Mar 24, 2016
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Finance Minister Heng Swee Keat delivered his maiden budget speech on Thursday (24 March), where he revealed the government’s financial policy for the financial year from 1 April 2016 to 31 March 2017.

Speaking in parliament, the minister revealed the government’s plans for developing Jurong Industrial District, which he described ts “an open and innovative urban environment”.

“Fifty years ago, we transformed Jurong from swampland into a thriving hub for the manufacturing industry that powered Singapore’s economic growth. Now, we will make another leap to create the industrial park of the future,” Mr Heng said. “This has the potential to transform how we live, work, play, learn and create,” he added.

The Jurong Innovation District will create facilities for activities such as learning, research, innovation and production within a single, next-generation industrial district.

Mr Heng said JTC is currently constructing Launchpad @ JID to serve as an avenue for entrepreneurs, researchers and students to design, create prototypes and test-bed their innovations.

Developed progressively, the first phase of the Jurong Innovation District is targeted for completion by 2022, Mr Heng said.

Meanwhile, the Finance Minister also announced that the government is making a S$1 billion top-up to the Changi Airport Development Fund for future investments such as Changi Airport Terminal 5 “to better connect [Singapore] to the world, and to test innovative solutions.”

budget 2016 JID

Image and video source: Ministry of Finance.


Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email

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