Singapore unveils new push to turn research into real‑world impact under S$37b RIE030 plan

Singapore has unveiled an ambitious S$37 billion (RM117 billion) Research, Innovation and Enterprise (RIE2030) plan, which aims to translate cutting-edge research into tangible commercial products, deep-tech ventures, and solutions to national challenges. A key component of the plan is the Research Translation Grant, which will provide up to S$2 million per project, with additional funds of up to S$3 million for ventures that attract early investor interest.

This approach seeks to ensure that commercial considerations are integrated early in the development process.

The RIE2030 plan, marking Singapore's largest research investment ever, will focus on four strategic domains: semiconductors, longevity research, transport and connectivity, and decarbonisation. The plan allocates S$800 million to semiconductors, S$350 million for longevity research, S$800 million for transport and connectivity, and another S$800 million for decarbonisation efforts. An additional S$250 million will be maintained as a contingency fund for unforeseen needs.

To bolster the deep-tech ecosystem, the government is boosting the Startup SG Equity scheme with S$1 billion, providing early-stage companies with access to growth capital. Moreover, new scholarships and attachment programs will be introduced to cultivate research and entrepreneurial talent. Recent evaluations of the previous RIE cycle revealed a 64% increase in business R&D expenditure, rising from S$5.5 billion in 2018 to S$9 billion in 2023.

While industry R&D jobs grew by 33%, deep-tech deal activity has experienced a decline since 2023, aligning with global trends of reduced investment due to tighter financial conditions.

Despite these challenges, Singapore's research ecosystem has generated over 250 impactful discoveries between 2021 and 2024, including advancements in wind flow modeling for new housing developments and technologies for deploying floating solar farms capable of powering 100,000 four-room flats. NRF Chairman Heng Swee Keat emphasized the importance of sustained investment, as fields such as AI and quantum technologies demand decades of groundwork.

He stated that Singapore remains committed to maintaining its competitiveness and resilience while creating tangible impacts domestically.