water as a new growth sector and committed to invest S$330 million over the following five years in order to make Singapore a global hub for water research and development. PUB has an active research and development program that includes upstream research, pilot projects and demonstration projects. An Environment and Water Industry Development Council (EWI) has been established to support, together with the National Research Foundation, a Strategic Research Programme on Clean Water. Leading Japanese companies such as Toshiba and Toray have established water research centers in Singapore. Singapore is home to over 70 local and international water companies and 23 research and development centers working on about 300 projects valued at $185 million. Furthermore, the Lee Kuan Yew School of Public Policy at National University of Singapore established an Institute of Water Policy in 2008. Also since 2008, the country has hosted the Singapore International Water Week, a key event for the global water industry. Financial aspects Tariffs. Water and sewer tariffs in Singapore are set at a level allowing cost recovery, including capital costs. Water and sewer tariffs were raised substantially in the late 1990s, so that the average monthly domestic bill including taxes increased from S$13 in 1996 to S$30 in 2000. The sewerage tariff (called "waterborne fee") is S$0.30/m3 for domestic users plus a fixed tariff of S$3 per "chargeable fitting" per month. The water tariff includes a conservation tax set at 30% that increases to 45% for domestic consumption above 40 m3 per month. A general service tax of 7% is added to the bill. As of 2012, a household consuming 20 m3 per month and that has three "chargeable fittings" faces a water bill of S$32.5 per month and a sewer bill of S$15 per month, both including all taxes. The total of S$47.5 (USD 37.7) per month corresponds to S$2.38/m3 (US$1.88/m3). Industrial water tariffs are set lower at S$0.52/m3. Water and sewerage tariffs are lower than tariffs in some European countries such as in Germany where the average water and sewer tariff including taxes was Euro 3.95 per m3 in 2004. From 2017, the water tariff will increase by 30% in two phases. Investment. In the financial year 2010 PUB undertook investments of S$411 million (USD 290 million) in its own assets, mainly for water supply and NEWater, and S$451 million (USD 319 million) for assets belonging to the government, mainly for sanitation