Singapore was already an established free trade port by the time of its independence in 1965. But the island lacked natural resources that could enable it to be self-sufficient. Jurong Industrial Park was already established in 1964, and the first company to set up a factory on its premises was National Iron and Steel Mills Ltd.

Following independence, even more effort was put into attracting investments. The Singapore Fair of 1976 was one of many initiatives to showcase the island's potential to would-be investors.