SINGAPORE – Mr Jermaine Loy will take over as managing director of the Singapore Economic Development Board (EDB) on March 1, the Ministry of Trade and Industry (MTI) announced on Nov 21.

Prior to this, on Jan 1, Mr Loy, who is currently the principal private secretary to Senior Minister Lee Hsien Loong, will be appointed as managing director-designate.

He will also be appointed as a member of the EDB board from March 1.

Before joining the Prime Minister’s Office, Mr Loy was the senior director of the Strategic Planning Division at the Ministry of National Development from August 2017 to March 2021. He oversaw planning and policies related to Singapore’s land-use needs.

He also held various positions at the Ministry of Health and the Ministry of Trade and Industry, and serves on the Board of the Maritime and Port Authority of Singapore.

Mr Loy will succeed Ms Jacqueline Poh at EDB, who will step down from the position and join MTI as Deputy Secretary (Industry) with effect from March 1. She will remain as a board member (ex-officio) with EDB until she steps down.

“In her three-year tenure as MD (managing director) of EDB, Ms Poh led the organisation to achieve strong investment commitments as Singapore’s economy recovered from the Covid-19 pandemic,” MTI said in its press release.

This included record investment commitments in 2022, which surpassed EDB’s targets.

“These accomplishments came amid a challenging global operating environment marked by technological disruption, global tax reforms, and geopolitical uncertainties impacting business decisions,” it added.

Under Ms Poh’s leadership, EDB also worked closely with partner agencies to develop areas such as the digital economy, artificial intelligence and sustainability.

“Ms Poh also strengthened Singapore’s presence in key international business fora, and deepened EDB’s relationship with global leaders in key industries and corporations, especially in the technology and startup space,” MTI said.

The ministry’s permanent secretary, Dr Beh Swan Gin, thanked Ms Poh for her contributions to EDB, noting these “have enhanced Singapore’s position as a global centre for business, innovation and talent”.

“We welcome Jacqueline to MTI and look forward to working with her in her new capacity,” Dr Beh said.

“We are also excited for Jermaine to bring his vision, passion and commitment to EDB, so that EDB continues to forge ahead with strategies that will bring about transformative change and strengthen Singapore’s economic competitiveness.”