The Singapore government is investing heavily to boost research and development (R&D) in its water industry, said a senior official on Monday.

Last year, the Research, Innovation and Enterprise Council set aside 330 million Singapore dollars (about 214 million U.S. dollars) over five years to boost R&D in new water technologies.

The Environment and Water Industry Development Council was also established to grow the water sector through R&D.

Lee Yi Shyan, Minister of State for Trade and Industry, made the remarks at an inauguration of a joint R&D center for consumer filtration products by local firms Hyflux and Marmon Water.

Against the backdrop of worldwide growing problems of water scarcity and pollution, Lee said that many countries' investment in the water and waste water sectors represents good business opportunities for Singapore companies.

"It is therefore timely for our companies to ride on the wave and tap into the opportunities presented by the burgeoning global water market," he said.

Singapore has consistently invested in its environmental infrastructure, which allowed its companies to acquire capabilities in managing and delivering advanced water treatment and recycling systems, according to Lee.

In recent years, Singapore's companies have successfully clinched a slew of projects around the world, including in China and the Middle East.

Source: Xinhua