How Singapore has benefited from the Trump-Kim summit
SINGAPORE is estimated to have gained over US$500 million in exposure as a result of hosting this week’s Trump-Kim summit, according to media intelligence analyst Meltwater.
The talks on June 12 between US President Donald Trump and North Korean leader Kim Jong Un edged the world closer to denuclearization.
The negotiation also played an important role in establishing Singapore on the world map.
Many people already know Singapore is an island nation near the Malaysian peninsula.
But there are few, including the press team at the US Department of State, who think it’s actually in Malaysia.
However, thanks to the meeting, millions of people now know where Singapore is, as the query to its whereabouts was the most Googled search on the day.
“It places Singapore on the map for international audiences,” Singapore Tourism Board executive director of communications and marketing capability Oliver Chong told Reuters.
Meltwater estimates the recent focus on Singapore created a 38-fold return with help from tourism, retail, and media exposure.
But it’s not all profit.
Singapore spent a considerable amount to match the summit requirements.
According to The Straits Times, around US$7.4 million was spent on security for the event, which included a no-go zone around Sentosa’s Capella Hotel where the meeting took place.
An additional US$3.7 million was spent on media costs and undisclosed expenses.
However, Singapore Prime Minister Lee Hsien Loong told local press on Sunday it was a cost they were willing to pay and that it was “for a good cause.”
While the media exposure value doesn’t translate to cashable money, analysts agree there’s potential profit to be made in the future from the legacy of the Trump-Kim summit.
Twitter is a significant player in the ongoing buzz following the historic meeting. Approximately four million Trump-Kim related tweets were published between June 1 and June 13 and #TrumpKimSummit is still trending now.
Also, according to The Straits Times, Kim Jong Un’s tour of Marina Bay Sands made the front pages of many newspapers, and the Singapore skyline appeared on many news bulletins, including that of late-night talk show host Trevor Noah.
The exposure could mean a boost in tourism and investments for the nation.
And Singapore Polytechnic retail and marketing lecturer Lucas Tok predicts tourism will grow thanks to the meeting. He told The Straits Times, “usually, after a place has received some traction, visitor numbers tend to go up in the next few months.”
If you’re thinking of visiting Singapore, perhaps you’d want to stay in the now famous Capella Hotel. But you’re still not entirely sure with the tiny island nation is, don’t panic.
Look for the Malaysian peninsula that sticks out of southern Thailand and right at the very bottom is a little red dot; that’s Singapore.