The Economic Development Board (EDB) is a statutory board under the Ministry of Trade and Industry of the

Government of Singapore The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercis ...

that plans and executes strategies to sustain

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

as a leading global hub for

business Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separ ...

and

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

History

1957–1961: Singapore Industrial Promotion Board

In 1957, the Singapore Industrial Promotion Board (SIPB) was formed through the passage of the Singapore Industrial Promotion Bill, to empower the Singapore Government in establishing, developing, and financing industrial undertakings. It had a capital of $1 million, and had received requests from local companies for loans totalling up to $500,000 at its formation. However, SIPB was criticised by political opposition as being slow, not transparent, and ineffective in aiding local businesses. The board was hamstrung by the limited capital that it had with the Minister of Commerce and Industry, J. M. Jumabhoy, blaming on the activities of extreme left-wing politicians on the lack of corporations from financial institutions. In 1959, the Singapore Government unveiled a new proposed Economic Development Board (EDB) with a capital of $100 million. The proposed board would be funded partly by a part of the $300 million foreign investments that the government had made before. It would also be a statutory board, and in addition to the current responsibilities of SIPB to disburse loans to companies, it would have a direct part in setting up factories or make use of its capital for local joint venture projects with the private sector. The Economic Development Ordinance was first read in Parliament on 26 April 1961, with its second reading on 24 May 1961. The ordinance commenced on 1 August 1961, thus taking over the functions of SIPB. To facilitate the set up of EDB, international experts were requested from the

United Nations The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...

and appointed to run the board alongside local officers.

1961–present: Setting up of Jurong Industrial Estate and overseas missions

By 24 November 1961, the agency was fully operational. In December 1961, the agency started offering free advice to nine electrical industries, releasing research materials to entrepreneurs and manufacturers. It also spearheaded development works at the 9,000 acre Jurong industrial estate. In 1962, EDB introduced a simplified process of buying industrial land. An applicant would have to submit a building plan in three months and build in two years before a lease of land no more than 99 years be issued. EDB received an additional grant of S$40 million to develop Jurong Industrial Estate from the Singapore government. 1962 was also the year which Singapore begun to actively woo overseas industrialists as such the Japanese, with some indicating interests in joint development projects and sending study missions to Singapore. A Japanese economic survey mission led by Shinichi Takasugi, President of Mitsubishi and Head of Japan's Economic Cooperation Committee and the Federation of Economic Organizations found that Jurong Industrial Estate was "the best site for industrialisation for Singapore." A S$23 million shipyard joint venture between

Ishikawajima-Harima , formerly known as , is a Japanese engineering corporation headquartered in Tokyo, Japan that produces and offers ships, space launch vehicles, aircraft engines, marine diesel engines, gas turbines, gas engines, railway systems, turbocharg ...

and EDB was planned for as well. EDB was also functioning as an industrial bank, offering loans to companies at "reasonable interest rates". The EDB is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre and grow the Singapore economy. It is responsible for designing and delivering solutions that create value for investors and companies in Singapore. In this way, EDB seeks to create economic opportunities and jobs for the people of Singapore, and help shape Singapore's economic future. Since 1 April 2019, the EDB manages DesignSingapore Council, the national agency for design. This is done to help companies expand beyond Singapore. It also manages Singapore Global Network, which was set up in 2019 to grow Singapore's networks and connections around the world. The EDB maintains 18 international offices in 13 countries which includes Australia, Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Sweden, Switzerland, the United Kingdom and the United States. In November 2020, EDB announced plans to launch a new working visa Tech.Pass starting from January 2021 to attract more high calibre talent into the country. 500 permits will be issued on a first-come, first-serve basis.

References

External links

* {{Authority control 1961 establishments in Singapore Government agencies established in 1961 Statutory boards of the Singapore Government Economy of Singapore Development in Asia Investment promotion agencies