SINGAPORE : A total of S$40 million has been set aside to groom talents and local companies in water technologies.

Three quarters of this amount will be awarded to students to pursue post-graduate studies in both local and top overseas universities over the next five years.

And the remaining sum will go into a new scheme to help jump-start new companies in the industry.

This was announced by Dr Yaacob Ibrahim, Minister for the Environment and Water Resources.

He said the "Fast Track Environmental and Water Technologies Incubator Scheme", or "Fast-Tech" for short, will work in two ways.

New companies, which are no more than three years old, can apply for funding of up to S$300,000 over two years.

The money must be spent on business-related activities like manpower training or loaning of equipment.

They will also get professional mentoring by established firms, or 'incubators'.

Konzen Environmental Group, a Singapore-based company specialising in waste water treatment systems, is one of three incubators planned.

It is expected to be ready in April 2007.

The new schemes are part of the S$330 million allocated by the National Research Foundation to develop the Environment and Water Technologies Sector.

Jobs in this sector are expected to double to about 11,000 and contribute S$1.7 billion to Singapore's economy by 2015.

Dr Yaacob said: "We want to develop Singapore into a global hydrohub as an R&D base for water technologies and a wellspring of solutions for water - a place where international and local water companies come together." - CNA/ch