Budget 2016: S$4.5 billion set aside for Industry Transformation Programme

THE government will set aside a total of S$4.5 billion under the new Industry Transformation Programme to support enterprises and industries, said Finance Minister Heng Swee Keat in Parliament on Thursday.

This is on top of the amounts for research and development and the National Productivity Fund.

Mr Heng added that this includes the next tranche of increased funding to Spring Singapore, International Enterprise Singapore and the Economic Development Board to support economic development, as well as new resources for measures announced in this year's Budget.

"These resources will support the sectors under the Industry Transformation Programme, as well as to cater for the growth of new industries over the next five years," said Mr Heng, adding the actual spending would depend on the take-up rates of the various schemes.