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A*Star garners S$380m in R&D investment
MISSION-ORIENTED R&D (research and development) by the Agency for Science, Technology and Research (A*Star) has resulted in more than S$380 million in industry investment for more than 1,700 projects in the first nine months of fiscal 2014. According to the agency, by the end of the current fiscal year on March 31, the number of projects will jump to more than 2,000 and the investment number will be revised upwards.
In its annual report for 2014, the agency reported that it grew new industry research clusters through public-private partnerships, generated new start-ups, and nurtured a steady pipeline of scientific talent that contributes to Singapore's research, innovation and enterprise ecosystem.
Investment in R&D will continue to be critical for Singapore's continued shift towards a knowledge-intensive and innovation-driven economy, and "our focus on productivity driven growth with less dependence on lower skilled labour over time", an A*Star spokesman reiterated.
Lim Chuan Poh, chairman of A*Star, said R&D needs to be at the forefront of Singapore's efforts to remain innovative in order to stay ahead of the global competition.
"Our continuing efforts to collaborate with small, medium and large local enterprises as well as the multinationals will be important for the future of Singapore, bringing growth and societal benefits to Singaporeans," Mr Lim added.