Terms for Extension of Formula One Singapore Grand Prix
- Miss Cheng Li Hui inquired about the terms of the four-year extension for the Formula One Singapore Grand Prix and whether the benefits were evaluated against inconveniences to drivers and retailers.
- Minister S Iswaran stated that the exact terms are confidential, but the extension from 2018 to 2021 was decided after weighing national benefits and costs, including over 450,000 international visitors and $1.4 billion in tourism receipts.
- The race has generated local business opportunities, with 90% of works subcontracted to Singapore companies, and boosted Singapore's global image, though the government aims to reduce organizing costs to $135 million annually.
- Inconveniences to drivers and retailers are acknowledged, with measures like halving road closure days and launching the Grand Prix Season Singapore to mitigate impacts and enhance the event experience.
- The government will continue working with stakeholders to balance the race's benefits with public inconveniences during the extension period.