In 1961, the Economic and Development Board (the EDB) was formed to spearhead Singapore's industrialisation and earthworks for the construction and development of Jurong's industrial estate began in that same year. A year later, in 1962, the then-finance minister of Singapore, Dr Goh Keng Swee, helped to lay and set the foundation stone for the newly established National Iron and Steel Mills, the first factory in the new industrial estate (the factory has since been renamed to become NatSteel and the company is now a subsidiary of Tata Steel of India). At that time, many Singaporeans doubted the chances of success concerning Dr Goh's ambitious plan to develop the area for industrialisation and gave it the unflattering nickname of "Goh's Folly". They were quickly proven wrong, however, as 24 factories (of various types) were soon established in 1963. In May 1965, Jurong Port became operational.