S'pore aims to be biotech hub

Tue, 28 Mar 2000 | Source: AFP

SINGAPORE (AFP): Singapore aims to attract about S$600 million (US$352.94 million) in investment commitments in biotechnology and the life sciences industry this year.

The Business Times on Monday quoted government officials here as saying they aimed to make Singapore the regional manufacturing or research hub for biotech and pharmaceutical giants.

"We expect the current levels of investments to be sustained given our current pipeline of projects," deputy director for the life sciences cluster at the Economic Development Board (EDB) here, Chu Swee Yeok, told the daily.

The EDB last month said Singapore's life sciences industry, which includes pharmaceuticals, healthcare and biotechnology, grew by 60 percent from a year ago to $6.3 billion in 1999.

The EDB and the National Science and Technology Board (NSTB) have introduced several schemes to lure investors including setting aside $250 million worth of funds to help start-ups and invest directly in strategic development, manufacturing or services projects.

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