I congratulate the Kallang Alive Sport Management, Singapore Tourism Board and other authorities for successfully securing an unprecedented six-day run of American pop star Taylor Swift’s concerts here from March 2 to 9 (Taylor Swift wooed by S’pore before overseas dates were lined up, Feb 24).

It was reported that Singapore had offered subsidies of up to US$3 million (S$4 million) for each concert here, the only South-east Asian stop of her tour.

Some people have criticised the grants for being given to a foreign singer to hold concerts here and have called for help to be given to local performers. 

Swift’s four days of concerts in Japan generated an economic impact estimated at over 34 billion yen (S$309 million).

Her US concerts are expected to provide a US$4.6 billion boost to the economy, larger than the gross domestic product of 35 countries. 

These are very significant figures and are the reason many countries try hard to woo Swift to hold concerts in their land. 

I am glad Singapore had the foresight, determination, can-do attitude, first-class infrastructure and financial resources to clinch the deal. 

The economic returns here are estimated to be worth up to $500 million, a figure many times the initial investment cost.

This is a feat that even an experienced fund manager cannot hope to achieve in his lifetime. 

The economic benefits generated will be felt in many different sectors, especially the hospitality industry. 

I believe that with the extra income, the relevant ministries will be able to fork out higher grants to our local arts and cultural groups.

I hope that Singaporeans will extend our warmest welcome to Swift and her fans thronging Singapore in the next two weeks. Hopefully, they will enjoy their stay here and return soon.

Foo Sing Kheng