An association of South Korean residents and students in Singapore on Monday expressed hope that the June 12 summit between leaders of North Korea and the United States in the city-state will lead to permanent peace and a trade boom on the Korean Peninsula.

Noh Chong-hyun, chairman of the Korean Association in Singapore, which represents over 20,000 South Korean nationals there, said he and other association members have high expectations for a lasting peace regime on the Korean Peninsula following the announcement of Singapore as the venue of the historic meeting of US President Donald Trump and North Korean leader Kim Jong-un.

Noh also said overseas Korean businesspeople worldwide are expected to play an important role in expanding inter-Korean economic cooperation projects in the future.

"We'll closely watch the results of the summit talks. We wish to see a lot of new trade opportunities for nationals of the two Koreas after the summit," Noh said in a telephone interview with Yonhap News Agency.

A South Korean business executive in Singapore also said he and other overseas Korean businesspeople have huge expectations for the North Korea-US summit due to potential future business opportunities.

"Dwindling fears over South Korea and North Korea's nuclear weapons will help reduce trade risks. Thus it will lead to brisker trade between South Korea and the rest of the world," the executive predicted.

Bong Se-jong, representative of the Korean Chamber of Commerce in Singapore, said the upcoming Kim-Trump summit is the biggest concern among South Korean nationals in the entire Southeast Asian region.

"I wish the summit will again highlight the importance of Singapore as a bridge between the East and the West," Bong said.(Yonhap)