Singapore has announced plans to spend around £740 million (S$1.2 billion) on AI development over the next five years.
The significant investment, announced by Deputy Prime Minister Lawrence Wong on Friday (16 February 2024), is expected to further strengthen Singapore’s position as a global business and innovation hub.
In 2023, semiconductor integrator SiliconBox announced it would invest $2 billion to launch a semiconductor manufacturing foundry in Singapore.
The chip factory in Tampines is expected to create more than 1,000 jobs with support from the Singapore Economic Development Board (EDB).
Silicon Box’s facility is a step forward in Singapore’s ambition to expand its manufacturing industry by 50% by 2030.
It is also expected to increase Singapore’s attractiveness as a desirable location for AI as semiconductor companies look to diversify their manufacturing supply chains amid rising geopolitical concerns.
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Mr Wong emphasized the importance of ensuring access to advanced chips for AI development and deployment.
Singapore was one of the first countries to announce an AI plan in 2019. In December 2023, we published an updated strategy outlining how to harness and use AI for economic empowerment.
The city-state took a proactive stance on AI governance in May 2022 by introducing AI Verify, the world’s first enterprise AI governance testing framework and software toolkit.
Companies such as Google, Meta, and Microsoft have already tested the AI Verify tool and provided feedback, demonstrating a collaborative effort to promote the responsible use of AI.
