Deputy Prime Minister Heng Swee Keat emphasizes the importance of deep tech investments, corporate innovation, and leveraging Singapore’s compact ecosystem for continued success in the rapidly evolving global landscape.
Deputy Prime Minister Heng Swee Keat addressed a diverse audience at RIE (Research, Innovation and Enterprise) Industry Day 2023, underscoring Singapore’s steadfast commitment to innovation and deep tech investment. Against a backdrop of global challenges, including geopolitical tensions and economic uncertainties, Heng Swee Keat noted Singapore’s relative resilience, attributing it to the nation’s status as a trusted node with strong international linkages. This has translated into significant growth in venture capital investments, with Singapore accounting for 64% of Southeast Asia’s total VC deal value in 2022, a notable surge from 2020.
Commended the nation’s progress in the World Intellectual Property Organisation’s Global Innovation Index, ranking 5th globally and top in Asia. This achievement reflects the vibrant innovation ecosystem that Singapore has fostered. The recent Lee Kuan Yew Global Business Plan Competition, organized by SMU, drew impressive participation from global startups, with 50% of the entries originating from Europe and the US. Such successes, Heng Swee Keat noted, are the result of years of patient nurturing, exemplified by the RIE Industry Days.
Heng Swee Keat emphasized three key strategies to further propel Singapore’s innovation ecosystem. First, a deepened commitment to deep tech, involving substantial investments and the cultivation of a rich intellectual property core. Second, a focus on corporate innovation, with an emphasis on private sector research and development collaborations. Lastly, he underscored the significance of Singapore’s size, advocating for nimbleness and agility in partnerships and collaborations to maximize the nation’s impact on the global stage. In conclusion, Heng Swee Keat encouraged continued collaboration to address shared global challenges and affirmed Singapore’s position as a hub of innovation and enterprise.
Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat delivered a speech at the RIE Industry Day 2023 on November 1, 2023. In his address, he highlighted the evolving challenges faced by the global economy, including geopolitical tensions and economic shifts. Despite these challenges, Singapore has maintained its position as a trusted hub for trade and finance.
