Question
Mr Liang Eng Hwa: To ask the Minister for Trade and Industry what is the status of the negotiations on a possible second term for the Singapore Grand Prix, given that we are at the end of the first contractual term.
Written Reply by Mr S Iswaran, Second Minister for Trade and Industry
1. The Singapore Formula One (F1) Grand Prix has benefited Singapore and helped to transform the Singapore tourism sector. Similarly, the Singapore night race has added a new dimension to F1.
2. The Government has conveyed to Singapore GP Pte Ltd, the race promoter, that the terms for a full five-year extension of the Singapore Grand Prix must be economically viable for Singapore to continue hosting the race.
3. Negotiations between Singapore GP and Formula One Administration on the terms for extension are still ongoing. We hope to see a mutually agreeable outcome soon.