An international conference on the rise of the knowledge-based economy opened here on Monday with a participation of over 400 leaders and professionals from the knowledge industry around the world.

Themed "Celebrating Knowledge: the Power and Potential", the two-day event will address topics such as the future of knowledge institutions and workers, the current challenges facing the industry and the potential of technology and innovation.

"Knowledge is the key engine driving economic growth in the 21st century," said Balaji Sadasivan, Singapore senior minister of state for information, communications and the arts and health, at the conference.

Citing South Korea and the Indian city of Bangalore as good examples of boosting the knowledge revolution and the innovation, Balaji noted that Singapore has been sparing efforts to "become a knowledge powerhouse."

These efforts include more than doubling the public sector's budget for research and development (R&D) to some 12 billion Singapore dollars (about 7 billion US dollars) over the next five years, setting up a Research, Innovation and Enterprise Council chaired by Prime Minister Lee Hsien Loong, as well as improving the education system to nurture more talents, according to the minister.

More than 25 specialists will present speeches at the conference.

Source: Xinhua