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09 Mar 2006
Singapore is chasing R&D high flyers Sweden, Finland and Japan as it kicks off the latest round of its five yearly science and technology spending plan.
Singapore has set aside $13.55 billion (US $8.33 billion) to promote research and development (R&D) over the next 5 years according to the latest government report, "Science and Technology Plan 2010". The country is keen to close the R&D gap with so-called 'innovation leaders', such as Sweden, Finland, and Japan as it sets its sights on a research and innovation driven economy.
Of the forthcoming $13.55 billion budget, $5 billion is allocated to the National Research Foundation, $7.5 billion will be spent by the Ministry of Trade and Industry and $1.05 billion will go to academic investigator-led research.
Singapore's goal is to increase gross expenditure on R&D (GERD) from 2.25% to 3% of gross domestic product (GDP) within 5 years. For comparison, figures for the US, Germany and UK are 2.6%, 2.49% and 1.89% according to a European Commission source.
The 2010 plan is the third round of Singapore's five yearly science and technology strategy, which has seen GERD increase from 0.85% in 1990 to more than 2.25% today. Previous funding rounds have helped address shortfalls in manpower and indigenous R&D capability.
As part of the latest report, which includes a focus on technology transfer, the country established 'foresight panels' to exploit nanotechnology and identify niche opportunities in manufacturing.
Looking further afield, Singapore appears to be following in Europe's footsteps. Back in 2000 the European Council also agreed a GERD/GDP target of 3% as part of its aim to position Europe as "the most competitive and dynamic knowledge-based economy in the world." Currently, only Sweden (3.74%), Finland (3.51%) and Iceland (3.01 %) lie above Europe's 2010 target.
Author
James Tyrrell is News Editor on Optics.org and Opto & Laser Europe magazine.
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