DEPUTY Prime Minister Lawrence Wong will replace Tharman Shanmugaratnam as chairman of the International Advisory Council (IAC) of the Singapore Economic Development Board (EDB).

Wong, who is also Minister for Finance, will take over the role with effect from Saturday (Jul 8), EDB said in a statement on Friday.

EDB also said that Wong will chair the IAC’s 21st meeting, which is set to take place in November.

The announcement comes a month after Tharman said that he will contest in Singapore’s next presidential election. Tharman, who is Senior Minister and Coordinating Minister for Social Policies, has been chairman of the IAC since 2014.

The council was set up by EDB in 1994. It includes 16 members who lead global business organisations across a range of industries and geographical regions.