Written reply to PQ on plans and Performance Indicators for specific technologies considered "bold bets" in Singapore’s Economic Strategy Review recommendations

Question:

Dr Neo Kok Beng: To ask the Deputy Prime Minister and Minister for Trade and Industry (Trade) with respect to the Economic Strategy Review's final recommendations (a) which specific areas or technologies have been considered for the taking of "bold bets"; (b) how does the Government plan to (i) "[e]ntrench investments deeply into our ecosystem" and (ii) "[s]trengthen entrepreneurship as a viable pathway"; and (c) what are the respective Key Performance Indicators for each of these plans.

Written Answer by Deputy Prime Minister and Minister for Trade and Industry (Trade) Mr Gan Kim Yong

1.           The Economic Strategy Review (ESR) Committees identified three technology domains — quantum, space and decarbonisation — where Singapore has made early investments under our Research, Innovation and Enterprise plans that have the potential to be new growth engines. 

2.           ESR recommended that we foster deep partnerships between firms and public research institutions, build dense and capable local supplier networks, and develop strong pipelines of skilled talent. The intent is to make these investments in Singapore more integral to their firms’ global operations and less vulnerable to being relocated when costs rise or supply chains shift. 

3.           To strengthen entrepreneurship as a viable pathway, ESR suggested increasing the availability of capital and facilitating access to more forms of financing for growth-stage startups; developing partnerships and networks to accelerate market access and customer acquisition; and enhancing access to specialised and top-tier talent. The Government announced at this year’s Budget, a second S$1.5 billion tranche of the Anchor Fund (“Anchor Fund 2”) to invest in firms that are ready to list and raise capital in Singapore, in order to strengthen our public equities market. 

4.           The Government will work with industry partners and our unions to translate the ESR recommendations into action with appropriate performance measures where relevant.