Singapore's R&D posted record growth last year, with the private sector taking the lead in driving the $5 billion industry.

Companies pumped in a whopping $3.2 billion into developing innovations last year, accounting for over 65 per cent of the total investment in this sector.

Also swelling is the number of PhD holders, with over 500 new talents added to the pool since 2005, according to a recent National Survey of Research & Development.

This brings the total to about 5,000 - nearly double the 3,000 degree holders in 2000.

With the success of R&D, Singapore must now set its sights on "future industries", said Minister for Trade and Industry Lim Hng Kiang on Thursday evening.

He was speaking at the annual National Science And Technology Awards presentation ceremony at Meritus Mandarin.

A total of three National Science Awards (NSA), two National Technology Awards (NTA) and two Young Scientists Awards (YSA) were presented to 14 recipients - comprising three teams and four individuals.