SINGAPORE, Sept. 27 (Xinhuanet) -- Singapore, as a small nation lacking natural resources and a hinterland, needs to drive its economic growth through innovation, Senior Minister Goh Chok Tong said on Tuesday.

    Addressing the Asian Innovation Awards ceremony, Goh said the new economic strategy comprises three aspects including enlarging Singapore's economic space, maximizing human potential through education and focusing on research and development (R&D).

    He said Singapore has concluded 11 free trade agreements with major economies like the United States and India, and is negotiating 10 more, which makes the island state a vibrant global city and more attractive to investors.

    "A culture which encourages risk-taking and is tolerant of mistakes is critical to innovation," Goh noted, adding Singapore's education system is being changed from "producing competent and disciplined workers" to nurturing "a spirit of inquiry, innovation and enterprise."

    As for R&D, Goh said the government has allocated much more resources to this area recently and will set up a Research, Innovation and Enterprise Council chaired by Prime Minister Lee Hsien Loong.

    "The government will help companies link up with public research institutes, as well as encourage more private sector players to base R&D activities here," Goh added. Enditem