S'pore prepares groundwork for biomedical facility

S'pore prepares groundwork for biomedical facility

Agence France Presse, Singapore

Singapore on Thursday began construction of a multi-million dollar, 1.8 million square-foot (162,000 square-metre) facility dedicated to research and development in biomedical sciences.

The facility, which is expected to be ready in 2003, signals the city-state's determination to branch out into knowledge intensive industries offering high growth prospects, thereby reducing reliance on the manufacturing sector which has been severely hit by the global slowdown.

"Although manufacturing will continue to be a major pillar of Singapore's economy, we must give greater emphasis to high-value, knowledge intensive activities," said Trade Minister George Yeo who spoke at the groundbreaking ceremony.

"Research and development, product design and marketing will all become more important," he said.

Half of the output from the manufacturing sector, which accounts for a quarter of gross domestic product, is made up of electronics.

With the global slowdown and weak demand for electronics worldwide, Singapore's electronics exports have dropped sharply, dragging the economy into its worst downturn since statehood in 1965.

The biomedical sciences has been identified by policymakers as a potential new growth sector and the government has set aside more than one billion dollars to develop the industry.

Yeo said the biomedical sector "will be an exciting new frontier" for the island-state and promised the government will put in the necessary resources into the industry.

"In our efforts to realize this vision, we are leaving no stone unturned," said Yeo.

"We must create a stronger buzz in our local research scene as research is after all key to the development of the biomedical sciences industry," he said.

The Biopolis, which will have its first building in 2003, is spread over eight hectares (18.76 acres) and will house 2,000 scientists and professionals.