Adapting a foreign direct investment strategy to the knowledge economy: the case of Singapore's emerging biotechnology cluster

David Finegold 1, Poh Wong () and Tsui‐Chern Cheah 3

European Planning Studies, 2003, vol. 12, issue 7, 921-941

Abstract: The Singapore Government has identified biotechnology as one of the four pillars of the economy for the twenty‐first century. For the last forty years, Singapore has pursued a very successful economic growth strategy of attracting investment from leading multinationals through a combination of financial incentives, world‐class infrastructure, a highly literate workforce and a business‐friendly regulatory environment. In the biotechnology industry worldwide, however, the typical development pattern has been very different: new start‐up companies backed by venture capitalists clustered around leading research universities. This article examines the development of the biotechnology cluster in Singapore, showing how a modified version of Singapore's traditional growth model is co‐existing with a more typical biotechnology development pattern.

Date: 2003
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DOI: 10.1080/0965431042000267830

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