the next 5 years.  

This innovation program will be incorporated into GIA and support up to 70% of eligible costs for innovation projects and cross-border cooperation.

 The Singapore government has also determined that there is a need for major changes in the post-Covid-19 economy, so there will be a transition from physical to digital transboundary methods and a transition from Tangible assets to intangible assets (IA) in value creation.  The IA includes knowledge, networks, and data that businesses can use to create new technologies and innovations.  In April, Singapore will develop the Singapore Intellectual Property Strategy 2030 to assist businesses to commercialize their innovation results.  This strategy will include equipping businesses with tools for IA valuation, and training of skilled professionals in the field.

 It is expected that SGD 24 billion in the budget in 2021 will also be allocated over the next three years to create conditions for businesses and workers in this country to rise stronger in the face of global economic structural changes.

 The money will be used to develop a dynamic business community, deeply connected with Asia and the world;  creating diversified capital sources for businesses to transform and expand;  create job opportunities and redesign jobs for people to develop their skills, creativity and competencies.

 Since 2000, the Singapore Government has identified that knowledge and investment in innovation are the two driving force to ensure Singapore's sustainable development.  Since then, the country has always focused on investing in the education of people, especially the spirit of discipline, working style in the fields of science and technology to rise to the leading position in the global innovation field. 

In 2020, Singapore continued to hold the leading position in the Asia-Pacific region for the 7th consecutive year and maintain the 8th position globally in the global innovation index.

Singapore promotes new innovative projects

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