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Economic Development Board

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This is an old revision of this page, as edited by 49.128.61.210 (talk) at 23:00, 5 June 2021 (adding a bit of history. hiding that promotional bit.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
For the Australian agency, see Economic Development Board (South Australia).

Singapore
Economic Development Board
File:EDB logo.jpg
Logo of the EDB
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
Employees~500 (2009)
Agency executives
  • Beh Swan Gin, Chairman
  • Chng Kai Fong, Managing Director
Parent agencyMinistry of Trade and Industry
Websitehttp://www.edb.gov.sg

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

History

In 1957, a Singapore Industrial Promotion Board (SIPB) was formed through the passage of the Singapore Industrial Promotion Bill. SIPB was 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 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 an 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 the parliament in 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 with local officers.[7][8]


Since 1 April 2019, the EDB manages DesignSingapore Council, the national agency for design. This is done to help companies expand beyond Singapore.[9][10] It also manages Singapore Global Network, which was set up in 2019 to grow Singapore's networks and connections around the world.[11]

The EDB maintains 18 international offices in 13 countries (Australia, China, France, Germany, India, Indonesia, Japan, South Korea, Sweden, Switzerland, United Kingdom, United States & Brazil).

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.[12] 500 permits will be issued on a first-come, first-serve basis.

References

  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. ^ "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.
  10. ^ "DesignSingapore Council to become EDB agency to help local companies expand beyond Singapore". The Straits Times. 1 November 2018. Retrieved 30 June 2019.
  11. ^ "EDB unit wants to go beyond keeping Singaporeans in touch". The Straits Times. 2 January 2020.
  12. ^ "Singapore to Issue Tech Pass Visa in 2021: Key Features". ASEAN Business News. 19 November 2020. Retrieved 7 December 2020.
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