S’pore well—placed at heart of innovation in Asia: DPM Teo

SINGAPORE: Deputy Prime Minister Teo Chee Hean has said Singapore’s strategic location places it at the heart of innovation and transformation in Asia.

He said that with more than two decades of sustained investments in research and development (R&D), Singapore has built up a strong R&D ecosystem.

He noted that Singapore is home to several world—class research universities, industry—oriented research institutes, and corporate labs, and the universities here have established research excellence in areas such as energy, water and biomedical sciences.

Mr Teo, who is also the coordinating minister for national security and minister for home affairs, was speaking at Techventure 2012 on Wednesday morning.

Addressing the forum of over 700 researchers, innovators, venture capitalists and technopreneurs, he also highlighted Singapore’s commitment to maintain R&D funding through the economic cycles.

He said the S$16 billion that the government has set aside for R&D from 2011—2015 underscores the intent.

Mr Teo added that these R&D investments would generate new knowledge, promote innovation, and build deep capabilities to sustain Singapore’s competitiveness for the future.

Singapore’s well—recognised strong commitment to the protection of intellectual property also enhances the environment for business and innovation, he said.

— CNA/al