SINGAPORE: Second Minister for Trade and Industry S Iswaran told Parliament on Monday that the cost of organising each Formula One race is estimated to be at about S$150 million.
In a written response to Non—Constituency Member of Parliament Lina Chiam, the minister said that the government co—funds 60 per cent of approved costs for the race.
In turn, the F1 Singapore Grand Prix has generated about S$150 million in incremental tourism receipts per race, surpassing the original projection of S$100 million per race.
Mrs Chiam had asked for a cost—benefit report on the Formula One Singapore Grand Prix to justify the country’s participation in the event for the next five years.
Mr Iswaran added in his reply that close to 200,000 tourists visited Singapore for the first five races, and that the F1 Singapore Grand Prix has also yielded significant global branding benefits to Singapore.
Cumulatively, more than 360 million television viewers worldwide have followed the first four races.
The statistics for this year’s race are still being compiled.
The extensive international media coverage of the F1 Singapore Grand Prix has also showcased Singapore’s distinctive skyline globally, the minister said, adding that the government expects these benefits to be sustained and the costs to go down in the extended term.
Mr Iswaran also stated the government’s plans to optimise existing infrastructure, become more efficient in race organisation, and benefit from revised terms with the race promoter and Formula One Administration.
The minister also said that the government will continue to explore ways to minimise the public inconveniences that a street race may bring to Singaporeans.
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