The government of Singapore actively encourages foreign investment. The principal investment incentives are consolidated in the Economic Expansion Incentives Act and are administered primarily by the Economic Development Board (EDB) (APEC:1998, SIN-5). EDB was set up in 1961 as a one-stop agency to spearhead Singapore's industrialisation drive through investment promotion in manufacturing. Presently, Singapore is more advanced than any other ASEAN country in its industrialisation and its high technology industries. TNC networks from all over the world have established in this country so that further its economic progress and encourage inflows of trade and investment into the country even more. Being a free economy, Singapore has already liberalised its investment regulations and comprehensively provides investment incentives to both local and foreign investors
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