singapore as an innovation-driven economy

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Look back to look ahead at one of the most innovative economies in the world

August 30, 2017

Innovation Factory

In the last decades, Singapore has become a case study for an innovation-driven economy. Having dealt with the global financial crisis, the city-state in South-East Asia, home to over 5.6 million people, is now working to ensure its place as a future business hub, investing particularly in technology innovation.

Singapore has won its place among the Asian Tigers and has consistently been considered one of the world’s top 10 most innovative economies – now occupying seventh place in the Global Innovation Index 2017 report. To strengthen its economic capacity and lead innovation in specific sectors, the “Lion City” has expanded the research capabilities of universities and institutes and encouraged “technopreneurship”.

The fourth largest exporter of high-tech products in the world has invested heavily in promoting innovation, with the government channelling budget towards an innovative economy, quality environment and inclusive society. Finance Minister Heng Swee Keat believes it is “critical we take decisive action to reposition ourselves for the future”.

The Intellectual Property Office of Singapore and local private equity firm Makara Capital have also this year announced a $1 billion fund to help 10 to 15 companies with globally competitive technologies to drive growth.

To know more about Singapore’s way towards innovation, read more here.

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