Singapore has announced intentions to invest roughly S$1 billion (US$744.8 million or RM3.31 billion) to build a cutting-edge semiconductor research and development (R&D) centre. According to Prime Minister Lawrence Wong in his first budget speech as the country’s leader, this project intends to provide researchers and business partners with cutting-edge technologies to accelerate sector innovation.
Wong stated that the world’s premier IT corporations are eager to grow their presence in Singapore. He emphasised that technologies such as AI and quantum computing stand to benefit from the country’s investment-friendly policies.
Furthermore, the government would invest S$5 billion in the Changi Airport expansion fund, strengthening Singapore’s status as a major global aviation hub. To ensure long-term energy security and sustainability, another S$5 billion will be committed to the Future Energy Fund, which will fund clean energy technology and infrastructure.
Wong addressed the banking industry, announcing a new S$1 billion private credit facility to provide more funding options for high-growth local businesses. He also announced tax breaks for fund managers investing in Singapore stocks and companies listed on the Singapore Stock Exchange, citing concerns about the exchange’s limited appeal to regional enterprises.
