Singapore seeks way to transform its economy. (Source: World Knowing)

Singapore (VNA) – Singapore officially unveiled the country’s first ever Internet of Things (IOT) Centre on October 13, which is a step forward in transforming its economy to build a smart nation.

The inauguration was occasioned by the Singapore Semiconductor Industry Association (SSIA)’s 2016 Summit.

Speaking at the event, Minister of State for Trade and Industry Koh Poh Koon stressed that in the economic transform, the semiconductor industry always plays the role as the backbone in introducing new life-changing technologies, particularly the IOT.

The Singaporean government decided to set aside 4.5 billion SGD (3.3 billion USD) for the Industry Transformation Programme with the goal of promoting initiatives transforming key industries and business system and boost growth via innovation.

The government also committed itself to boost its economy’s renewal capability through investing 19 billion SGD (14 billion USD) in research and development from now until 2020, of which 3.2 billion SGD is allocated to projects in spearhead industries.

Ulf Schneider, President of SSIA, said the association will closely coordinate with governmental agencies as well as partners to promote innovation in the IOT space and facilitate the transfer of technology to small- and medium-sized enterprises.-VNA