Teo Ming Kian to Step Down as Chairman, Economic Development Board

TEO MING KIAN TO STEP DOWN AS CHAIRMAN, ECONOMIC DEVELOPMENT BOARD

Mr. Teo Ming Kian will be stepping down as Chairman, Economic Development Board (EDB) with effect from 1 October 2006.Mr Lim Siong Guan, currently Deputy Chairman, EDB will take over as Chairman on the same day.

Mr. Teo was appointed Chairman, EDB on 1 February 2001, after serving as Co-chairman since 1 August 2000. He had previously served as Executive Chairman of the National Science and Technology Board (NSTB) and Permanent Secretary in the Ministry of Communications and Ministry of Defense.

During his tenure at EDB, he was instrumental in building on the strengths of the existing industries and encouraging companies to integrate their entire value chain in Singapore. Some 22,000 jobs have been created annually by investment projects that EDB had secured from 2001 to 2005. On average, investment commitments contributed more than S$10 billion in total value-added per annum to Singapore’s Gross Domestic Product during this period. Pushing the bar even higher, he set a bold vision for EDB to double its manufacturing output and manufacturing value-added by 2018.

Mr Teo spearheaded new areas of economic growth such as interactive and digital media, environmental and water technologies, alternative energy and education. The geographical scope of investment promotion efforts was also enlarged to include Asia Pacific and the Middle East. Under Mr. Teo’s leadership, the enterprise scene in Singapore grew and became a more vibrant ecosystem in which local and foreign start-ups, as well as large and small enterprises complemented and created value for each other. The most obvious outcome of this initiative has been the launch of a very successful annual event, Global Entrepolis @ Singapore, which last year attracted participants from over 60 countries.

Mr. Teo was committed to building a learning organization in EDB and investing in the capabilities and skills of its officers. EDB launched several programmes like Business Management Programme, and the Firefly Leadership Development Programme in partnership with other MTI agencies.

Mr. Teo will assume the post of Permanent Secretary (Finance) with effect from 1 October 2006. He will continue to hold the post of Permanent Secretary of National Research and Development in the Prime Minister's Office. He is also a Board Member of the National Research Foundation (NRF).

MTI and EDB thank Mr. Teo for his stewardship and numerous contributions to EDB and the growth of the Singapore economy.

MINISTRY OF TRADE AND INDUSTRY
ECONOMIC DEVELOPMENT BOARD
28 SEPTEMBER 2006