Innovation is key to vibrant enterprise: Chun Sing

Singapore

INNOVATION will be the core competitive advantage of Singapore's local enterprises, said Minister for Trade and Industry (MTI) Chan Chun Sing on Thursday.

Businesses will be supported in their research and development (R&D) efforts to come up with new products and services, as Singapore aims to take advantage of its position in Asia where the "next billion middle-class consumers will be", he said in his ministry's addendum to the President's Address, which was released on Thursday.

In addition, he said, the ministry will strengthen the city-state's value proposition as a launch pad to help enterprises coming through Singapore to connect with the region and the world.

"We will also position Singapore as a test-bedding hub for start-ups developing new products, services and solutions for regional an…