Singapore firms need to take up digital tech to compete: S Iswaran

SINGAPORE companies need to embrace digital technologies to remain competitive in an increasingly networked and digitalised global business environment, said Minister for Trade and Industry (Industry) S Iswaran.

He made the point on Tuesday at the opening ceremony of Fraunhofer Singapore Research Techno Plaza at the Nanyang Technological University (NTU).

"Fraunhofer Singapore will build on the existing applied research in interactive and digital media under Fraunhofer IDM@NTU to develop cutting-edge technology solutions and collaborate with our companies to tap new opportunities in the digital space," Mr Iswaran said.

"National Research Foundation will be providing Fraunhofer Singapore with up to S$23 million in funding, till FY2020, to continue its research and translation activities in visual computing," he said.