It’s official: Trump-Kim summit will cost Singapore about $20mil to host ??
North Korean leader Kim Jong Un and United States President Donald Trump both touched down in Singapore on yesterday, June 10th.
For a summit that was planned months before.
This summit is significant because this is the very first time both Trump and Kim are meeting each other. This summit also lays out the possibilities that could impact the security of not only the Korean peninsula, but also the rest of the region and world. At this summit, the two leaders are expected to address the complete denuclearisation of the peninsula and possibly declare an end to the Korean War, which has been going on for nearly seventy years.
The summit is the first of its kind, for it is setting in motion a series of events that could have lasting global ramifications.
Prime Minister Lee Hsien Loong also said that the bill for hosting the historic Trump-Kim summit will come up to about $20 million. He added that this is Singapore’s contribution to an international endeavour that is “in our profound interest”, as cited by The Straits Times.
“It is a cost we are willing to pay,” he said, adding that security costs would account for about half that figure.
Like most investors, we’re wondering will this bring a positive or negative effect to our stock market and economy?
Besides the security bill, another substantial part of the costs is from facilitating the 2,500-strong contingent of journalists here. The Straits Times reported that this – including the set-up of the international media centre at the F1 Pit Building – comes in at around $5 million.
There also have been a tightening of security and enforcement throughout Singapore for this summit in particular.
How will this affect Singapore’s economy and stock market?
To give some context, Trump has been the president of the USA since 2016.
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