SINGAPORE, June 12 (Xinhua) -- Singapore's research agencies are stepping up efforts to commercialize synthetic biology innovations, with the launch of a joint laboratory aimed at accelerating the development of sustainable bio-based ingredients, chemicals and materials.

The Agency for Science, Technology and Research (A*STAR) and the National University of Singapore (NUS) have established the A*STAR SIFBI-NUS Synthetic Biology Joint Lab to bridge the gap between laboratory research and industrial applications, the parties said in a joint statement on Friday.

The initiative comes as global demand for bio-based solutions grows, with the bioeconomy projected to contribute up to 4 trillion U.S. dollars annually within the next decade, said the statement.

The new lab brings together A*STAR's expertise in bioprocess development and scale-up with NUS' strengths in fundamental research and interdisciplinary training. It will initially focus on nutrition and consumer care applications, before expanding into advanced materials and healthcare.

A*STAR Chief Executive Officer Beh Kian Teik said the partnership aims to bring science closer to market by working directly with industry partners to develop scalable bio-based solutions.