Debated in Parliament on 14 Feb 2022.
Ms Hazel Poa asked the Minister for Trade and Industry what is the projected annual Government expenditure on subsidy for hosting the Formula 1 Singapore Grand Prix from this year to 2028.
The Government decided to support the Formula One (F1) Singapore Grand Prix for another seven years, after thoroughly evaluating the costs and benefits that a term extension could bring to Singapore.
The projected economic benefits to Singapore of the new term outweigh the costs to the Government. Similar to previous terms, the annual cost of organising the race for the next seven years is estimated to be between $135 million and $140 million. The Government will co-fund 60% of approved costs.
The race is expected to bring significant economic benefits to Singapore. Since 2008, the Singapore Grand Prix generated around $130 million in annual incremental spending from tourists attending the race. In addition, the race acts as a strong focal point for global Meetings, Incentives, Conferences and Exhibitions (MICE) events and business meetings. With more than 30 MICE events clustered around the race each year, the Singapore Grand Prix has attracted more than 550,000 international visitors thus far.
In addition, the race brings global branding benefits to Singapore. The 2019 Singapore Grand Prix generated a media value of around $70 million to $75 million.1 The race also benefits the local business community by generating business revenue and jobs for Singaporeans.
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