(Mar 28): Singapore will allocate $724 million under a current plan to transform its economy into one that relies more on fields such as research and on companies that create new markets and jobs.

The additional investment includes $500 million for digital technologies such as artificial intelligence, super-computing and robotics under the five-year plan ending 2020, a government advisory panel on research and innovation said in a statement Wednesday. The amount includes $300 million announced by Minister for Communications and Information S. Iswaran earlier this month.

The Southeast Asian nation, a densely packed regional financial hub with a population of about 5.7 million, is seeking to attract more businesses and investors through the use of advanced technologies. The city-state plans to roll out artificial intelligence and cloud-based solutions to every business sector by 2020, Iswaran said Mar 4.

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