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SINGAPORE : The Singapore government now expects to spend S$387 million on the inaugural Youth Olympic Games (YOG) - a three-fold increase from initial estimate of S$122 million in 2008, when the republic won the bid to host the Games.
The Ministry of Community Development, Youth and Sports (MCYS) explained the YOG Organising Committee is working with the International Olympic Committee (IOC), 26 international sports federations and 205 national Olympic committees for the competitions to run at the highest international standard.
This, it said, necessitated certain revisions in the specifications, scale and scope of the Games.
Niam Chiang Meng, Permanent Secretary for Community Development, Youth and Sports said: "In fact, the IOC used the term co-construct, to say let's work together and come out with a new Games. So on that basis, we were able to put a figure of what we think is the estimate at that point of time.
"Now that the requirements have all been spec-out, we know there is the revised scale, scope and specifications and the new budget."
Organisers said the figure could not be confirmed earlier as many contracts were only recently sealed.
MCYS said of the S$387 million, S$260 million worth of contracts were awarded to local companies such as CityNeon Holdings and Pico Global Service - both for events and exhibition services.
Other local companies who were awarded contracts include Comfort-Delgro, Singapore Food Industries, Select Group, CISCO, NCS and Purechem Veolia.
The extra expenditure will be borne by the government as 90 per cent of the sponsorship figure of S$50 million is in-kind.
As service providers to the YOG, the ministry said local companies will be given a global platform to showcase and enhance their capabilities and track records.
This will enhance their brand and industry standing, and provide them an added advantage when they compete to win contracts here and in international markets.
The ministry said Singapore will be seizing this once-in-a lifetime opportunity to raise the international profile of the country through the Journey of the Youth Olympic Flame in all five continents, and broadcasting the Games 'live' to a worldwide audience.
It said the value of YOG and Singapore' exposure in local and international news coverage is estimated to be in excess of S$86 million.
This enhanced profile of Singapore will make the country better known to the world at large, opening up opportunities for Singapore businesses and Singaporeans.
The YOG is also expected to attract an estimated 40,000 foreign visitors and tourism receipts of about S$57 million.
MCYS said this will benefit many sectors of the Singapore economy such as hotels, F&B, entertainment, retail and transportation.
Details of the Olympic Torch route were also released.
The six-day event will be divided into stages covering the entire island. - CNA /ls
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