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Singapore Bio-Innovations was a venture capital firm run by the business development department of the Singapore government, which had identified biotechnology as a future growth industry for Singapore. As of 1997, the industry was minuscule in comparison to biotechnology developed countries such as the US. In order to grow the industry, Singapore decided that it should create a foothold in all areas of the biotech value-chain; education, research, testing and manufacture. By investing offshore as well as in Singapore and through non-binding reciprocity agreements with the companies it invested in, Singapore believed it could develop an indigenous, self sustained industry.