New Managing Director Appointed for Singapore Economic Development Board

The Singapore Economic Development Board (EDB) is set to welcome a new managing director, Mr. Jermaine Loy, starting next year. This transition comes as the current managing director, Ms. Jacqueline Poh, prepares to step down from her role on March 1, 2025. The Ministry of Trade and Industry (MTI) announced this significant change on November 21, 2023, marking a new chapter for the EDB.

Mr. Loy, who will officially take on the title of managing director-designate on January 1, 2025, has an impressive background in public service. He currently serves as the principal private secretary to Senior Minister Lee Hsien Loong and has been with the Prime Minister's Office (PMO) since April 2021. Prior to his role at PMO, he was the senior director of the strategic planning division at the Ministry of National Development, where he played a crucial role in shaping Singapore's land-use policies from August 2017 to March 2021.

Ms. Poh, who has been at the helm of EDB since October 4, 2021, has made significant contributions during her tenure. Under her leadership, the EDB achieved remarkable investment commitments, particularly as Singapore's economy rebounded from the challenges posed by the COVID-19 pandemic. Her efforts led to record investment commitments in 2022, surpassing the targets set by the EDB. This success was achieved despite a global landscape fraught with technological disruptions, tax reforms, and geopolitical uncertainties.

During her time at EDB, Ms. Poh focused on developing key sectors such as the digital economy, artificial intelligence, and sustainability. She also fostered strong relationships with global leaders in various industries, particularly in technology and start-ups. Her leadership has undoubtedly enhanced Singapore's reputation as a global hub for business and innovation.

As Mr. Loy prepares to take over, he is expected to bring his vision and commitment to the EDB, continuing the momentum established by Ms. Poh. The Permanent Secretary for MTI, Dr. Beh Swan Gin, expressed gratitude for Ms. Poh's invaluable contributions and conveyed excitement for Mr. Loy's upcoming leadership.

This leadership transition at the EDB is not just a change in personnel; it represents a strategic move to ensure that Singapore remains competitive in the global economy. With Mr. Loy's extensive experience and Ms. Poh's successful tenure, the EDB is poised to navigate the complexities of the modern economic landscape. As Singapore continues to evolve, the focus on innovation and strategic partnerships will be crucial in maintaining its status as a leading global business center.