SINGAPORE - Deputy Prime Minister Tharman Shanmugaratnam will take over as chairman of the Economic Development Board's (EDB) International Advisory Council (IAC) with effect from May 1, the agency said on Thursday.

Mr Tharman, who is also Finance Minister, will replace Deputy Prime Minister Teo Chee Hean, who has served as the Council's chairman since 2007.

Under Mr Teo's tenure, Singapore intensified its research and development and innovation-led activities and moved towards a more productivity-driven economy, said the EDB.

Last year, the Council endorsed EDB's "Home" strategy to develop Singapore as a hub for global and Asian companies to drive revenue growth and create more business opportunities.

"We must continually seize new opportunities that will generate sustained growth for our economy, and create many more good jobs for Singaporeans," Mr Teo said in a statement. "I will continue to support EDB's important work as Singapore enters the next phase of economic development, where we need to build on our position of strength and continue to attract high quality investments that benefit Singaporeans."

Mr Tharman said that EDB and Singapore "have benefited greatly" over the past two decades from the Council's insights and recommendations.

"The global economy and technologies are evolving, presenting new opportunities and challenges as we strive for a sustainable growth path that delivers continuing benefits for Singaporeans," he added. "I look forward to engaging the IAC members for their insights as we chart Singapore's future economic strategies."