Editing Economic Development Board

{{Short description|Statutory board of Singapore}}
{{Other uses|Economic Development Board (disambiguation)}}
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{{Infobox government agency
| agency_name     = Economic Development Board
| nativename      =
| nativename_a    =
| nativename_r    =
| logo            = EDB 2021 logo.svg
| logo_width      = 200px
| logo_caption    =
| seal            =
| seal_width      =
| seal_caption    =
| formed          = {{Start date and age|df=yes|1961|08|01}}
| date1           =
| date1_name      =
| date2           =
| date2_name      =
| preceding1      =
| preceding2      =
| dissolved       =
| superseding     =
| jurisdiction    = [[Government of Singapore]]
| headquarters    = 250 North Bridge Road, #28-00, Raffles City Tower, Singapore 179101
| coordinates     = {{coord|1|18|0|N|103|53|10|E|type:landmark|display=inline}}
| employees       =
| budget          =
| chief1_name     = Png Cheong Boon
| chief1_position = Chairman
| chief2_name     = Jacqueline Poh
| chief2_position = Managing Director
| parent_agency   = [[Ministry of Trade and Industry (Singapore)|Ministry of Trade and Industry]]
| child1_agency   =
| child2_agency   =
| website         = {{URL|http://www.edb.gov.sg}}
| footnotes       =
| agency_id       = T08GB0012H
}}
The '''Economic Development Board''' ('''EDB''') is a [[statutory boards of the Singapore Government|statutory board]] under the [[Ministry of Trade and Industry (Singapore)|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==
===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.<ref>{{cite news|url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19570114-1.2.70|newspaper=[[The Straits Times]]|title=Aiding Industry|date=14 January 1957}}</ref>

It had a capital of $1 million, and had received requests from local companies for loans totalling up to $500,000 at its formation.<ref>{{cite news|url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19570410-1.2.74|title=Cresson to run $1m. promotion board|newspaper=[[The Straits Times]]|date=10 April 1957}}</ref> However, SIPB was criticised by political opposition as being slow, not transparent, and ineffective in aiding local businesses.<ref>{{cite news |title=INDUSTRIAL BOARD IS UNDER ATTACK |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/freepress19571021-1.2.7 |access-date=5 June 2021 |work=The Singapore Free Press |date=21 October 1957 |language=en-SG}}</ref> 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.<ref>{{cite news |title=Mr. J ON THE BIG FINANCE FLOP: 'I BLAME LEFT' |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19581208-1.2.60 |access-date=5 June 2021 |work=[[The Straits Times]] |date=8 December 1958 |language=en-SG}}</ref>

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.<ref>{{cite news |title=That board may he ready in six months |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19590721-1.2.5 |access-date=5 June 2021 |work=[[The Straits Times]] |date=21 July 1959 |language=en-SG}}</ref>

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.<ref>{{cite web |title=Economic Development Board Act - Singapore Statutes Online |url=https://sso.agc.gov.sg/Act/EDBA1961 |website=sso.agc.gov.sg |language=en}}</ref> To facilitate the set up of EDB, international experts were requested from the [[United Nations]] and appointed to run the board alongside local officers.<ref>{{cite news |title=Three more U.N. experts due soon |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620916-1.2.124.2.16 |access-date=5 June 2021 |work=[[The Straits Times]] |date=16 September 1962 |language=en-SG}}</ref><ref>{{cite news |title=MEN NAMED TO PUSH STORE INDUSTRY BID |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19610817-1.2.5 |access-date=5 June 2021 |work=The Straits Times |date=17 August 1961 |language=en-SG}}</ref>

===1961–present: Setting up of Jurong Industrial Estate and overseas missions===
By 24 November 1961, the agency was fully operational.<ref>{{cite news |title=Development Board in full operation |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/freepress19611124-1.2.6 |publisher=The Singapore Free Press |date=24 November 1961}}</ref> In December 1961, the agency started offering free advice to nine electrical industries, releasing research materials to entrepreneurs and manufacturers.<ref>{{cite news |title=Government offers free advice on nine industries |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/freepress19611209-1.2.40 |publisher=The Singapore Free Press |date=9 December 1961}}</ref> It also spearheaded development works at the 9,000 acre Jurong industrial estate.<ref>{{cite news |title=JURONG READY FOR INDUSTRY BY END OF NEXT YEAR |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/freepress19611206-1.2.6 |work=eresources.nlb.gov.sg |publisher=The Singapore Free Press |date=6 December 1961 |language=en-SG}}</ref> 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.<ref>{{cite news |title=Simplified way to buying industrial land |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620916-1.2.124.2.2 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=16 September 1962 |language=en-SG}}</ref> EDB received an additional grant of S$40 million to develop Jurong Industrial Estate from the Singapore government.<ref>{{cite news |title=$40 mil. for industry plan |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620901-1.2.16 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=1 September 1962 |language=en-SG}}</ref><ref>{{cite news |title=BOARD'S AIM: MORE AND MORE NEW INDUSTRIES FOR STATE |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620916-1.2.124.2.11 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=16 September 1962 |language=en-SG}}</ref>

1962 was also the year which Singapore begun to actively woo overseas industrialists as such the Japanese,<ref>{{cite news |title=Goh off to Tokyo to coax bigger capital flow to Singapore |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620302-1.2.41 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=2 March 1962 |language=en-SG}}</ref> with some indicating interests in joint development projects and sending study missions to Singapore.<ref>{{cite news |title=JAPANESE KEEN ON JOINT VENTURES HERE: MAYER |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620321-1.2.129 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=21 March 1962 |language=en-SG}}</ref> A Japanese economic survey mission led by Shinichi Takasugi, President of Mitsubishi and Head of Japan's Economic Cooperation Committee and the [[Japan Business Federation|Federation of Economic Organizations]]<ref>{{cite web |title=MR SHINICHI TAKASUGI, ONE OF JAPAN'S MOST POWERFUL … |url=https://www.nas.gov.sg/archivesonline/photographs/record-details/63f3ea3a-1162-11e3-83d5-0050568939ad |website=www.nas.gov.sg}}</ref> found that Jurong Industrial Estate was "the best site for industrialisation for Singapore."<ref>{{cite news |title=MISSION PRAISES JURONG SITE |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620906-1.2.22 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=6 September 1962 |language=en-SG}}</ref> A S$23 million shipyard joint venture between [[IHI Corporation|Ishikawajima-Harima]] and EDB was planned for as well.<ref>{{cite news |title=$23 mil. shipyard for S'pore |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620907-1.2.14 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=7 September 1962 |language=en-SG}}</ref><ref>{{cite news |title=SHIP REPAIR YARD PLAN |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620510-1.2.21 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=10 May 1962 |language=en-SG}}</ref>

EDB was also functioning as an industrial bank, offering loans to companies at "reasonable interest rates".<ref>{{cite news |title=Three more U.N. experts due soon |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620916-1.2.124.2.16 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=16 September 1962 |language=en-SG}}</ref><ref>{{cite news |title=THIS BOARD HELPS INVESTORS IN MANY WAYS |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620603-1.2.61.10 |work=eresources.nlb.gov.sg |publisher=The Straits Times |date=3 June 1962 |language=en-SG}}</ref>

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.<ref>{{Cite web |title=EDBI is the dedicated corporate investment arm of the EDB |url=https://www.edb.gov.sg/en/about-edb/who-we-are.html#:~:text=Investing%20since%201991,%20EDBI%20is,HC)%20and%20other%20strategic%20industries. |access-date=2023-03-05 |website=www.edb.gov.sg}}</ref>

Since 1 April 2019, the EDB manages DesignSingapore Council, the national agency for design. This is done to help companies expand beyond Singapore.<ref>{{Cite web |url=https://www.mci.gov.sg/pressroom/news-and-stories/pressroom/2018/11/dsg-to-transfer-to-edb-under-mti |title=DesignSingapore Council to transfer to EDB under MTI to drive design innovation across industries and enable growth beyond Singapore  |website=MCI |access-date=24 September 2019 |date=1 November 2018}}</ref><ref>{{Cite web|url=https://www.straitstimes.com/singapore/designsingapore-council-to-become-edb-agency-to-help-local-companies-expand-beyond|title=DesignSingapore Council to become EDB agency to help local companies expand beyond Singapore|date=2018-11-01|website=The Straits Times|language=en|access-date=2019-06-30}}</ref> It also manages Singapore Global Network, which was set up in 2019 to grow Singapore's networks and connections around the world.<ref>{{cite news|date=2 Jan 2020|title=EDB unit wants to go beyond keeping Singaporeans in touch|work=The Straits Times|publisher=|url=https://www.straitstimes.com/singapore/edb-unit-wants-to-go-beyond-keeping-sporeans-in-touch}}</ref>

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.<ref>{{Cite web |title=EDB offices |url=https://www.edb.gov.sg/en/contact/edb-offices.html |access-date=2023-02-28 |website=www.edb.gov.sg}}</ref>

==References==
{{reflist}}

==External links==
*{{Official website|http://www.edb.gov.sg}}

{{Statutory boards of Singapore}}

{{Authority control}}
{{use Singapore English|date=January 2025}}

[[Category:1961 establishments in Singapore]]
[[Category:Government agencies established in 1961]]
[[Category:Statutory boards of the Singapore Government]]
[[Category:Economy of Singapore]]
[[Category:Development in Asia]]
[[Category:Investment promotion agencies]]