Temasek Will Invest S$1b Annually in Deep-Tech Innovation Across Life Sciences and Other Field
- Lawrence Ng
- Oct 15, 2021
- 2 min read
At the Research, Innovation and Enterprise (RIE) Industry Day event, Singapore's Deputy Prime Minister Heng Swee Keat announced that Temasek, the country's investment company, will invest S$1 billion annually in the development of deep-technology innovation across various domains. This includes work in fields like life sciences, advanced manufacturing and technology associated with food.
"Through these investments, we can strengthen our position in the global technology supply chain. And I hope that Temasek will develop new global champions from these investments in time to come. I also welcome investors who are focused on innovation to find opportunities in Singapore, and through Singapore in the region," said Deputy Prime Minister Heng.
Temasek's investment will be in addition to Singapore's RIE2025 plan, which allocates S$25 billion to the development of innovative technologies and solutions. The goal of the plan is to reinforce Singapore's status as a "global-Asia node" of technology, innovation and enterprise.
"In RIE2025, we will build on our RIE capabilities to tackle a broader spectrum of national needs, enhance Singapore's competitive advantage in the long-term, and anchor our position as a Global-Asia node of technology, innovation and enterprise," wrote the National Research Foundation in a post.
"RIE investments will be integrated tightly with national initiatives, such as the work of the Future Economy Council to drive economic growth and industry transformation, and our Smart Nation efforts to build a digital future for Singapore."
S$7.3 billion or 29% of the RIE2025 budget will be invested in core capabilities in universities and A*STAR Research Institutes. Meanwhile, S$6.5 billion will be dedicated to supporting mission-oriented research. The rest of the budget will fund Innovation & Enterprise activities, talent development and new programmes.
At the event, Deputy Prime Minister Heng emphasised that the government will keep on supporting innovation in the country and this includes basic research. He said that Singapore is dedicating a third of its S$8 billion research and development budget to basic research throughout the next five years.
Written by Sophia Lopez
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