- Economic Development Board - Singapore
250 North Bridge Rd., #24-00 Raffles City Tower, Singapore 179101
- Koh Yong Boon, Senior Officer
Yun Kok Siong, Senior Officer
Mission and Strategy
- The Economic Development Board (EDB) was established in 1961 under
the Minister of Trade.
- The 1995 mission statement of the EDB is to develop Singapore into
a global city with total business capabilities. EDB's original mission
was to attract multinational corporations (MNCs) to Singapore for the
purpose of achieving full employment, which was achieved in the early
- In the mid-1980s, Singapore experienced a recession since their
total production costs were too high for the production technology
deployed within Singapore. EDB took the lead in establishing plans to
diversify the economy and to move up the value chain as labor costs
increased. The National Technology Plan (NTP) and Economy Plan (E2000)
were thus formulated.
- The goal is to grow in new technology markets that can improve
Singapore's long-term standard of living.
Key Elements of Presentation
EDB set up a variety of government organizations to insure that the
Economic Growth Process achieved a minimum GDP of 8% per annum with an
inflation rate less than 4%. Infrastructure agencies that were spun off
from EDB include:
- JTC - Land and factory space available for start-up and small
- DBS Banks - Capital and Financing
- NSTB - National Science Technology Board
- SISIR - Standards, measurements and test
- TDB - Trade encouragement
Key Elements of Tour
Current EDB initiatives include:
- M2000: Target at least 25% of GDP in manufacturing.
- IBH2000: Attract 80 to 100 regional headquarters in Singapore
- PLE2000: Encourage 50 to 70 local enterprises to reach $100 million
- LIVP: Local industry upgrade program.
- Region2000: Participate in growth of the rest of Asia through
direct investments in infrastructure, manufacturing and service
- IDS: Innovative Development Incentive
- EDB works closely with NSTB, Ministry of Finance (TEMASEK), and
other Singapore agencies to identify strategic markets and to invest as
necessary to develop an infrastructure within Singapore to support the
new initiatives. The EDB has a $1 billion Cluster Development Fund to
invest in key "Clusters of Technology."
- In the wireless technology cluster, EDB is actively working with
other government agencies to establish an infrastructure to support the
wireless market. The technology infrastructure includes projects to
support tantalum capacitors, TFT LCDs, and Li-ion-polymer batteries. A
recent investment was made in a new $1.3 billion wafer plant with the
capability of generating 0.2 micron geometries.
EDB has set up specific funds for various initiatives. However with
Singapore's yearly budget surplus of $10 billion, budgets are not an
issue. Basically, EDB targets high-value-added markets that will
provide long-term economic benefit. The EDB has been very successful
since the mid-1980s in transforming the economy from a labor-based
economy into a capital-based economy.
Published: May 1997; WTEC