This press release was jointly issued by EDB and Agency for Science, Technology and Research (A*STAR).
About the Bioeconomy Funding Initiative (FI)
The Bioeconomy FI is a S$118 million initiative under the Research, Innovation and Enterprise (RIE) 2030 Plan. It will support industry-aligned research by public sector research performers in bio-based solutions for specialty chemicals, as well as in drop- in biomolecules that integrate into Singapore’s existing Energy and Chemicals (E&C) industry. This is the largest funding initiative dedicated to developing the bioeconomy sector in Singapore to date, and together with other programmes, contributes to a cumulative commitment of approximately S$200m that will support various bioeconomy-related initiatives over the next five years.
The FI will build on the resources and capabilities of Singapore’s existing research ecosystem, including the Agency for Science, Technology and Research (A*STAR) and Institutes of Higher Learning (IHLs), to address industry gaps and challenges in the production of bio-based products.
A dedicated Bioeconomy Innovation Office (IO) has been established and is hosted in A*STAR to operationalise the Bioeconomy FI. The IO will curate and manage all new R&D projects related to the bioeconomy. The Singapore Economic Development Board (EDB) will support the FI as the sector lead for the bioeconomy, helping to shape industry engagement and supporting Singapore's broader efforts to capture growth opportunities in the green economy.
Singapore and the bioeconomy growth opportunity
The bioeconomy refers to the use of biotechnology and/or biological resources to produce chemicals, ingredients, and materials. This includes drawing on living organisms such as yeast, or biological materials such as agricultural sidestreams, to produce alternatives to petroleum-based feedstocks.
Today, Singapore’s E&C industry accounts for approximately 20% of the country’s total manufacturing output. As the industry continues to transform towards sustainability, the bioeconomy presents a strategic growth opportunity for Singapore. The global market for bio-based chemicals alone is expected to exceed US$200 billion by 20301. Singapore is well-positioned to capture this opportunity, by building on existing strengths and capabilities in the E&C industry, as well as on a strong research and innovation ecosystem. Beyond this, Singapore has an established consumer industry, which can serve as an offtake and co-innovation partner.
Objectives of the Bioeconomy FI
The Bioeconomy FI aims to strengthen Singapore’s public research capabilities in the bioeconomy and translate these capabilities into commercial impact. This will support companies in diversifying their raw material sources and developing novel products with enhanced performance, while strengthening Singapore’s position as a global hub for sustainable chemicals and materials.
The key objectives of the FI are to:
- Strengthen Singapore’s global bioeconomy presence – by positioning Singapore as a credible and global innovation node for bioeconomy-related research
- Advance capability to commercial impact – by translating FI-funded research to commercial relevance and fostering growth of local startups
The funding will be distributed over the next five years, and will be deployed via a mix of directed and open grant calls.
The Four Focus Areas of the Bioeconomy FI
The FI will support capability building and translational research in four focus areas. Focus Areas A to C address the scientific and engineering challenges within the production value chain to make bio-based products, while Focus Area D targets integrating technological solutions for specific products, to drive economic value for the sector.
- Unlocking new carbon sources from sidestreams
Turning underused regional sidestreams – including agricultural sidestreams from palm and crude glycerol from biodiesel production – into lower-cost, sustainable raw materials for bio-based products. - Engineering next-generation strains and enzyme pathways
Engineering improved microbes and enzyme pathways through advanced tools like artificial intelligence, so that new chemicals and materials can be produced faster, at higher yields, and lower costs. - Optimising bioprocessing and recovery
Improving how bio-based products are produced, separated and purified at industrial scale – using smart monitoring and digital technologies – to increase production efficiency, reduce waste, and lower costs. - Product focused, pathway-agnostic projects
Identifying commercially-relevant products – which could range from high-grade synthetic rubbers to cosmetic ingredients – and targeting the most effective production route for each one, whether biological, chemical, or a hybrid of both.
