MTI's Lim calls for R&D investment

Minister for Trade and Industry Lim Hng Kiang urges industries to lay down their money on investments that will strengthen companies' R&D capabilities.

In a speech delivered by Lim during the groundbreaking ceremony of SembCorp Marine's New Yard at Tuas Extension on Monday, he pointed out that R&D is a key driver for the industry's further growth.

"In the fast growing global marine and offshore industry, improving and upgrading is essential in order to stay ahead of the competition," Lim said.

Some of the world's largest oil and gas equipment and oil services companies have already set up R&D operations in Singapore while some are already in the process of doing so.

Lim said the government is doing its part through agencies like EDB and A*STAR which are committed to help companies grow their R&D capabilities. The government has recently set aside S$2 billion for a National Productivity Fund to encourage greater productivity growth across 12 priority sectors, including the marine and offshore sector.

Sembcorp contributes 30% of the industry's manufacturing output in Singapore.