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Strategic Innovation: Singapore’s Budget 2024 Tech Focus

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Deputy Prime Minister and Minister for Finance Lawrence Wong emphasised the theme of ‘Building Our Shared Future Together’ during the presentation of the 2024 Budget statement. This budget marks the beginning of the #ForwardSG roadmap, aimed at propelling Singapore forward amid global challenges and uncertainties, empowered by technology.

Budget 2024 strengthens support for Singaporeans across diverse sectors, addressing immediate challenges, fostering growth and employment, enhancing equality and mobility, and ensuring security for families and seniors, laying the groundwork for a resilient shared future. For a comprehensive understanding of how these measures can benefit citizens, individuals are encouraged to visit, where they can also find more details about Budget 2024.


From a tech/ICT perspective, the Singapore Budget 2024 envisions a comprehensive set of initiatives aimed at addressing various issues and opportunities faced by Singapore, spanning areas such as technology, innovation, cybersecurity, sustainability, and energy transition.

It unveils plans for an SG$ 1 billion investment over the next five years in AI, alongside diversified investments in NAIS 2.0, RIE 2025, the National Cybersecurity Command Centre, and sustainability efforts including green finance and energy security.

Acknowledging the difficulties of the past year due to global instability and economic challenges, Mr Wong noted a mixed outlook for 2024, citing geopolitical risks alongside expectations of receding global inflationary pressures and higher GDP growth.

Investment in AI: The government is committing over SG$ 1 billion in funding over the next five years as part of the National AI Strategy 2.0. This investment will focus on AI, talent development, and industry initiatives to advance AI technologies and integrate them into different sectors of the economy. Goals include securing access to advanced chips crucial for AI development, establishing AI Centers of Excellence (CoEs) with industry partners, and fostering innovation and economic growth.

Broadband Network Upgrades: Additional resources are being allocated to upgrade the national broadband network to enable faster internet speeds, supporting the adoption of emerging technologies like AI and immersive experiences.

Investment in Research and Innovation: There’s a further investment in the Research Innovation Enterprise (RIE) 2023 Fund to promote research and innovation across various national priorities such as advanced manufacturing, sustainability, digital economy, and healthcare.

Cybersecurity Fortification: Recognising the increasing cybersecurity threats, there’s a focus on fortifying cybersecurity defences through the establishment of a new National Cybersecurity Command Centre and increased collaboration between industry, academia, and government.

Semiconductor Market Niche: Singapore aims to strengthen its position in the semiconductor market by leveraging its connectivity, stable business environment, and existing infrastructure. The focus is on niche areas like speciality chips and NAND flash memory chips, critical for automation and electric vehicles.

Sustainability Initiatives: The government is promoting sustainability through initiatives like enhanced support for green loans, expansion of energy efficiency grants, and additional support for companies aiming to reduce emissions.

Future Energy Fund: The establishment of the Future Energy Fund with an initial injection of SG$5 billion highlights the government’s commitment to addressing emerging security challenges related to energy transition and cleaner energy.

Singapore’s Budget 2024 reflects a strategic response to global challenges while prioritising long-term resilience and innovation. Its acknowledgement of the complexities ahead underscores the government’s commitment to addressing immediate concerns such as cybersecurity threats and economic uncertainties while laying the groundwork for sustainable growth.

Planned investments demonstrate Singapore’s proactive approach to navigating the evolving geopolitical and economic landscape. With a focus on enhancing infrastructure, fostering innovation, and promoting sustainability, Budget 2024 aims to position Singapore for continued success in an increasingly unpredictable world, looking to address cost-of-living concerns and advance Singapore’s agenda for the future.


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