Frost & Sullivan Recognizes A*STAR, Singapore with the 2012 Asia Pacific National Innovation Development Award

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Frost & Sullivan Recognizes A*STAR, Singapore with the 2012 Asia Pacific National Innovation Development Award

PR Newswire MOUNTAIN VIEW, California, Sept. 11, 2012

- The agency's strategic efforts have been monumental in positioning Singapore as a global research and innovation capital MOUNTAIN VIEW, California,Sept. 11, 2012/PRNewswire/ -- Based on its recent analysis of the applied sciences and technology market, Frost & Sullivan recognizes the Agency for Science, Technology and Research (A*STAR), Singaporewith the 2012 Asia Pacific Frost & Sullivan Award for National Innovation Development. The award lauds excellence in driving development by implementing strategies that proactively create value for investors in applied sciences and technology. "While research and development (R&D) has been increasingly occupying center stage as a key factor for sustainable long-term economic growth, translating R&D investments into palpable competitive advantages for the economy is a continuous challenge for economic development agencies," noted Frost & Sullivan VP, Emerging Market Innovation and Economic Development Innovation, Sath Rao. "A*STAR has taken a three-pronged approach to ensure that the right infrastructure, opportunities and incentives exist for the active promotion of innovation: the establishment of research facilities that allow world-class research; the development of the nation's technological prowess with focus on growingSingapore's economy, catalyzing new growth areas; and the development of human capital." A*STAR is focused on developing and augmenting the image ofSingaporeas a global innovation capital. The agency's expertise is vested in 20 biomedical sciences and physical sciences and engineering research entities, which are categorically prioritized under the Biomedical Research Council (BMRC) and Science and Engineering Research Council (SERC). The high level of research dedication is matched by an equally stellar funding capability. The focus on a diverse research agenda has facilitated an integrated multi-disciplinary approach. Singaporeranks as the third-most competitive city in the world out of 120 cities in the First Benchmarking Global City Competitiveness Report (2012), and also the third-most innovative country in the world (2012) by INSEAD's Global Innovation Index for the second consecutive year. A*STAR has played a vital role in attracting and retaining foreign investment intoSingapore. The agency's emphasis on innovation has helped positionSingaporeas a knowledge-driven economy. A*STAR started with a focus on engineering and sciences but advanced to develop an equal emphasis on biomedical- and healthcare-related R&D, and innovation activities related to small and medium enterprises. It collaborates with hospitals, universities, and companies in various industry sectors, such as engineering, manufacturing, infocommunications, biotechnology, and pharma on augmenting technology and research capabilities. The establishment and