Mr Gan Thiam Poh: To ask the Minister for Trade and Industry whether he will provide an update on the direct and indirect revenue generated for the local economy by the Formula One Grand Prix races from 2008 to date on an annual basis and in total.
Written Reply by Mr S Iswaran, Second Minister for Trade and Industry
The Singapore Formula One Grand Prix has attracted more than 150,000 international visitors to Singapore over the last four years. Many of these international visitors are from the non-traditional tourism source markets like Germany, as the race has also helped to broaden Singapore’s reach as an international tourism destination. These visitors spent more than S$560 million in total over the past four years, or an average of more than S$140 million each race weekend. This sum is over and above the spending we would have seen on a normal weekend.
Cumulatively, more than 360 million television viewers worldwide have also followed the Singapore race. This extensive media coverage has boosted our image as a distinctive and vibrant global city.
Local businesses have benefited as well. Each year, the race promoter sub-contracts more than 80 per cent of race organisation works to local SMEs. With more than 9,000 corporate attendees annually, the race weekend itself is a premier networking platform for local and international businesses.