Singapore strengthened its research and development focus on money-making outcomes and will set up a $1.35 billion fund to promote closer ties with the science and technology industries.

Out of the $16.1 billion the government has budgeted to spend on research and development from 2011 to 2015, 70% will be for projects aimed at achieving economic success, rising from 65% in the past five years, Minister for Trade and Industry Lim Hng Kiang said in a speech in Singapore yesterday.

“We will place greater emphasis on competitive funding, to spur innovation and bring out the best ideas for further support and development,” Lim said. “This is timely as our R&D landscape has become increasingly mature, with a firm foundation in several areas of scientific knowledge.”

The changes are “a sign of impatience” as Singapore seeks to quicken returns on its investment in research and development, said Alex Matter, chief executive officer of the Experimental Therapeutics Centre, a division of the government’s Agency for Science, Technology and Research.

“So far biomedical R&D has not contributed in any significant way to the Singapore economy,” Matter said in an interview today. “It’s not a strategic shift, it’s just a refocusing on the original idea.”