SINGAPORE: The Singapore government plans to spend S$16.1 billion over the next 5 years from 2011-2015 on research, innovation and enterprise.
This was announced on Friday by the Research Innovation and Enterprise Council (RIEC), chaired by Prime Minister Lee Hsien Loong and also comprising several cabinet ministers as well as international leaders in science and technology.
The new allocation is a 20 per cent increase over the S$13.55 billion which was committed from 2006 to 2010.
The council said this reflected the growing importance of research and development (R&D) in Singapore's development as a knowledge-based and innovation-driven economy.
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Author: S Ramesh
