Clause 5

The functions of the Board are —

to stimulate the growth, expansion and development of the Singapore economy;

pursuant to paragraph (a), to formulate investment promotion policies and plans, and promotional incentives and strategies;

to promote, facilitate and assist in the development of support industries and services which provide important parts, components and related services to the manufacturing and services sector;

to encourage foreign and local industries to upgrade their skill and technological levels through investment in technology, automation, training, research and product development activities;

to support the development of local entrepreneurs and small and medium enterprises and to assist local enterprises to expand and upgrade their operations;

to provide or support training in skills required for the development of the Singapore economy;

to identify key enterprises and encourage them to establish their international headquarters in Singapore and undertake a wide range of international service and business activities; and

to exercise or perform any function or duty conferred upon the Board under any other written law.(2) In addition to the functions imposed by this section, the Board may undertake such other functions as the Minister may assign to the Board, and in so doing —

the Board shall be deemed to be fulfilling the purposes of this Act; and

the provisions of this Act shall apply to the Board in respect of such functions.(3) Nothing in this section shall be construed as imposing on the Board, directly or indirectly, any form of duty or liability enforceable by proceedings before any court.”.