Singapore is a country that has continuously been developing itself. Since its independence in 1965 Singapore has given importance to its manufacturing and service sectors. The country has a steady economic growth in which singapore research and development plays a key role. The country has always supported its R&D sector because the government has understood the potential research and development can play in making the country a leader on the global front.
How research and development helped a country grow
Singapore is also called the city island and is one of the richest places in the world. The credit goes to the leader of the country who had the vision of building a nation according to what is available and encouraging the people to innovate things.
Industries were constantly supported through the research and development programs where they had to invent new products for the consumers. The government supported the industries by giving them grants for their R&D projects.
Why research and development are considered important in a country’s growth?
Singapore’s research and development has always had a major role to play in the growth of the country’s economy. The R&D is very much different from other activities as it does not focus on immediate profit but rather waits for the profit in the long term. After independence, Singapore gave a lot of importance to the R&D sector as it knew that the country’s small size and lack of natural resources needed to be backstage, and the R&D sector had to come up with its innovations and projects.
Research and development sector – helping a country grow
So from a small British colony to the richest country in the world, this city island is an example of all that is done right. And making the research and development its important aspect it has shown the world how having faith in the R&D can help a country grow.