Singapore Pledges $743M Investment in AI and Cybersecurity Over Next Five Years

The Singapore government will invest more than $1 billion over the next five years to support the development of Artificial Intelligence (AI) and establish National Cybersecurity Command Center.

Deputy Prime Minister Lawrence Wong stated that the investment will be used to ensure Singapore's access to advanced AI chips and attract leading companies to set up their AI Centers of Excellence in the city state.

In addition, Singapore aims to provide mass market access to broadband speeds of up to 10 Gigabits per second and establish a new National Cybersecurity Command Center at the Punggol Digital District, enhancing cyber defence capabilities.

Despite geopolitical risks, 2024 is expected to be a better year with resilient growth in major economies and a projected recovery in the global electronics industry, driving higher GDP growth in the range of 1.0 percent to 3.0 percent.