Economic Development Board

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For other uses, see Economic Development Board (disambiguation).

Economic Development Board
File:EDB 2021 logo.svg
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Agency overview
Formed1 August 1961; 64 years ago (1961-08-01)
JurisdictionGovernment of Singapore
Headquarters250 North Bridge Road, #28-00, Raffles City Tower, Singapore 179101
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Agency executives
  • Png Cheong Boon, Chairman
  • Jermaine Loy, Managing Director
Parent agencyMinistry of Trade and Industry
Websitewww.edb.gov.sg
Agency IDT08GB0012H

The Economic Development Board (EDB) is a statutory board under the Ministry of Trade and Industry of the government of Singapore that plans and executes strategies aimed to sustain Singapore as a leading global hub for business and investment.

History

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1957–1961: Singapore Industrial Promotion Board

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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.[1]

It had a capital of $1 million, and had received requests from local companies for loans totalling up to $500,000 at its formation.[2] However, SIPB was criticised by political opposition as being slow, not transparent, and ineffective in aiding local businesses.[3] 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.[4]

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.[5]

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.[6] To facilitate the set up of EDB, international experts were requested from the United Nations and appointed to run the board alongside local officers.[7][8]

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

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By 24 November 1961, the agency was fully operational.[9] In December 1961, the agency started offering free advice to nine electrical industries, releasing research materials to entrepreneurs and manufacturers.[10] It also spearheaded development works at the 9,000 acre Jurong industrial estate.[11] 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.[12] EDB received an additional grant of S$40 million to develop Jurong Industrial Estate from the Singapore government.[13][14]

1962 was also the year which Singapore begun to actively woo overseas industrialists as such the Japanese,[15] with some indicating interests in joint development projects and sending study missions to Singapore.[16] 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[17] found that Jurong Industrial Estate was "the best site for industrialisation for Singapore."[18] A S$23 million shipyard joint venture between Ishikawajima-Harima and EDB was planned for as well.[19][20]

EDB was also functioning as an industrial bank, offering loans to companies at "reasonable interest rates".[21][22]

Investing since 1991, EDBI is the dedicated corporate investment arm of the EDB, and a global investor in select high growth technology sectors covering Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC) and other strategic industries.[23]

Since 1 April 2019, the EDB manages DesignSingapore Council, the national agency for design, which is located in the National Design Centre. This is done to help companies expand beyond Singapore.[24][25] It also manages Singapore Global Network, which was set up in 2019 to grow Singapore's networks and connections around the world.[26]

The EDB maintains 20 international offices in 14 countries which includes Brazil, China, France, Germany, India, Indonesia, Japan, Netherlands, South Korea, Sweden, Switzerland, Thailand, United Kingdom and the United States.[27]

References

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