The rise of Singapore as a Global-Asia node of Technology, Innovation and Enterprise
Three key thrusts to drive technology, innovation and enterprise
The Government reaffirmed its commitment to building Singapore as a Global-Asia node of Technology, Innovation
This will be achieved through:
- continued investment in R&D;
- introduction of the Global Ready Talent Programme (GRTP); and
- enhancing global partnerships.
There will also be continued adoption of new technologies such as
Forging a culture of innovation
The commitment to R&D investment will foster a
Enhancing global partnerships will bring
New technology, new businesses, new jobs
By being a hub for technology, innovation and enterprise, the Government believes new business and employment opportunities will open up for firms and people in Singapore riding on the wave of the fourth industrial revolution.
There will be further opportunities for firms and people to harness data by adopting new technology to give a significant boost to our Smart Nation.
A missed opportunity to become a truly Smart Nation
The Government’s main focus was to reaffirm its commitment to previous initiatives related to the establishment of a Global-Asia node and the adoption of smart technologies in key industries. While these commitments are key in securing Singapore’s competitive edge, it feels like Budget 2019 was a missed opportunity for Singapore to truly establish itself as a Smart Nation.
Adoption of IoT has generally been slow due to high implementation costs, cyber security threats,
We would have liked to see the introduction of:
- co-funding of R&D related costs incurred under Public-Private Partnerships;
- tax related measures, such as enhanced tax deductions for IoT expenditure and extension of other tax incentives to cover Smart Nation activities; and
- a regulatory sandbox environment for IoT related innovations.
Without these measures, Singapore is at risk of losing its competitive edge globally because of an inability to harness the valuable data derived from IoT, which can be used to enrich the nation’s insights.