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Global high tech firms Samsung and Philips said more could be done to improve the country''s lead in innovation as well as research and development.
Both companies were hailed by Prime Minister Lee Hsien Loong at the National Day Rally as role models for the country in its push towards innovation and R&D.
Singapore has set its eyes on developing and exploiting R&D to attract more foreign investments.
And it wants to emulate two global high tech companies - Samsung and Philips.
The success of both companies is largely due to their huge emphasis on innovation and R&D.
Samsung, for example, invested almost US$5 billion in R&D last year - that''s 8 percent of its total revenue.
But it says Singapore should also not forget about the importance of commercialisation.
Park Sang Jin, President and CEO, Samsung Asia, said: "Singapore is putting great effort to promote high tech, but to make commercial success, you must understand the consumers'' mind on a global basis. If we are too much ahead of our time, we cannot succeed in commercialisation. So we need to just be one step or half a step ahead of times to meet the consumers'' needs and requirement."
Electronics giant Philips shares the same sentiment.
It says for R&D to bear fruit, Singapore needs a structured and focused approach with an eye on market realities.
Philips has shifted its focus from manufacturing to R&D since 2000.
And its innovation campus in Singapore creates 1,000 new products every year with sales topping some US$5 billion annually.
In fact, many high tech companies have set up their regional headquarters in Singapore.
They say that''s because Singapore is leading the trend in high tech products and services in this region so it is important for them to establish their presence here and be successful in this market.
There are concerns that Singapore may lack the numbers needed to drive innovation and R&D.
Samsung, for instance has over 2,000 PhD holders working on its products.
But it believes Singapore has the potential to attract global talents.
Mr Park said: "I think the search effort should be combined. You need to attract human talent. At the same time, you need to attract good work places, good companies. Then you can create something new again, then the search effort result will be multiplied. Then Singapore will be more prosperous in the future."
Samsung feels that Singapore should be more active in setting the standard of technology for the rest of the region.
And the focal point for future growth should be on maintaining vitality through innovation and R&D. - CNA /ch
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