The bill for hosting the historic Trump-Kim summit will come up to about $20 million, said Prime Minister Lee Hsien Loong, adding that this is Singapore's contribution to an international endeavour that is "in our profound interest".
"It is a cost we are willing to pay," he said on Sunday, adding that security costs would account for about half of that figure.
summit on Tuesday, the first between a sitting United States President and a North Korean leader, has the potential to set developments on the Korean Peninsula on a new path, said PM Lee.
"From our point of view it's important that the meeting take place, and that the meeting sets developments on a new trajectory - one that will be conducive to the security and stability of the region."
PM Lee was speaking to Singapore media on the sidelines of a
visit to the international media centre at the F1 Pit Building. He earlier visited the Singapore Armed Forces troops deployed at Palawan Kidz City on Sentosa, and the Home Team command post.
The summit will take place at the
Capella Hotel on the resort island.
The prime minister noted that the summit is a very major operation, due to - among other things - its scale, the
number of journalists arriving to cover it and the level of security required.
"The officers have done a good job under very pressed circumstances," he said, pointing to the short notice given to prepare for the meeting. It was only just two weeks ago that it was confirmed that the summit was going ahead.
not easy to find a suitable location to host such a meeting, observed PM Lee, as both parties must agree on a venue that meets their requirements and is both politically and diplomatically acceptable to them.
"Therefore, when the two sides asked us to host the meeting, we cannot say no," PM Lee said. "We have to step up...we can do a good job."
The summit is a plus for Singapore, he added.
"It gives us publicity. The fact that we have been chosen as the site of the meeting - we did not ask for it, but we were asked and we agreed - says something about Singapore's relations with the parties, with America, with North Korea, also our standing in the international community."
Singapore is one of the few countries that have diplomatic relations with both sides.
PM Lee also said Singapore might be able to recoup some of the costs of hosting the summit.
Asked to elaborate, he replied: "If you calculate the price of everything in this world, you will miss out on the real important things. And in this case what is important is that the summit is held, and we are hosting it, not extravagantly but with due consideration to costs, but making sure operational requirements are met."
A source from the Ministry of Communications and Information says that the cost of facilitating the 2,500-strong contingent of overseas media, including the set up of the media centre, is around $5 million. Some of this will be recouped.
PM Lee also said Singapore has "made sure to see to the details and the big picture", citing how the Home Team has found Korean speakers among its ranks to help with summit preparations.
Both US President Donald Trump and North Korean leader Kim Jong Un are due to arrive in Singapore on Sunday.
PM Lee will have a
bilateral meeting with Mr Kim, who is Chairman of North Korea's State Affairs Commission, on Sunday.
He will have a
bilateral meeting with Mr Trump on Monday.