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Singapore should raise R&D spending to 3.5 pct of GDP by 2015: PM

(Xinhua)

08:23, November 30, 2011

SINGAPORE, Nov. 29 (Xinhua) -- Singapore needs to increase its research and development (R&D) expenditure to 3.5 percent of its gross domestic product (GDP) by 2015, Prime Minister Lee Hsien Loong said on Tuesday.

Speaking at an event of the Agency for Science, Technology and Research, Lee said the target is comparable to the levels in other research-intensive countries.

Research and development is important in creating growth and enhancing life, and knowledge has come to be a key competitive advantage especially as the Singapore economy matures.

The private sector has a role to play in investing in research and development, too, he said.

The private sector currently accounts for some 60 percent of Singapore's R&D spending.

Lee said the government has several schemes to encourage businesses to invest in research and will continue to find innovative ways to share the risk amid the uncertainties.

Singapore has introduced policies to attract talents to create a vibrant research environment and has been quite successful.

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