In a significant move aimed at enhancing Singapore’s economic landscape, the Economic Development Board (EDB) has announced the appointment of Mr. Jermaine Loy as the new managing director, effective March 1, 2025. This change was confirmed by the Ministry of Trade and Industry (MTI) on Thursday, November 21.

Mr. Loy, who will assume the role of managing director-designate on January 1 next year, is set to succeed Ms. Jacqueline Poh. Poh is transitioning to a new position as deputy secretary (industry) within MTI, also effective March 1, marking the end of her impactful three-year tenure at the EDB.

Currently serving as principal private secretary to Senior Minister Lee Hsien Loong, Mr. Loy joined the Prime Minister's Office (PMO) in April 2021. Prior to his role at PMO, he made notable contributions as the senior director of strategic planning at the Ministry of National Development from August 2017 to March 2021. There, he played a key role in shaping policies around Singapore's critical land-use requirements. Additionally, Loy has held various influential positions in the Ministry of Health and MTI and is an active board member of the Maritime and Port Authority of Singapore.

Upon his appointment, Loy will also join the EDB board, while Ms. Poh will maintain her position as a board member until her official transition to MTI.

Reflecting on Ms. Poh's tenure, the MTI emphasized her significant achievements in steering the EDB through challenging times. Under her leadership, the EDB experienced a remarkable resurgence as Singapore's economy rebounded from the disarray caused by the COVID-19 pandemic. In fact, she oversaw a record in investment commitments in 2022 that exceeded the EDB’s ambitious targets, a feat celebrated amidst a backdrop of technological shifts, global tax reforms, and geopolitical uncertainties that have influenced business operations globally.

As Singapore prepares for this leadership transition, the business community watches closely, eager to see how Mr. Loy's strategic vision will shape the future of the EDB and further bolster Singapore's position as a global investment hub. How will his insights and experiences from his previous roles contribute to navigating the evolving economic landscape? Stay tuned as this story develops!