SINGAPORE - As its research prowess moves from strength to strength, Singapore is looking to ride the next wave of innovation, with $37 billion committed over the next five years to transform discoveries into both money-makers as well as solutions to national problems.

A special focus will be on keeping the population healthy and sharp, as the nation steadily greys.

Laying out the Research, Innovation and Enterprise (RIE) 2030 plan at a Dec 5 press conference, Senior Minister Lee Hsien Loong said: “Research and innovation will become increasingly important as our economy matures.

“It will drive economic growth and help us to address national priorities and challenges”.

The RIE plan is a strategic roadmap that outlines Singapore’s key directions, priority areas and programmes to further strengthen its research capabilities, drive impactful innovation, and grow a vibrant talent ecosystem for Singapore.

The new tranche is a 32 per cent increase from the current RIE2025 funding of $28 billion. It kicks in from April 2026, and like previous years, amounts to around 1 per cent of the nation’s gross domestic product (GDP).

This puts Singapore puts on a par with other small advanced economies such as Sweden and Denmark.

From this new round of RIE2030 funding, $3 billion will be set aside to launch two new high-level research programmes – the RIE Grand Challenges, which drive more impact in national strategic priorities, and RIE Flagships, which push for creation of economic value.

The first Grand Challenge will focus on the ageing population, especially in the areas of maintaining brain health and physical function.

Today, Singaporeans live about 11 years longer than the period they stay healthy. Studies have shown that among those aged 60 and above, around 8.8 per cent live with dementia, with the figure rising to as high as about 50 per cent for those aged 85 and above.

​Funding will go towards tackl...