Is It Worth Spending About S$20 Million For The DPRK-US Summit?
From a business perspective, there’s a cascade of benefits for us in hosting the historic Summit.
Spending about S$20 million to put Singapore on the world map is definitely worth it.
Some of the benefits are as follows:
1. Earning trust and respect
Hosting the Summit in Singapore speaks volume of our image and standing in the global community.
Such social capital can be more powerful than economic and other capital to improve and strengthen trade and commerce.
2. Publicizing our pro-business environment
As a country without any major natural resources, we have developed farsighted pro-business infrastructures, plans, systems and processes.
And we provide effective support and services to entrepreneurs, investors, customers, and other key stakeholders.
All these and other strengths can help us attract more foreign direct investments, enterprises and tourists to our country.
Through the Summit, we have a good opportunity to showcase our pro-business environment.
Our foreign guests will be able to experience first hand some of the advantages that have helped Singapore achieve high rankings in many international benchmarking studies.
3. Promoting our business ecosystems and partnerships
Singapore was chosen to host the Summit not just because we serve good kopi and teh tarik.
We are known to be credible, trustworthy and principled brokers, and we are discreet in our dealings.
In addition, we have built a healthy relationship with both the US and DPRK.
We have also built positive bilateral and multilateral relationships, and signed free trade agreements with many countries.
Our image and initiatives can help entrepreneurs and investors better connect, collaborate, and co-create solutions in an increasingly interconnected and interdependent world.
In doing so, we can position Singapore as a hub and spoke, and router and connector for global trade and commerce.
We can rise beyond our physical and other limitations and turn the world into our hinterland and marketplace.
4. Demonstrating our safety and security
The choice of Singapore as venue for the Summit is a recognition of our image and track record for being a safe and secure country.
Singapore is ranked number 1 for order and security in The World Justice Project’s Rule of Law Index 2017-2018.
We are also the world’s safest city according to the 2017 Global Smart City Performance Index.
Being recognized as a safe and secure place can help us attract foreign enterprises, entrepreneurs, investors, and visitors to live, work, learn, and have fun in Singapore.
5. Winning hearts and minds
By hosting the historic Summit, we can demonstrate that we are a responsible member of the global community.
And earn greater respect for contributing to peace-making processes and hopefully, for bringing about world peace.
With a more peaceful and secure world, we can better achieve prosperity and progress for our nation.
In conclusion, let’s do whatever we can to make the Summit a rousing success.
Help our foreign guests enjoy a great and memorable time here.
And put Singapore on the world map for everything great and beautiful.
I hope this message will find a place in your heart.
By the way, I have also recorded other reflections.
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