Why Singapore is more competitive?

Singapore’s investment in Research & Development (R&D) sector has increased the competitiveness of Singapore among its competitors like India,China etc.

Also this has led to hike in creation of quality jobs in Singapore’s companies and also diversified the economy and hence made Singapore more adaptive and stimulating towards global conditions and changes.Due to this, the Prime Minister of Singapore, Lee Hsien, will continue to invest in R&D and will increase the budget of R&D expenditure to 3.5 percent of GDP (Gross Domestic Product) by 2015.

In 2009, money spent on R&D was $6 billion which was 2.28 percent pf GDP. With continuous growth in investment in R&D sector , emphasis is more on innovations and making the life of the people simple and easy.

To do the same,collaboration of strengths,positive points of various universities and research institutes in basic research will be done. For instance, Procter & Gamble, which produces consumer related products is joining hands with A*STAR in order to develop latest technologies for its products across the World.

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