US President Donald Trump and North Korean leader Kim Jong Un seem like the kind of guys who would excuse themselves to the restroom right before the dinner bill arrives.
But luckily for Singapore, the tab for our share of the summit came in under budget at S$16.3 million, according to the Ministry of Foreign Affairs in a statement made yesterday. A huge portion of the expenditure went towards security, which isn’t at all shocking considering that two of the world’s most high-profile leaders were in town.
The ministry had previously expected to dole out S$20 million, according to Prime Minister Lee Hsien Loong. But government officials seemed to agree that footing the bill would be a good investment for Singapore.
“It is a cost we are willing to pay,” said Prime Minister Lee Hsien Loong, at a press conference before the summit, calling it Singapore’s contribution to an international endeavor that was “in our profound interest.”
Speculation about which country would pay for North Korean leader Kim Jong Un’s tab popped up in headlines in the days leading up to the summit. In the end, the finalized $16.3 million bill also included North Korean leader Kim Jong Un’s hotel stay at the very upscale St. Regis.
“It’s hospitality that we would have offered them, and as Chairman Kim said yesterday, he would have liked to have come to Singapore anyway, with or without the summit,” Foreign Minister Vivian Balakrishnan told the BBC.
But business experts are saying that the $16.3 million we put in was probably worth it, according to The Straits Times. A media analyst estimated that the summit brought Singapore $700 million worth of exposure thanks to the summit.
Media intelligence firm Meltwater noted to ST that the country itself and its businesses got three days of free international advertising from the non-stop news coverage of the summit, making it a real bargain.
“The fact that a small country like Singapore could be the focal point of global attention for so many days will do no harm to the Singapore brand, and there will be flow-down benefits to Singapore companies and individuals on the international stage,” said Nicholas Fang, director of security and global affairs at the Singapore Institute of International Affairs.
The outcome of the landmark meeting between the two leaders, however, is a bit more questionable. The summit concluded quite strangely with the signing of an irresolute agreement, a propaganda video produced by the White House, and a long, meandering press conference filled with puzzling comments by Trump. Though Kim did pledge to work towards abandoning its nuclear arms efforts, it’s important to note that we’ve been down this road before six times across the past couple of decades.
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