Singapore to invest $800m over 5 years on transport research and innovation
Singapore is setting aside $800 million over the next five years as part of efforts to unlock new possibilities to transform the transport ecosystem so as to strengthen its global connectivity and competitiveness.The planned investment, under the National Research Foundation's Research, Innovation and Enterprise (RIE) 2030, was announced by Acting Minister for Transport Jeffrey Siow in Parliament on Tuesday (July 7), as he spoke in support of a motion on reinforcing Singapore's position as a global transport hub.Explaining the impetus, Siow noted that transport is one of Singapore's largest economic sectors, contributing about a tenth of its gross domestic product (GDP), and 7 per cent of jobs held by Singaporeans. The sector keeps people and goods moving by air, land and sea.«Transport is the foundation on which our economy is built,» Siow said, as he recapped the Economic Strategy Review's recommendation that Singapore must further strengthen its role as a connected global hub.