Temasek, a global investment firm based in Singapore will be pumping $1 billion (Singapore) a year — or about #740 million U.S. — into various deep-tech fields, the Straits Times and other media outlets are reporting.
Investments will likely land in several areas of deep tech innovation, such as advanced manufacturing, life sciences and technology associated with food, according to Deputy Prime Minister Heng Swee Keat, speaking at the RIE (Research, Innovation and Enterprise) Industry Day event.
“Through these investments, we can strengthen our position in the global technology supply chain. And I hope that Temasek will develop new global champions from these investments in time to come,” he said.
Heng added, “Through these investments, we can strengthen our position in the global technology supply chain. And I hope that Temasek will develop new global champions from these investments in time to come. I also welcome investors who are focused on innovation to find opportunities in Singapore, and through Singapore in the region.”
Singapore’s Research, Innovation and Enterprise 2025 plan, will liked add $25 billion more for the development of such cutting-edge technologies and solutions. The plan is to make Singapore a hub for deep tech and other forms of technologies.
Heng said the country is taking a multi-pronged approach toward boosting innovation in the country.
First, he said the plan includes encouraging the creation of a “vibrant” ecosystem to make innovation more pervasive. This includes “crowdsourcing solutions to challenges, strengthening relationships with researchers and collaborating with others.”
Innovation will also be focused on technologies that will have an immediate impact. Singapore’s investment needs to be focused, nimble and action-oriented, according to Heng.
Finally, Heng said that deep tech takes time to develop and Singapore should invest in innovation efforts across different periods — and be patient because some technologies will take time to research and to see into commercialization.
Temasek is a pioneering investment firm. It was incorporated in 1974 and has grown to a $381 billion (S) — or about $282 billion (U.S.) as of March 2021. The company’s investment thesis makes it suitable for the deep tech space. It labels itself “a generational investor” with a long-term outlook on nurturing its investment positions.