 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.
