Singapore business R&D spending rises 64% to S$9 billion

Singapore’s inaugural report on the Research, Innovation and Enterprise 2025 (RIE2025) plan reveals a significant increase in private-sector R&D involvement. Between 2018 and 2023, business R&D spending rose 64 per cent to S$9 billion.

The number of firms conducting R&D grew by approximately 20 per cent, rising from 855 in 2018 to 1,030 in 2023. During this period, the value-add generated by these firms increased by more than 75 per cent, reaching S$161.2 billion in 2023.

Industrial R&D jobs also saw growth, increasing 33 per cent to 32,509 in 2023, with over 70 per cent of these roles filled by Singapore residents. National Research Foundation chairman Heng Swee Keat noted that these milestones chart a path forward as the nation continues to invest in science and technology.

Alongside the RIE2025 report, the RIE2030 plan was introduced, which includes a S$37 billion allocation for research and innovation in key sectors such as semiconductors and national priorities like healthy ageing.