Singapore aims to become a global hub for deep tech and innovation, announced Deputy Prime Minister Heng Swee Keat at SWITCH 2024.
In his address at the Singapore Week of Innovation and Technology (SWITCH) 2024, Deputy Prime Minister Heng Swee Keat emphasized the country’s commitment to deep technology and innovation, aiming to position Singapore as a Global-Asia node for technology and enterprise. The speech, delivered on October 28, 2024, highlighted Singapore’s strategic plans to support emerging industries like AI, biotech, and green tech, and reinforce the country’s reputation as a hub for deep tech development and global collaboration.
DPM Heng traced Singapore’s progress since the 2016 launch of Industry Transformation Maps (ITM) under the Future Economy Committee, noting that the current ITM 2.0 plan has significantly contributed to economic growth. He stated, “Our economy grew 2.8% per annum between 2016 and 2023,” crediting initiatives aimed at accelerating productivity and digital transformation, even amid global disruptions like the COVID-19 pandemic. Heng further shared that ITM 2.0 has spurred growth across multiple sectors, with Information and Communications, Aerospace, and Electronics leading the way.
A key focus of his speech was Singapore’s strategy to foster deep tech innovations, which include substantial R&D investments through the Research, Innovation, and Enterprise (RIE) Plans. For the next phase, RIE 2030, Singapore will prioritize deeper investments in scientific and technological advancements to address global challenges such as climate change, aging populations, and health crises. Heng shared Singapore’s ambition to create a supportive ecosystem by enhancing research facilities, attracting top global talent, and offering significant funding for deep tech start-ups.
He highlighted partnerships with international organizations like MIT’s The Engine and the first Southeast Asian cohort of Breakthrough Energy Fellows. “We want to offer innovators a trusted and well-connected environment to advance ideas that can serve the region and the world,” he said, inviting global partners to join Singapore’s innovation ecosystem.
The DPM also introduced initiatives to strengthen industry collaboration and support for start-ups, such as the new StageOne, a one-stop hub for startups, and extended Global Innovation Alliance (GIA) partnerships, which now include new nodes in Amsterdam and Eindhoven. Furthermore, additional capital funding through SG Growth Capital will increase financial support for deep tech ventures, while new government-backed investor programs will expand resources for early-stage start-ups.
The event, which attracted over 20,000 attendees from around 100 countries, demonstrates Singapore’s standing as a leading deep tech hub, said Heng. He concluded with a call to action for SWITCH participants, encouraging them to leverage the event to foster connections, gain knowledge, and explore Singapore’s innovation ecosystem.
Source – PMO
