Under the appropriate government ministries, statutory
a concept carried over from colonial days--were
manage specific parts of the economy and foster overall
sectoral development. Each worked somewhat autonomously,
hands-on approach to the problems in the areas in which it
Economic Development Board
The Economic Development Board was established in 1961
spearhead Singapore's industrialization. Initially its
to promote industrial investment, develop and manage
estates, and provide medium- and long-term industrial
The latter function was taken over in 1968 by the newly
Development Bank of Singapore
(see Financial Center Development
, this ch.). When the limits of import substitution became
given the small domestic market, policy was redirected
promoting an export-oriented, labor-intensive
program. After 1986 the board's portfolio was enlarged to
the promotion of services in partnership with other
agencies responsible for the various service sectors and
development of local small- and medium-sized enterprises.
first two decades following independence, the board
industrial strategies in response to changes in the
and domestic business environments, as well as negotiating
public-private consensus necessary for implementing them.
was not an economic tsardom but, rather, a consensus maker
agencies and corporations that commanded larger financing.
the Economic Development Board focused its attention on
investments in manufacturing and other high value-added
which met the technological skills and employment needs of
Singapore's future economic development.
Data as of December 1989