S'pore firms increase investments in R&D activities by S$180m in 2012
- POSTED: 23 Dec 2013 14:08
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Singapore firms upped their investments in research and development activities by 16 per cent or nearly S$180 million in 2012.
SINGAPORE: Singapore firms upped their investments in research and development activities by 16 per cent or nearly S$180 million in 2012.
This is according to the latest national R&D survey conducted by the Agency for Science, Technology and Research (A*STAR).
The agency said R&D expenditure of local firms increased from S$1.1 billion in 2011 to S$1.3 billion in 2012. This reflects the growing trend of more local companies including R&D as part of their strategy to boost growth.
Local large enterprises led the increase by investing over 30 per cent more in R&D in 2012 than the year before, to S$753 million from S$573 million.
A*STAR said large local companies had demonstrated a willingness to build up their capabilities and to raise productivity through R&D over the past five years.
These firms have an important role to play in Singapore's economic development, especially when strong local companies grow to lead in their fields regionally and internationally.
However, against a backdrop of slower GDP growth in 2012, total private sector spending on research declined slightly from S$4.6 billion in 2011 to S$4.4 billion in 2012.
A*STAR said short-term fluctuations are expected as R&D expenditure is dependent on macro-economic conditions as well as individual companies' investment decisions.
Meanwhile, Singapore's public expenditure on R&D held steady at S$2.8 billion in 2012.
Singapore gross expenditure on R&D for both the public and private sectors - dipped 2.7 per cent from S$7.4 billion in 2011 to S$7.2 billion in 2012. As a percentage of GDP, the country's total R&D expenditure was largely unchanged, from 2.2 per cent to 2.1 per cent.
More than 1,000 organisations participated in the survey. They include private sector companies, government organisations, local institutions of higher learning and public sector research institutes.