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Date [ 2014-01-08, 09:21 ]

Singaporean companies invest more than S$180


(Kuala Lumpur=Koreanpress) by Azmi Annuar  = Local companies spent nearly S$180 million more on research and development (R&D) activities last year, according to the latest National R& D Survey conducted by the Agency for Science, Technology and Research (A*STAR).

From S$1,124 million in 2011, local companies increased their expenditure on R&D by 16% to S$1,299 million in 2012. This reflects the increasing propensity of local companies to undertake R&D and innovative activities to improve their businesses.

Local large enterprises led the increase by investing over 30% more in R&D in 2012 than the year before, to S$753 million from S$573 million. Over the past 5 years, large local companies showed a steady compound annual growth rate (CAGR) of 9%, demonstrating a willingness to build up their capabilities and to raise productivity through R&D.

These companies play an important role in Singapore’s economic development, where strong local companies can potentially become Globally Competitive Companies (GCCs) to lead in their fields regionally and internationally.

Business Expenditure on R&D (BERD), which is indicative of private sector spending on research, declined slightly from S$4.6 billion in 2011 to S$4.4 billion in 2012 against a backdrop of slower GDP growth of 3.4% in the same period. Short-term fluctuations in BERD are expected as it is dependent on macro-economic conditions as well as individual companies’ investment decisions. As a small economy, it is critical for Singapore to build up a diverse and resilient eco-system of companies.

Singapore’s public expenditure on R&D (PUBERD) held steady at S$2.8 billion in 2012. CAGR for PUBERD over the last 10 years (2002 to 2012) was 8%, reflecting the Singapore Government’s commitment to invest in R&D. Public investments in R&D undergird the Government’s economic strategy to establish Singapore as one of the world’s leading research-intensive and innovative economies.

Singapore gross expenditure on R&D (GERD) – GERD is the sum of PUBERD and BERD – dipped 2.7% from S$7.4 billion in 2011 to S$7.2 billion in 2012. GERD as a percentage of GDP was largely unchanged, from 2.2% to 2.1%. Over the past 10 years, CAGR for GERD in Singapore was 7.8%.

More than 1,000 organisations participated in the 2012 National R&D Survey. They comprise private sector companies, government organisations, local institutions of higher learning and public sector research institutes.

abc@koreanpress.net

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