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IMF-WB Annual Meetings to Generate S$200 million in Spending

PRESS RELEASE
6 September 2006

IMF-WB Annual Meetings to Generate S$200 million in Spending

Spire Research & Consulting estimates that the long-anticipated Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group about to take place in Singapore will generate S$200 million in spending on goods and services, as well as a host of other intangible benefits. 

In recent months, excitement has been buzzing in this city-state in lieu of its status as the host city of the largest and most comprehensive gathering of global financial representatives in the world, held outside the group’s Washington, D.C. base every third year.

Singapore is gearing up to welcome some 16,000 delegates and visitors from 184 countries with 4 million smiles, with good reason. Hosting the event is a fiercelycontested honour among first-tier cities around the world and a chance to enhance the chosen city’s global profile.

“Our analysis suggests that the IMF-WB meeting will create spending of S$200m on goods and services in Singapore,” commented Koh Ee Mei, Spire’s Project Management Director. “Netting off the government spending component which is approximately S$100 million, which amounts to new sales of goods and services in Singapore of another S$100 million as a result of the IMF-WB event. This is 4% of the total business spending from EDB-facilitated services investments in Singapore in 2005. However, this is vastly outweighed by the undisputed advantages of showcasing Singapore’s MICE capabilities to the world.”

Spire has estimated the direct economic gains from the 10-day annual meet. Interesting highlights include:

The 16,000 delegates and visitors are likely to inject S$30 to S$50 million in terms of personal spending in shopping, sightseeing, entertainment, medical, food and beverages, as well as local v transportation outside of the main event.

Hotel and accommodation billings are projected to reach a further S$30 million.

Approximately 90% for room rates.

Remaining 10% for hotel facilities such as laundry, room and telecommunication services.

Organizers have reported the estimates of staging this event at S$130 million, out of which 44 partners, including 30 home-grown local brands, have chipped in S$30 million worth of services and gifts.
 

PICO has a S$20 million contract to construct more than 1,000 temporary offices to be set up within Suntec.
 

A S$10 million partnership between Singapore 2006 and BMW Asia and Performance Motors offers 545 BMW limousines, worth an estimated S$150 million, to ferry the heads of delegates; inclusive of maintenance, chauffeurs, petrol, and other such expenses.

Suntec Singapore has spent S$10 million in a facelift in preparation for its role as host to the IMF-WB event.

S$2 million worth of voice communication solutions is provided by Alcatel.

S$2 million worth of network infrastructure is set up by Cisco Systems.

Media and advertising agencies rake in about S$1.5 million including designing of logo and collaterals, advertisement placements and media agency fees.

Although the total immediate economic dollars add up to less than two percent of Singapore’s annual GDP, it is the intangible gains that Singapore really covets and will benefit from in the long term.

The IMF-World Bank Annual Meeting is touted as the single, largest-scale affair in Singapore’s event hosting history. Antecedent events such as the 117th International Olympics Committee Session last year and the World Trade Organisation Ministerial Conference in 1996, each welcoming just over 5,000 delegates and visitors, hardly came close to the enormity of this year’s meet. This is much bigger than simply an IMF-WB meeting – in addition, there will be a series of business seminars and fora including more than 300 bilateral and private sector meetings, and an exclusive dialogue session among senior government leaders, global experts and CEOs from Fortune 500 companies.

Singapore expects to fork out a hefty price tag but it is considered a sound investment with long-term benefits for Singapore and the region. That Singapore is hosting an event of such worldwide importance reflects the country’s position as an established MICE location. The IMF-WB Annual Meeting is a platform for Singapore to showcase its event-hosting abilities, business and tourisminfrastructure, as well as Singapore companies and local brands of products and services, such as OSIM, SingTel, Trek 2000 International and Taka Jewellery. Even longer-term intangible benefits to the Singapore brand and its international standing include its reputation among leading government and private sector opinion leaders, as well as the boost to the tourism and MICE industries. 

It has been nine long years since the IMF-WB was last held in Asia (Hong Kong). The spotlight is now on Singapore to draw the world’s attention back to region.

Annex 2 – Figures for the IMF-WB Annual Meeting 2006 

About Spire Research and Consulting
Spire Research and Consulting is Asia’s leading strategic market intelligence consultancy. Spire’s competitive advantage lies in its ability to deliver to its clients actionable intelligence on the external business environment in support of their strategic decision-making in marketing and business development. Spire is one of the few companies in its industry to be headquartered in Asia. Spire’s clients include over 20 Fortune 500 organizations as well as Government agencies in nine countries. Spire has undertaken multiple projects for Hewlett-Packard, Yamaha Motor, Black & Decker, LG Chemical, Thomson Multimedia and Panasonic, among others. For more information, visit us at www.spireresearch.com.

For media enquiries, please contact:
Deborah Lee
Spire Research and Consulting

Phone: (65) 6327 6131
E-mail: deborah@spireresearch.com

Ronald Wong
Fleishman Hillard

Phone: (65) 6424 6386
Email: wongr@fleishman.com

William Chia
Fleishman Hillard

Phone: (65) 6424 6387
Email: chiaw@fleishman.com

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