Economic Development 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.{{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}}

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

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.{{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}}

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.{{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}} To facilitate the set up of EDB, international experts were requested from the United Nations and appointed to run the board alongside local officers.{{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}}{{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}}

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

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

EDB was also functioning as an industrial bank, offering loans to companies at "reasonable interest rates".{{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}}{{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}}

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.{{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}}

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

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.{{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}}

{{reflist}}

• {{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