The new budget for the Science & Technology 2005 Plan, or S&T 2005, was announced by Trade and Industry Minister George Yeo at the official opening of the Institute of Material Research and Engineering facility Wednesday.
Yeo noted that the budget was a significant increase from the previous $2.28 billion during the last five-year plan, covering 1996 to 2000.
"The S&T 2005 will help focus and strengthen capabilities here and further encourage the private sector research and development efforts, as well as establish an effective system for technology transfer and intellectual property management," Yeo said.
The S&T 2005 will also aim to "recruit global talent, nurture local talent and develop strong international relationships and networks," he said.
According to NSTB's Adams Yau Lee Ying, assistant managing director for operations, half of the budget provided by the government will be channeled into technology development and research and development, while 30 percent will be used to encourage corporate labs to set up research centers here.
The remainder will be pumped into broad-based manpower development, which includes fellowship training and postgraduate scholarships, Adams said.
Singapore.CNET.com reporter Nawaz Marican contributed to this report.