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Economic Development Board

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

Economic Development Board
Agency overview
Formed1 August 1961; 63 years ago (1961-08-01)
JurisdictionGovernment of Singapore
Headquarters250 North Bridge Road, #28-00, Raffles City Tower, Singapore 179101
1°18′0″N 103°53′10″E / 1.30000°N 103.88611°E / 1.30000; 103.88611
Agency executives
  • Png Cheong Boon, Chairman
  • Jacqueline Poh, 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 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. 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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  1. ^ "Aiding Industry". The Straits Times. 14 January 1957.
  2. ^ "Cresson to run $1m. promotion board". The Straits Times. 10 April 1957.
  3. ^ "INDUSTRIAL BOARD IS UNDER ATTACK". The Singapore Free Press. 21 October 1957. Retrieved 5 June 2021.
  4. ^ "Mr. J ON THE BIG FINANCE FLOP: 'I BLAME LEFT'". The Straits Times. 8 December 1958. Retrieved 5 June 2021.
  5. ^ "That board may he ready in six months". The Straits Times. 21 July 1959. Retrieved 5 June 2021.
  6. ^ "Economic Development Board Act - Singapore Statutes Online". sso.agc.gov.sg.
  7. ^ "Three more U.N. experts due soon". The Straits Times. 16 September 1962. Retrieved 5 June 2021.
  8. ^ "MEN NAMED TO PUSH STORE INDUSTRY BID". The Straits Times. 17 August 1961. Retrieved 5 June 2021.
  9. ^ "Development Board in full operation". The Singapore Free Press. 24 November 1961.
  10. ^ "Government offers free advice on nine industries". The Singapore Free Press. 9 December 1961.
  11. ^ "JURONG READY FOR INDUSTRY BY END OF NEXT YEAR". eresources.nlb.gov.sg. The Singapore Free Press. 6 December 1961.
  12. ^ "Simplified way to buying industrial land". eresources.nlb.gov.sg. The Straits Times. 16 September 1962.
  13. ^ "$40 mil. for industry plan". eresources.nlb.gov.sg. The Straits Times. 1 September 1962.
  14. ^ "BOARD'S AIM: MORE AND MORE NEW INDUSTRIES FOR STATE". eresources.nlb.gov.sg. The Straits Times. 16 September 1962.
  15. ^ "Goh off to Tokyo to coax bigger capital flow to Singapore". eresources.nlb.gov.sg. The Straits Times. 2 March 1962.
  16. ^ "JAPANESE KEEN ON JOINT VENTURES HERE: MAYER". eresources.nlb.gov.sg. The Straits Times. 21 March 1962.
  17. ^ "MR SHINICHI TAKASUGI, ONE OF JAPAN'S MOST POWERFUL …". www.nas.gov.sg.
  18. ^ "MISSION PRAISES JURONG SITE". eresources.nlb.gov.sg. The Straits Times. 6 September 1962.
  19. ^ "$23 mil. shipyard for S'pore". eresources.nlb.gov.sg. The Straits Times. 7 September 1962.
  20. ^ "SHIP REPAIR YARD PLAN". eresources.nlb.gov.sg. The Straits Times. 10 May 1962.
  21. ^ "Three more U.N. experts due soon". eresources.nlb.gov.sg. The Straits Times. 16 September 1962.
  22. ^ "THIS BOARD HELPS INVESTORS IN MANY WAYS". eresources.nlb.gov.sg. The Straits Times. 3 June 1962.
  23. ^ "EDBI is the dedicated corporate investment arm of the EDB". www.edb.gov.sg. Retrieved 5 March 2023.
  24. ^ "DesignSingapore Council to transfer to EDB under MTI to drive design innovation across industries and enable growth beyond Singapore". MCI. 1 November 2018. Retrieved 24 September 2019.
  25. ^ "DesignSingapore Council to become EDB agency to help local companies expand beyond Singapore". The Straits Times. 1 November 2018. Retrieved 30 June 2019.
  26. ^ "EDB unit wants to go beyond keeping Singaporeans in touch". The Straits Times. 2 January 2020.
  27. ^ "EDB offices". www.edb.gov.sg. Retrieved 28 February 2023.
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