Singapore vows to continue hosting F1 Grand Prix – Transport Minister

Photo via Singapore Grand Prix

Good news for Formula One enthusiasts in Singapore as the Transport Minister says discussions with Formula One management and race organisers Singapore GP on a new contract are ongoing, despite the cancellation of this year’s race owing to the Covid-19 pandemic.

Minister S. Iswaran said at a press conference that Singapore is in talks to host the F1 Singapore Grand Prix again in 2022, adding that Covid-19 has wreaked havoc on the country’s tourism and lifestyle sectors, with many events, including the past two editions of the F1 race, being cancelled or postponed.

He admitted that such events provide major economic benefits and global branding value for Singapore, as well as increasing foreign demand and supporting job creation and company development in the country.

Since its inception in 2008 at the Marina Bay street circuit, the race weekend has generated approximately $130 million in tourism receipts.

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“A phased reintroduction of such international events is likely, with necessary precautions in place when Covid-19 limitations loosen and Singapore’s borders reopen” stated Iswaran.

The Singapore Tourism Board and the Ministry of Trade and Industry collectively contribute 60% of the $135 million race expenditures, with event promoters Singapore GP covering the rest.

SOURCE: Straits Times

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