"We are developing a strategy for Singapore as a brand," said Karthik Siva, O&M strategic planning director on the EDB account.
"The whole assignment is about positioning Singapore as a country so it can attract investment across six key clusters," consisting of medical sciences, chemicals, electronics/precision engineering, transport/logistics and information/communications/media as well as services. The ultimate aim is to attract multinationals to locate their regional headquarters in Singapore, he added.
Karthik said Singapore faced a challenge from China in attracting foreign investment.
But he stressed that Singapore had its strengths in its developed infrastructure, a population proficient in English and a good legal system.
Singapore's foreign direct investment totalled US$111 billion in 2000, however, analysts believe the amount dropped last year because of the global economic downturn. "It may have been slow to pick up this year," said David Cohen, regional director of forecasting at MMS International.
The EDB had given O&M a 17-month contract with the option to renew for another 12 months to March 2005.
O&M won the business in a shoot-out against J. Walter Thompson and incumbent Dentsu Young & Rubicam.
The work involves creating local campaigns targeting Singapore businesses and entrepreneurs as well as campaigns for the European, Japanese and North America markets aimed at multinational companies and small-to-medium enterprises.
The campaigns will include print ads as well as direct and interactive marketing.
O&M's design company Design Direct will also create collateral materials: newsletters, brochures, greeting cards and corporate bags.
Media will be handled by MindShare.