Budget 2024: More than S$11 billion to be injected into R&D, AI, finance, clean energy

• RIE2025 plan to receive additional S$3 billion in funding, bringing total to S$28 billion
• More than S$1 billion to be invested under the National AI Strategy 2.0
• S$2 billion top-up to Financial Sector Development Fund; S$5 billion initial investment into Future Energy Fund

FINANCE Minister Lawrence Wong announced investments of more than S$11 billion into national research and development (R&D) efforts, as well as the artificial intelligence (AI), finance and clean energy sectors, in his Budget speech on Friday (Feb 16).

The government will inject S$3 billion into the Research, Innovation and Enterprise 2025 (RIE2025) plan for important segments such as advanced manufacturing, sustainability, the digital economy and healthcare.

This brings the total funding for the plan to S$28 billion.