EDB moves from being investment-led to innovation-driven

Singapore

ONE of Singapore's oldest government agencies is reinventing the way it does things in a bid to keep pace with digital disruption and mould Singapore into Asia's digital capital.

The Economic Development Board (EDB), set up in 1961 to undertake investment promotion and bring foreign companies into Singapore, is pivoting from its long-time strategy of being "investment-led" to being "innovation-driven".

It is no longer focused on just attracting multinational corporations (MNCs) to invest and set up base in Singapore, but will now also nurture digital capabilities in local large en…