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  EDB Celebrates 40th Anniversary

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  Throughout the 70s, Electronics was a fast growing sector contributing 15% of mafufacturing output.  Engineering companies worldwide now saw Singapore as an attractive location for higher-value products and services. Singapore Aircraft Industries was formed: Sundstrand and General Motors set up manufacturing plants in Singapore.

  The foundations for Singapore's Biomedical Services industry were built in the early 70s with SmithKline Beecham and Baxter setting up manufacturing here. GloxoWellcome's first chemical bulk actives plant followed. In 1979, the Singapore Refinery Company opened a refinery on Pulau Merlimau.

  Singapore was increasingly linked to the rest of the world via cable, satellite and international direct dialling (IDD). Its importance as a freight and cargo location was enhanced, with airfreight up 851% between 1965 and 1975.

80s: Capital-intensive

  The 80s saw an upsurge of capital-intensive industries, new wafer fab plants with the first by ST Microelectronics, formerly SGS-Thomson, were established. Today, Singapore has 14 highly sophisticated wafer fabs. The Engineering industries diversified: industrial machinery, machine tools and automation equipment, as well as aerospace overhaul sectors grew. In 1981, the first Asian Aerospace exhibition was held.

  Petrochemical Corporation of Singapore, a joint venture between a Sumitomo Chemical-led consortium and Shell, was set up in 1984; it was S.E. Asia's first petrochemical complex. The Institute of Molecular and Cell Biology, another Singapore first, was established in 1987. Our logistics infrastructure continued to grow and Changi International Airport was designated as a free-trade zone.

  In 1985, EDB's co-investment programme took on another dimension with a S$100 million budget to launch the Venture Capital industry. This programme is the foundation of today's vibrant VC industry beginning with the first few VC funds with local and foreign VC fund management seeded by EDB's original VC programme.

  EDB's work took on a new dimension in 1986 following the Report of the Economic Committee. Manufacturing and Services were identified as twin engines of economic growth; development of local enterprises also became a priority. That year, a new HQ programme encouraged MNCs to base their HQ functions here; Cerebos Pacific Ltd was the first company to receive HQ status. An innovative programme, the Local Industry Upgrading Programme (LIUP), was launched to upgrade our local supporting industries.

  EDB expanded its overseas networks across the US with centres in Atlanta and Dallas in 1986-87 when hubs of industry started moving there. New centres also sprang up in Stuttgart, Sydney and Nagoya.

90s: Technology-intensive

  Our industry strategy evolved. Cluster development strengthened our industries. Singapore also developed an external dimension to create economic space in win-win partnerships. Under our regionalisation programme, industrial parks were developed in Indonesia and Vietnam, as well as further afield in Suzhou and Wuxi, China and Bangalore, India.

  The data storage industry, which was started in the early 80s and comprises disk drives and disk media, became a key area of focus. Since 1995, Singapore has secured almost 35% of worldwide disk drive market share. This industry generated significant spin-offs and played an important role in supporting local industries.

  Key engineering projects included Honeywell's Singapore Laboratories as an Asia-Pacific focal point for R&D and product engineering. This decade was characterised by pursuit of proprietary technology and knowledge to enhance Singapore's global competitiveness as an international hub for engineering products and services.

  In 1995, the amalgamation of seven islands was started to create Jurong Island as an integrated chemical hub. DuPont was the first to invest while reclamation was in progress. Today, Jurong Island has more than 60 companies, S$21 billion fixed investments, S$10 billion output and 6,000 workers.

  The beginnings of a world-class education hub started with collaborations by local universities with world-renowned universities such as the Massachusetts Institute of Technology (MIT) and John Hopkins. Seven others, including Insead and Chicago Business School have since opened their Asian campuses or established a presence here.

  An airport logistics park as well as a chemical logistics hub were developed. Together with major logistics players hubbing here, Singapore strengthened its logistics and supply chain capabilities.

  EDB's Venture Capital Industry Programme continued to focus on direct investments in high-growth technology sectors. Today, EDB Investments has invested in over 160 companies and 40 VC Funds worldwide. Singapore became a leading Asian VC hub, with S$11.5 billion under management. The vibrant VC industry, together with the Technopreneurship 21 programme has stimulated the formation of many startups in Singapore today.

  EDB launched an aggressive plan to develop the Biomedical industry. By 2010, Singapore aims to be home to 15 world-class biomedical companies, and the region's centre for clinical trials and drug development. With the Tuas Pharma Park and biotechnology manufacturing coming on stream, the present output is expected to double to S$12 billion by 2005.

Source: Economic Development Board

19 Sep 2001

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