Updated: 12/15/2012 01:38

Singapore's expenditure on R&D recorded a new high of 7.4 billion dollars last year



Singapore's expenditure on R&D recorded a new high of 7.4 billion dollars last year

Singapore's expenditure on R&D recorded a new high of 7.4 billion dollars last year. 

This was a 14.8 per cent increase from 2010. 

According to the National Survey of R&D 2011, R&D spending has been growing annually since 2002.

The bulk of R&D spending in Singapore last year, at 4.6 billion dollars, came from the private sector. 

The amount represents a 17.2 per cent increase from 2010. 

Dr Raj Thampuran, Managing Director of A*STAR, the Agency for Science, Technology and Research, said the record high expenditure on R&D by the private sector is a testimony of Singapore's value proposition for open innovation through public-private partnerships. 

It also demonstrates our ability to raise the competitiveness of industries and make steady progress towards an innovation economy. 

Public sector R&D spending accounted for the rest. 

A*STAR said it reflects the Government's continued commitment to R&D as our future development strategy.

Singapore's gross expenditure on R&D as a percentage of GDP in 2011 was 2.3 per cent. 

This means we are moving into the ranks of research-intensive countries such as Finland, Sweden and Denmark.

Latest Photo Galleries on xinmsn

NEWS VIDEOS