•

MTI will commit $681 million to strengthen research and development (R&D) capabilities. This will go towards funding public sector research in the areas of science, engineering and biomedical sciences, as well as promoting private sector R&D investments through the Research Incentive Scheme for Companies (RISC).

•

To further promote R&D, the Research, Innovation and Enterprise Council (RIEC) has been set up to provide strategic direction for R&D in Singapore. The RIEC will be supported by the National Research Foundation (NRF), which will administer the R&D Trust Fund to provide funding for strategic R&D initiatives that would generate economic benefits for Singapore. The Trust Fund will receive an initial injection of $500 million in FY2006.

•

EDB will receive direct funding of $107 million to attract $8 billion of fixed asset investments in the manufacturing sector and $2.5 billion of total business spending in traded services.

•

STB will allocate $72 million under the Tourism Development Fund to enhance existing tourism precincts and develop new tourism attractions and products, as part of its Tourism 2015 vision.

•

EDB will set aside $1,891 million (including loans) for the promotion and upgrading of capabilities for industries under the Economic Development Assistance Scheme (EDAS). This includes the promotion of new growth sectors such Interactive Digital Media and Environmental and Water Technology.

•

SPRING will set aside $689 million (including loans) to foster a dynamic and competitive base of local entrepreneurs and businesses, with an aim to grow the exports and contribution to GDP of small and medium sized enterprises (SMEs).

•

MOM will allocate $80 million under the Lifelong Learning Endowment Fund to enhance the employment and employability of Singaporeans through initiatives that promote and facilitate skills acquisition. One key focus of MOM will be to provide training that is certifiable and recognized under Workforce Development Agency (WDA)’s Workforce Skills Qualification system, which is benchmarked against world standards.

•

MOM will allocate $15 million to WDA to improve service competitiveness in Singapore, particularly in the retail, food and beverage, and tourism sectors. WDA is driving this initiative in collaboration with STB and SPRING.

•

MOM will allocate $61 million for its industry outreach and talent attraction programmes, as well as its work in equipping foreign workers with right skills to meet employers’ needs, while ensuring an adequate enforcement regime to check against errant employers and illegal foreign employment.

•

MOM will invest $44 million in building progressive workplace communities. A significant portion of this funding will go towards implementing a new Occupational Safety and Health framework to safeguard the safety and health of workers. Another important on-going focus area will be strengthening labour relations and tripartite cooperation among Government, employers and unions.

•

MOT will commit $2,087 million to develop Singapore’s land, sea and air transport sectors. $1,540 million will go towards enhancing our land transport system, comprising $1,133 million for improving our rail network, and $407 million for growing our road network, developing intelligent traffic management schemes to maximise the capacity of our road system, and upgrading existing commuter facilities. $254 million will be used to increase the capacity at Pasir Panjang Terminal to meet the long-term needs of our growing port and maintain Singapore’s premier status as the world’s largest trans-shipment hub. The remaining $293 million will go largely towards the running of MOT and LTA.

•

MTI will set aside $885 million for developing industrial infrastructure, including land-related expenditure and projects like the underground hydrocarbon storage caverns at Jurong Island, and supporting a work-live-pay-learn environment at One-North.