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2.22 To help Singapore develop new economic capabilities
and sharpen our competitive edge, MTI's budget
will be significantly increased. The Government
will set aside $500 million to grow Singapore
companies and help them venture abroad. We will
invest $1.0 billion to strengthen our R&D
capabilities and $1.8 billion to enhance industry
capabilities. Another $1.2 billion will be spent
on land reclamation and upgrading our industrial
and tourism infrastructure.
2.23 Our first-class transport infrastructure
is a key competitive advantage. It raises the
efficiency of the economy and enhances our quality
of life. MOT will spend $1.2 billion to expand
and improve our rail and road networks, including
the MRT Circle Line and the Kallang/Paya Lebar
Expressway.
2.24 The Government will continue its strong
support for re-training and upgrading workers'
skills. In addition to the $500 million top-up
for the Lifelong Learning Fund in the FY 2002
budget, this year I am setting aside another $37
million to enhance MOM's many employment assistance
and training programmes. This will generate 20,000
additional training places under the Skills Redevelopment
Programme and 7,500 job placements through the
People for Jobs Traineeship Programme, which provides
financial support to employers who hire older
unemployed workers.
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