To help the economy recover from the severe blows of Covid-19, Singapore will keep investing in technology and innovation to safeguard its competitive edge globally and create opportunities for workers and businesses.
Deputy Prime Minister and Finance Minister Heng Swee Keat made the point yesterday when he stressed the continuing importance of science and technology (S&T) as an engine of growth.
Research, innovation and enterprise in Singapore will help transform the economy to create more jobs for Singaporeans, he added in the National Research Foundation's (NRF) Addendum to the President's Address. Mr Heng chairs the foundation.
"We will scale up innovation platforms to drive S&T adoption across industry, and enhance the translation of research outcomes into globally competitive and marketable S&T solutions that will derive greater value for Singapore and the world," he said.
S&T efforts have been critical in turning the tide against Covid-19 here, he noted, adding that there are more than 200 research projects under way to bolster the country's battle against the coronavirus and prepare it for future pandemics.
Even in a post-Covid-19 world, these research efforts will be crucial in helping to create new opportunities for economic growth. The NRF will continue to develop S&T areas in which Singapore is strong, Mr Heng said, citing advanced manufacturing and engineering, health and biomedical sciences, sustainability and urban solutions.
New areas where S&T can help firms grow will not be ignored, he added, noting that the NRF initiated the Maritime Transformation and Aviation Transformation programmes to advance Singapore's position as a maritime and aviation hub. Efforts such as these leverage cutting-edge technologies that will allow Singapore to remain a critical transport and logistics node whose resilience and reliability will be more valued when the Covid-19 scourge is overcome, said Mr Heng.
The NRF's agenda also includes plans to keep on building a base of capable scientists and engineers in Singapore, with strong links to global communities, plus encouraging more young Singaporeans to pursue careers built around S&T to spur more innovation.
SUPPORTING INNOVATION WITH TOP INFRASTRUCTURE
In the same vein, Minister for Communications and Information S. Iswaran, said Singapore's innovation efforts will be powered by its investments in world-class infrastructure as well as research and development (R&D).
The country's high degree of connectivity, lauded as one of its strengths internationally, will be further improved with the development of 5G in the country, said Mr Iswaran, whose ministry also released its Addendum yesterday.
"We are building a secure and resilient 5G communications network, which will provide the foundation for innovative applications and services. We will grow indigenous capabilities in technologies that drive value creation."
His ministry also plans to collaborate with academia and industry partners to deepen Singapore's R&D and translation capabilities, particularly in fields like artificial intelligence, cyber security, media and communications technology.
Investment in technology and innovation is already bearing fruit, as Singapore is widely regarded as one of the top fintech hubs in the world.
Senior Minister Tharman Shanmugaratnam said yesterday that an estimated 1,000 fintech firms are now based here, following five years of investment in digital transformation and innovation of the financial sector.
Mr Tharman, who is the Minister-in-charge of the Monetary Authority of Singapore (MAS), said in its Addendum yesterday that it will drive progress on electronic payments and digital banking.
MAS will also work with the financial services and fintech sectors to adopt digital solutions that will strengthen operational resilience, improve productivity, better manage risks and engage customers.
"Achieving a high degree of digitalisation will be a key source of competitive advantage for our financial sector in the future," Mr Tharman said.
