SPEECH BY MR LIM HNG KIANG,
MINISTER FOR TRADE AND INDUSTRY, AT THE GROUNDBREAKING OF
THE PITBUILDING FOR FORMULA 1
SINGAPORE
GRAND PRIX,
FRIDAY, 31 AUGUST
2007, 10.00
AM
Distinguished
guests,
Ladies and
gentlemen
I am very
pleased to join you here today to mark an important milestone in
the run-up to Singapore’s
hosting of the Formula 1 Singapore Grand Prix for the first time
next year.
About three
months ago, on 11 May, Mr Ong Beng Seng’s Singapore Grand Prix Pte
Ltd won the rights
to stage one leg of the Formula 1 World Championships in
Singapore,
starting from next year. With a global viewership of
500 million and a strong fan base worldwide, the F1 race is a
world-class event that will help to inject buzz and vibrancy
to Singapore
and
enhance our appeal as a top-of-mind destination.
Since
then, the race promoter and various Government agencies have been
running our own race, as we prepare Singapore
to
play host to the third most-watched event in the world after the
Olympics and the World Cup.The working teams face the daunting task
of building 20 per cent of the circuit and this Pit building from
ground up. But Singapore
is
a City of Possibilities,
so I have full confidence we will be ready for the
28
September 2008 race
date.
F1 Benefits to
Economy
The F1
Singapore Grand Prix will be a mega event, which is expected to
generate incremental tourism receipts of about S$100 million a year
and attract an annual turnout of over 80,000 spectators, a large
proportion of whom are expected to be visitors.Various sectors of
the economy will benefit from the staging of the race and increased
visitorship, ranging from hotels, restaurants and airlines to
retail and entertainment outlets.In addition, F1 is not just a
sporting event. More importantly, it is a huge leisure event that
enthralls more than just motorsport enthusiasts.Our growing private
wealth management industry, as well as the MNCs and local companies
here can all take advantage of the event to derive benefits for
their clients and their businesses, creating more economic
spinoffs.
Tourism
Contribution to Economy
Already, there
is an air of anticipation and excitement surrounding the
Singapore
street race, and
possibly the first night race on the F1 race calendar. The
Singapore Grand Prix follows the unveiling of two other mega
tourism projects in Singapore,
the Integrated Resorts at MarinaBay
and
Sentosa. The two IRs are each expected to bring in
about
S$2.7 billion, or approximately 0.8%, in value-Add contribution
to Singapore's
Gross Domestic Product (GDP).
They are also expected to generate more than 50,000 jobs combined
throughout the economy by 2015.
These are all part of our efforts to grow tourism into a
significant contributor to Singapore’s
economy. By
the year 2015, Singapore
hopes
to attract 17 million in visitor arrivals and S$30 billion in
tourism receipts.
Tourism
Performance
We are moving
in the right direction and the tourist numbers attest to this. The
tourism sector has been riding a new wave in the last few
years.After our record-breaking 9.7 million visitor arrivals last
year, visitor arrival figures for this year have also been on an
upward trajectory, breaking new records every month.In July, for
example, we saw 951,000 visitors, an increase of 4
per cent over last July.This is the highest number of visitors we
have ever received in any single month. From January to July, a
total of 5.883 million people visited Singapore
– a
5 per cent increase over the same period last year.We are on our
way to meeting our target of 10.2 million visitors this year,
which, if realised, will be yet another record for us.The
performance in our hotel sector mirrors the growth in visitors.The
Average Occupancy Rate hit a healthy 91 per cent in July and the
Average Room Rate hit $210 in June, which is the highest monthly
average room rate ever recorded.
Global City
with Diverse Offerings
The two IRs and
the F1 race will help to further boost our tourism numbers as well
as position Singapore
as
a global city with buzz and vibrancy, brimming with diverse
entertainment and lifestyle options.We will not rest on our
laurels.To continue the momentum, we need to continue to look out
for new ideas and develop exciting projects that will strengthen
our destination appeal to an increasingly sophisticated global
traveler. Our product offerings must be refreshed continually and
new options rolled out in order that we remain a choice
destination. One of these is the recently launched Uniquely
Singapore Weekends initiative by the Singapore Tourism Board to
promote Singapore
as
a fun and energetic weekend getaway destination offering a variety
of entertainment and lifestyle options.
Next year, we
will see the opening of the iconic Singapore Flyer, the inaugural
F1 Singapore Grand Prix, the opening of properties such as the
Capella Singapore on Sentosa and the staging of the second
Singapore Biennale. Indeed, even as we
continue the search for new product offerings and new attractions
to entice visitors to come, and hopefully, to come more than once,
we must also ensure that we maintain the high quality of our
existing attractions. Soon, works will
begin to enhance the visitor experience along
Singapore’s
premier shopping street, Orchard
Road,
as well as along the historic SingaporeRiver,
with new street furniture, state-of-the-art lighting and regular
events scheduled to inject new buzz into these precincts,
especially after the sun sets. These will go some way
in
ensuring thatSingaporeoffers
ourvisitors uniquely personal and
different experiences.
Hosting of
F1
For the
Singapore Grand Prix, we have about a year from now until the
race.The infrastructure required, however, needs to be ready in
about nine months’ time. The PitBuilding
that will rise
from this piece of land we now stand on will be one significant
milestone that all will watch closely.
But besides the
infrastructure, what will also be watched closely will be the
softer aspects as well – how Singapore
plays host to
this international event.And for us to succeed on that front, we
will need the support of not just those directly involved in
organising the race, but the larger business community as well, our
service staff and in fact, every Singaporean, to ignite the buzz in
Singapore for this race. We look forward to next September, and the
sound of race engines roaring to life and filling our city centre
with much excitement for the first time. We must be prepared for
the global audience that will see our beautiful city skyline right
in their living rooms. I know you share my excitement. Together, we
will make the Singapore Grand Prix a success.
Thank
you.