Sharpening research, innovation & enterprise
Powerhouses Germany and the US do it, and so do smaller countries, to reap economic growth and beat global competition.
THE aftermath of the 2008 financial crisis prompted many countries to review their competitive strategy, in particular, that of their Research, Innovation and Enterprise System or RIE system. The primary aim is to seek to translate more R&D into innovations that can catalyse economic growth and the creation of good jobs. In his 2013 State of the Union address, President Obama called for the US to return to a level of R&D "not seen since the height of the Space Race". Part of this effort to boost US innovation included the launch of the Advanced Manufacturing and Accelerating Medicines Partnership. Countries closer to Singapore in Asia have also placed more emphasis on research and innovation recently, such as South Korea's Creative Economy initiative and Japan's Comprehensive Science, Technology and Innovation strategy.
What must Singapore do to remain competitive and relevant?
Small Research-Intensive Economies
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