Singapore can be 'bridge-builder' in more fragmented world by serving as trusted innovation hub: DPM Heng
Mr Heng Swee Keat, who chairs the National Research Foundation and Future Economy Advisory Panel, also announced two major new initiatives for the Research, Innovation and Enterprise (RIE) sector from 2026 to 2030.
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SINGAPORE: Singapore can play a unifying role in an increasingly divided world by becoming a globally trusted hub for technology and innovation, said Deputy Prime Minister Heng Swee Keat on Thursday (Feb 27).
“In a world heading towards greater contest and fragmentation, amid rapid advances in science, technology and innovation, Singaporeans can play a valuable part as bridge-builders and connectors,” he said during the debate on the national budget.
“Singapore can be a trusted and neutral global-Asia node of technology, innovation and enterprise. Together, we can learn from the best, work with the best, and build a better home for future generations.”
Mr Heng recalled that when he was working on his first national budget back in 2015 – he was Finance Minister from 2015 to 2021 – he was already thinking about how to support Singaporeans through the oncoming waves of changes.
“Even 10 years ago, at SG50, we knew big changes would come. We invested our resources, our hopes and energies in building a resilient nation. We never imagined we would be hit by a global pandemic that defined a generation, yet we pulled together, and pulled through,” he said.
“Our Singapore that celebrates SG60 this year is a tougher, stronger, and also kinder and more compassionate Singapore than the one that celebrated SG50.”
Looking towards SG70, Mr Heng called for the continued investment in all Singaporeans young and old, and the deepening of Singapore’s multi-racial, multi-religious and multi-cultural society.
“If we can forge our path forward, our youths today will serve as valuable bridge-builders, connecting ideas and talent across the world, to solve pressing challenges facing humanity,” he said.
Singapore has done well over the last 60 years, but changes will accelerate in the years ahead, said Deputy Prime Minister Heng Swee Keat. Speaking in parliament on Thursday (Feb 27), he stressed the need for Singapore to ride the changes to create a better future for its people, as well as stay creative and find opportunities in adversity to emerge stronger. Mr Heng also updated the House on Singapore’s economic transformation, as well as progress in its research, innovation and enterprise ecosystem. He pointed out that as Singapore celebrates SG60, the country is tougher, stronger, kinder and more than compassionate than the one that celebrated SG50. As he looks forward to SG70, he stressed the need to continue to invest in all Singaporeans, as well as deepen efforts for a multiracial, multi-religious and multicultural society.
NEW STEPS TO BOOST RESEARCH EFFORTS
Mr Heng, who chairs the National Research Foundation and Future Economy Advisory Panel, also announced two major new initiatives for the Research, Innovation and Enterprise (RIE) sector from 2026 to 2030.
The first is on applying artificial intelligence (AI) in priority sectors such as healthcare, education, finance, advanced manufacturing, connectivity, logistics and transport, he said.
A S$120 million AI for Science initiative was launched last October, to help researchers tap into AI in fields such as advanced materials and biomedical sciences, said Mr Heng.
“Applied AI sits at the intersection of AI and domain knowledge. Building on the strong domain expertise of our practitioners and researchers in healthcare, education, finance, engineering and many others, we will invest more in developing ‘bilingual’ scientific talent, researchers who can bridge between AI technologies and domain expertise,” he said.
New large-scale research and development programmes called RIE Flagships and RIE Grand Challenges will also be launched.
RIE Flagships will focus efforts on key economic sectors, while RIE Grand Challenges will address national strategic priorities.
“These Flagships and Grand Challenges will pull together relevant research and translational capabilities across our universities, A*STAR and other research institutes, public agencies and private sector players, to form a suite of purposefully coordinated and synergistic programmes,” said Mr Heng.
“The linkages between research, translation and commercialisation will be tightened, to advance key economic areas, produce new products and companies, and address real-world needs and problems.”
Planning for these initiatives has begun, said Mr Heng. The first RIE Grand Challenge aims to address the opportunities and challenges of healthy and successful longevity, while the first RIE Flagship will look at advancing Singapore’s semiconductor and microelectronics R&D.
Singapore will also step up its international partnerships in the coming years, said Mr Heng.
ROLE OF REGULATORY AGENCIES AND TALENT
Mr Heng called for Singapore to strengthen its broader innovation and enterprise ecosystem, in order to capture the value of its research efforts.
“To remain competitive, we must continue to maintain our outward orientation. Companies invest in Singapore not just for our market, but as the gateway to the region. Singapore has served this role well in our last 60 years,” he said.
Singapore must now position itself as a “a springboard for companies to venture to a new future, to a wider world market”, by giving them the opportunity to test new technological innovations here before scaling them up regionally and globally.
The country’s regulatory agencies play an important role in this regard, as they facilitate such experimentation while keeping them safe and effective, said Mr Heng.
The Monetary Authority of Singapore, for instance, supervises the financial sector while pushing into new areas such as digital and sustainable finance, said Mr Heng.
He also noted that the Singapore Food Agency was the first in the world to approve cultivated meat for commercial sale, while the Land Transport Authority is facilitating trials of autonomous vehicles to transport goods and keep public roads clean.
“Talent is another key pillar of our innovation strategy. The Government is committed to helping every Singaporean achieve his or her potential,” said Mr Heng, urging citizens to use the enhancements from the national budget to build new skills.
The Economic Development Board will also launch a Global Founder Programme, to attract more experienced global founders to grow impactful new ventures from Singapore, said Mr Heng.
Mr Heng said that Singapore has done well over the last 60 years, but changes will only accelerate in the coming years.
“Now, we must stay creative and find opportunities in adversity and in times of major changes to emerge stronger, just as we did during the Asian Financial crisis, Global Financial Crisis and more recently through COVID-19,” he said.
