Singapore’s New RIE 2025 Comes with $25B Investment in R&D

Singapore’s new five-year plan for research, innovation and enterprise (RIE) will come with $25 billion in funding. The plan is designed to support a continuing effort to tap science and technology to build a more resilient and digital Singapore.

The new plan (RIE 2025) and sustained investment budget, at about 1 percent of the gross domestic product, were endorsed on Thursday night at the 12th meeting of the Research, Innovation and Enterprise Council chaired by Prime Minister Lee Hsien Loong.

RIE 2025’s launch will build on the progress of investments made in R&D over the last 30 years. This type of continued investment and commitment is essential to supporting innovation and advancing Singapore’s standing.

RIE 2025 will kick off in 2021, guiding where Singapore will put its R&D money so that it may serve a broader spectrum of national needs over the next five years. With focus and guidance, Singapore hopes to build a knowledge-based and innovation-driven economy and society.

The plan will split the investment with 29%, or $7.38 billion, directed towards the set up of new innovation and enterprise platforms as well as to attract entrepreneurial talent. The remaining 71% will support talent development and the funding of new programmes to respond to future needs and emerging opportunities.

Who We Are:

Research and development is the engine of economic growth in an increasingly knowledge-based global economy, however more investment is needed to help boost human creativity, innovation and economic output. 

Swanson Reed is one of Singapore’s largest Specialist SR&ED tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

To find out more about R&D or to determine the eligibility of your business for receiving an R&D tax credit, contact a Swanson Reed R&D Tax Advisor today.