The government has invested about 1% of GDP annually in R&D over the last 20 years. These investments have borne fruit, especially in the semiconductor and biotechnology sectors, says Wong.
Singapore will top up the National Productivity Fund by $3 billion to help it compete in new frontier areas including artificial intelligence (AI) and quantum computing.
“Our approach and strategy must adapt to changing circumstances. At this stage of development, we can no longer compete on cost alone. Instead, we must differentiate ourselves by producing high-value solutions for the world to take our economy forward,” says Prime Minister Lawrence Wong during the Budget 2025 speech.
