The National Productivity Fund (NPF) will be topped up with an additional S$4 billion as part of Budget 2023, and investment promotion will be included as a supportable activity.

The fund will be used to anchor more quality investments in Singapore, Finance Minister Lawrence Wong said on Thursday (Feb 14), noting that the NPF supports a “wide range of measures” for productivity enhancement, and continuing education and training.

Investments will include supporting businesses here in building new capabilities, adding greater value to the domestic ecosystem, and upskilling workers, Wong said: “Ultimately, these efforts will lead to better paying jobs for Singaporeans.”

A S$1 billion injection to the NPF to support industry transformation was announced in Budget 2017.

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