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Bloomberg
Singapore will allocate $535 million under a current plan to transform its economy into one that relies more on fields such as research and on companies that create new markets and jobs.
The additional investment includes S$500 million for digital technologies such as artificial intelligence, super-computing and robotics under the five-year plan ending 2020, a government advisory panel on research and innovation said in a statement.
The amount includes S$300 million announced by Minister for Communications and Information S. Iswaran earlier this month.
The Southeast Asian nation, a densely packed regional financial hub with a population of about 5.7 million, is seeking to attract more businesses and investors through the use of advanced technologies. The city-state plans to roll out artificial intelligence and cloud-based solutions to every business sector by 2020, Iswaran said.
“We must continue to emphasize science and technology throughout our society,†Prime Minister Lee Hsien Loong, who chairs the panel, said at a briefing.