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Singapore 2006 and IMF-World Bank Group put Singapore on world map
For months, Singapore has been preparing for the biggest and most prestigious event to come to town. Roads have been upgraded, key areas landscaped, buildings spruced up. Singapore has never looked greener or better than it does today.
Its four million residents have also been asked to put on their best smiles in a campaign, ‘Four Million Smiles’. Taxi drivers have been trained to speak well, and dress up.
All these to showcase Singapore as a premier leisure and MICE destination to the high-level delegates and visitors who will be arriving here to attend the various meetings that make up the Singapore 2006 International Monetary Fund (IMF) and World Bank Group Boards of Governors Annual Meetings.
The biggest high-level event in Singapore’s history
About 16,000 delegates from 184 countries are expected to gather in Singapore from 13 to 20 September to attend the Annual Meetings and other events collectively named Singapore 2006.
What is Singapore 2006 made up of?
• Singapore Biennale, the nation’s first visual arts festival
• G7, G10 and G24 Finance Minister Meetings
• Raffles Seminar
• Programme of Seminars
Singapore 2006 is expected to draw 16,000 delegates and visitors
• 3,500 official delegates including finance ministers and heads of central banks, and senior government officials from 184 countries
• 5,000 key decision makers and senior executives from global financial situations, commercial enterprises and non-governmental organisations
• 1,000 management and staff from the IMF and World Bank Group
• 4,000 visitors including spouses, accompanying guests, artists and arts enthusiasts
• 1,600 international media
Singapore 2006 will see the gathering of:
• 400 finance ministers and central bank governors
• 70 international and regional organisations
• 300 think-tanks and civil society organisations
• 30 heads of key international financial institutions
The government, private and people sectors have been working together closely to ensure that the event is a success and Singapore is showcased to the world.
Over 8,000 public officers have been engaged to organise and operationalise this event. Private sector partners have contributed about S$20 million in kind and services to support this event.
Volunteers comprising students and public officers will help with ushering, administrative support, general enquiries and more. Singaporeans from all walks of life have participated in the ‘Four Million Smiles’ campaign to welcome the delegates to our shores.
All eyes will be focussed on Singapore this month, especially with around 1,600 international media congregating in Singapore to cover the various meetings and events.
A great economic boost
To ensure that we put our best foot forward, the Singapore government has set aside a budget of S$135 million to organise and host Singapore 2006, and the economy is estimated to retain S$59 million of that through various government procurement contracts and job creation.
The event is expected to generate around S$50 million in tourism receipts with this influx of visitors and about S$36 million is estimated to be retained within Singapore’s economy.
With many private banking and financial meetings held by participating financial institutions during this same period, an estimated S$10 million is expected to be generated from these peripheral business events.
The Singapore economy will be boosted by an estimated total spin-off of S$95 million from tourism receipts, business and government spending.
The benefits of high-level networking
For the business and financial sector, Singapore 2006 provides a valuable platform for the exchange of ideas, cultivating relationships and securing business contracts.
The convergence of key decision and policy makers as well as heads of the international banking and financial sector will be a great boost for the economy.
'Singapore’s economy will benefit exponentially from business deals resulting from the networking opportunities presented by the congregation of major players in the financial industry,' said Mr Aloysius Arlando, Assistant Chief Executive of Singapore Tourism Board (STB) Business Travel and MICE Group.
Showcasing Singapore’s MICE capabilities to global audience
Beyond the immediate financial gains, the STB’s Deputy Chairman and Chief Executive, Mr Lim Neo Chian, revealed that the Annual Meetings create a golden opportunity to galvanise the entire country towards a common goal.
That goal is to demonstrate Singapore’s capabilities in the lucrative Meetings, Incentive Travel, Conferences and Events (MICE) sector. The Annual Meetings will raise Singapore’s profile and brand equity as a global business exchange capital and leisure destination.
The opportunity to position Singapore as a leading financial centre and showcase its well-established infrastructure will hopefully attract more financial institutions to choose Singapore as their base for activities in the region.
Other global institutions may also be keen to transfer more functions to Singapore, set up new operations here or beef up existing operations.
Said Mr Lim: ‘Everyone’s behind it. A lot of work has gone into it. It’s helping us focus on the upgrading of skills across all sectors. And, if you do it once, you essentially will have the experience to run other similar events.'
Find out more about Singapore 2006
Other stories about Singapore 2006 in this issue
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