Research and development (R&D) are critical to the success of any company. Singapore aims to be a value-creating, innovation-driven economy. At the macroeconomic level, R&D not only improves the competitiveness of existing sectors but also sets the groundwork for Singapore to build new capabilities in future industries.
R&D expenditures can drive innovation in product offers and manufacturing processes at the sectoral and business levels. These advancements can boost productivity, resulting in long-term economic and wage development.
Takeaway: Policy
These findings imply that the government should continue to invest in R&D, as well as other activities under the Industry Transformation Maps, to boost the productivity of Singapore’s businesses and industries. Our efforts to improve our enterprises’ R&D and inventive capabilities will be critical to our industries’ transition and Singapore’s next phase of growth.
Importance of research and development
singapore research and development is critical for organizations because it delivers valuable information and insights, as well as enhancements to current processes that boost efficiency while lowering costs. It also enables companies to create new goods and services to survive and grow in competitive marketplaces.
R&D is the process through which a corporation seeks out fresh information that it can use to produce new technologies, goods, services, or systems that it can use or sell. Adding to the company’s bottom line is frequently the aim.
