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

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  • David Finegold 1
  • Poh‐Kam Wong 2
  • Tsui‐Chern Cheah 3

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.

Suggested Citation

  • David Finegold 1 & Poh‐Kam Wong 2 & Tsui‐Chern Cheah 3, 2003. "Adapting a foreign direct investment strategy to the knowledge economy: the case of Singapore's emerging biotechnology cluster," European Planning Studies, Taylor & Francis Journals, vol. 12(7), pages 921-941, April.
  • Handle: RePEc:taf:eurpls:v:12:y:2003:i:7:p:921-941
    DOI: 10.1080/0965431042000267830
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