 The Economic Development Board had been set up in 1961 to formulate and implement national economic strategies , focusing on promoting Singapore 's manufacturing sector . Industrial estates were set up , especially in Jurong , and foreign investment was attracted to the country with tax incentives . The industrialization transformed the manufacturing sector to one that produced higher value @-@ added goods and achieved greater revenue . The service industry also grew at this time , driven by demand for services by ships calling at the port and increasing commerce . This progress helped to alleviate the unemployment crisis . Singapore also attracted big oil companies like Shell and Esso to establish oil refineries in Singapore which , by the mid @-@ 1970s , became the third largest oil @-@ refining centre in the world . The government invested heavily in an education system that adopted English as the language of instruction and emphasised practical training to develop a competent workforce well suited for the industry . 
