Senior Minister of State for National Development Grace Fu (left) said these worthy projects will prepare the economy well for recovery and growth. --PHOTO: ZAOBAO
SINGAPORE will seize the opportunity in this downturn to build its own 'highways' of growth by investing heavily in infrastructure, said Minister of State for National Development Grace Fu on Monday.
The government will invest $18 billion to $20 billion in infrastructure projects this year, which will 'prepare us well for recovery and growth', she said.
In 2010 and 2011, the government will invest another $15 billion to $17 billion each year in building and infrastruture projects, said Ms Fu at an inaugural Asia Infrastructure Summit at St Regis.
The spending - details of which was initially revealed during Singapore's Budget debate in January - will include building a new cruise terminal, new roads and parks, upgrading of schools, sports facilities, and public housing, she told the conference.
'For the longer term, Asia will remain a key growth engine for the world and the centre of the global action,' she said.
In Singapore, 'we are taking the opportunity... to build our own 'highways' to prepare for the next phase of Asia-centric growth', she added.
Ms Fu cited Marina Bay as a new growth area in which the government has already invested $5.7 billion, with the addition of $1 billion more over the next 10 to 15 years.
Singapore's infrastructure investment expands beyond its own shores: the 30 sq km Sino-Singapore Tianjing eco-city in China is one project that both China and Singapore are jointly building.
Located in the Bohai Rim region, the eco-city will 'set a new benchmark for environmental performance in China'.
The quality of the water in the eco-city will be improved and made potable off the tap - a first in China, said Ms Fu.
