Tuesday, 04 October 2022

R&D expenditure touches $6 bn in Singapore

14 December 2012 | News | By BioSpectrum Bureau

Gross expenditure on R&D touches $6 bn in Singapore

Gross expenditure on R&D touches $6 bn in Singapore

Gross expenditure on R&D touches $6 bn in Singapore

Singapore: Singapore's gross expenditure on R&D (GERD) recorded a new high of $6 billion (S$7.4 billion) in 2011, according to the National Survey of R&D, 2011, produced by the Agency for Science, Technology and Research (A*STAR). It was a 14.8 percent growth from $5.3 billion (S$6.5 billion) in 2010. Public expenditure on biomedical sciences research grew by 4.2 percent from $734 million (S$897.4 million) in 2010 to $765 million (S$935.2 million) in 2011.

The compound annual growth rate (CAGR) of GERD from 2002-to-2011 was 9.1 percent. This reflects sustained growth in R&D investments in Singapore. In 2011, the Business Expenditure on R&D (BERD), which is a measurement of private sector investment in R&D, grew by 17.2 percent (year-on-year) from $3.1 (S$3.9 billion) in 2010 to $3.7 (S$4.6 billion) in 2011. This is a good indication of the high value-added activities in Singapore and points to the growing competitiveness here. It also suggests that Singapore is a good location for innovation-led activities across many different sectors in manufacturing and services.

The Public Expenditure on R&D (PUBERD) in 2011 increased to $2.2 billion (S$2.8 billion), up from $2 billion (S$2.5 billion) in 2010. It reflects the Government's continued commitment to R&D as our future development strategy.

A*STAR's MD Dr Raj Thampuran said, "The record high expenditure on R&D by the private sector is a testimony of Singapore's value proposition for open innovation through public-private partnerships. It also demonstrates our ability to raise the competitiveness of industries and make steady progress towards an innovation economy."

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