Supporting innovation capabilities
Global events – such as the tensions between the United States and China – will cause greater contestation and fragmentation in the global economy, says deputy prime minister Lawrence Wong in his Budget 2023 speech.
To seize new opportunities in this challenging situation, Singapore will top up the National Productivity Fund with $4 billion. The fund will be used to anchor more quality investments in the country. This includes supporting local companies to build new capabilities, add greater value to the domestic ecosystems, and upskill workers.
