Question
Mr Nicholas Fang: To ask the Minister for Trade and Industry what has been the economic benefit of this year's Formula 1 Singapore Grand Prix to Singapore businesses and the economy.
Written reply by Mr S Iswaran, Second Minister for Trade and Industry
The Formula One (F1) Singapore Grand Prix continues to be one of the most popular events on the F1 calendar. This is despite increasing competition from other race venues around the world. This year’s race attracted more than 260,000 spectators for the three race days, the highest since the inaugural race. The statistics on the economic benefits from this year’s race are still being compiled but we expect them to remain steady.
The F1 Singapore Grand Prix has generated about $150 million in incremental tourism receipts per race. These tourism receipts are over and above the typical tourism spending on a non-race weekend. Further, more than 200,000 international visitors have come to Singapore for the last five races. Many of these visitors are from non-traditional tourism source markets as the race helped to broaden Singapore’s reach as an international tourism destination.
In addition, the F1 Singapore Grand Prix has yielded significant global branding benefits to Singapore. Cumulatively, more than 430 million television viewers worldwide have followed the first five races. Besides the tourism sector, the race also generated direct economic spin-offs for other Singapore businesses, especially the small and medium enterprises (SME). SME’s account for about 80% of the race promoter Singapore GP (SGP)’s race organisation works annually.
Beyond economic benefits, the enthusiastic involvement of Singaporeans from all walks of life in hosting the F1 Singapore Grand Prix also helps to define our race. The race promoter, Singapore GP, has worked with government agencies and community groups to bring the excitement and broaden the reach of F1 to all segments of our community. There have been school visits, behind-the-scenes tours and educational talks for our youths. Each year, about 1,000 ITE students also gain valuable first-hand experience in the management and operations of large-scale international events by working on the race. This year, for the first time, 2,500 members of the public toured the team garages at the Pit Building as part of the Pit Lane Walk Experience a day ahead of the race without having to buy a ticket.
We have, and will continue to introduce changes to increase the buzz and broaden the community involvement around the Singapore’s race. We look forward to the support of all Singaporeans, so that the F1 Singapore Grand Prix will continue to be an event that we are proud to host.