Government optimistic a deal to continue hosting F1 will be reached soon

Second Trade and Industry Minister S Iswaran says he's optimistic a deal will be reached for the country to continue to host the F1 night race. 

This year marks the completion of Singapore's first five-year contract to host the Formula One Grand Prix races 

Mr Iswaran said talks among the Singapore GP, Formula One Management and the government, are in the last stages. 

But he does not want to pre-empt an outcome. 

Mr Iswaran was speaking to reporters after hosting a group of underprivileged children at the Formula One village.

He said the various parties involved in the talks have their own desired outcome and are working to sort out a mutually beneficial outcome. 

Any decision on Singapore's part, he said, will have to be in the long-term interest of the country. 

Mr Iswaran said the race has benefited Singaporeans - with charities getting involved and even students getting the opportunity to serve as ushers for the race.