Singapore will invest $16.1 billion under a five-year plan to drive research, innovation and enterprise in the city state, Prime Minister Lee Hsien Loong said.

That’s about 20% more than the $13.55 billion the Southeast Asian country spent under the previous five-year plan first introduced in 2006, Lee said in a statement released in Singapore today.

 

“Singapore’s long-term aim is to be among the most research-intensive, innovative and entrepreneurial economies in the world in order to create high-value jobs,” Lee told reporters in Singapore.

 

Singapore is seeking ways to restructure its economy and boost long-term growth. The island allowed two casino-resorts to open this year and will spend $5.5 billion in the next five years to spur productivity. The economy is in the running to be the world’s fastest-growing in 2010 after expanding a record 17.9% in the first six months.

 

The country aims to boost overall spending on research and development to 3.5% of gross domestic product by 2015 from 3% currently, led by increased investments from the private sector, Lee said. The government targets to double the number of jobs in the clean-water industry to 11,000 in the same period, he said.

 

Singapore has started three research programs for biomedical sciences and clinical research, environmental and water technologies and interactive and digital media, Lee said.