Singapore RIE2025 Report: Business R&D Spending Up 64%

The National Research Foundation (NRF) released Singapore's first detailed report card for a research plan on 31 Aug 2026. The RIE2025 Report covers the S$28 billion, five-year Research, Innovation and Enterprise (RIE) plan that ran from April 2021 to March 2026, and it lands with a companion: the RIE2030 Plan, which commits S$37 billion for 2026 to 2030.

The headline numbers are strong. Business spending on R&D rose 64 per cent, from S$5.5 billion in 2018 to S$9 billion in 2023. Industry R&D jobs grew 33 per cent to 32,509, and more than seven in ten went to Singapore citizens and permanent residents.

Why should someone who does not work in a lab care? This report is the closest thing Singapore has to a national scorecard for the research behind its AI push, from the chips that run models to the hospitals testing AI diagnostics. For the wider picture, our State of AI in Singapore report tracks the same ground from an AI angle.

Three movements stand out across the five years.

• Private money is pulling more weight. Businesses now spend S$1.87 for every S$1 of government R&D funding, up from S$1.48 in 2018. That is a sign companies treat research as an investment, not a subsidy.
• More firms are doing R&D. The number of companies running research in Singapore rose from 855 to 1,030, a 20 per cent jump.
• Research-heavy firms are growing faster. The value-added contribution of R&D firms nearly doubled, from S$91.2 billion in 2018 to S$161.2 billion in 2023.

Research quality is holding up too. Citations from Singapore sit 77 per cent above the global average, and NUS, NTU and A*STAR rank among the world's top 25 research institutions.

AI is not the whole report, but it runs through it. Semiconductor manufacturing, the hardware that AI runs on, grew about 60 per cent, from S$101.3 billion in 2020 to S$160.2 billion in 2025, with a 34,000-strong workforce. RIE2030 adds another S$800 million for a semiconductor flagship covering advanced packaging and photonics.

Healthcare leans on genomics and AI. The report cites Us2.ai, a Singapore company whose AI-powered echocardiography software received US FDA clearance, and counts more than 400 medtech and digital health firms that raised US$1.8 billion over five years. Between 2021 and 2024, more than 250 research findings improved clinical care or changed treatment guidelines.

Quantum computing gets a mention too. Horizon Quantum Computing, founded by Singapore University of Technology and Design researchers, listed on Nasdaq in March 2026 at a market capitalisation of US$567 million.

The 33 per cent jump in R&D jobs is the number to sit with. More than 70 per cent of these roles went to citizens and permanent residents, which suggests the training pipeline is keeping up with demand.

One honest caveat: more R&D jobs is not the same as more AI jobs everywhere. MTI has warned that AI-driven productivity can hold down headcount even as the economy grows, and this report measures a specific slice of the labour market. The practical takeaway is that skills in chips, AI, biotech and data are the ones Singapore is paying to build. See MTI's warning on AI jobs for the other side of the picture.

Deep tech start-ups in Singapore attracted at least S$1 billion in venture funding in each of the past four years, but the number of deals has fallen since 2023. The report blames higher borrowing costs and tighter financial conditions, the same squeeze hitting founders worldwide.

RIE2030 answers with more public-private funding partnerships for growth-stage deep tech. If your company does research or builds on it, this is the moment to check which agency owns your sector and what the new flagships fund. Our Singapore AI agencies map shows who to call.

RIE2030 commits S$37 billion over 2026 to 2030, the largest RIE budget yet. Two flagship programmes get S$800 million each, one for semiconductors and one for transport and connectivity. Two Grand Challenges get S$800 million for decarbonisation and S$350 million for healthy and successful longevity.

NRF chairman Heng Swee Keat said the report shows how research and innovation "have improved lives and secured Singapore's future, from strengthening our Covid-19 response, to keeping Singaporeans healthy, building a more liveable city, and sharpening our companies' competitiveness."

The practical version: if you work in or near semiconductors, logistics, clean energy or healthcare, the next five years of public money are flowing toward your industry.

Understand the report

The National Research Foundation released Singapore's RIE2025 Report on 31 Aug 2026. Business R&D spending rose 64% to S$9 billion, industry R&D jobs grew 33% to 32,509, and RIE2030 commits S$37 billion. I work in [your industry]. Explain in plain English what this means for my job and my company, and list three things I should do this year.

If you run a business

I run a small manufacturing company in Singapore. RIE2030 is spending S$800 million on semiconductors and S$800 million on transport and connectivity. Which government grants could my company qualify for, and what questions should I ask when I call the agency? Draft a one-page summary.

If you are an employee

Industry R&D jobs in Singapore grew 33% to 32,509 and most went to citizens and permanent residents. I work in finance and want to move toward AI or data skills. Suggest a six-month learning plan using SkillsFuture credits, with specific courses available in Singapore.

If you are a founder

I am a deep tech founder in Singapore. Based on RIE2030's focus areas, semiconductors, transport and connectivity, decarbonisation and longevity, draft an outline for a grant application pitch, including the problem, the AI or research component, and the jobs it could create here.