SPEECH BY MR S ISWARAN SENIOR MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE COMPLETION CEREMONY OF THE PITBUILDING FOR THE 2008 FORMULA 1™ SINGTEL SINGAPORE GRAND PRIX ON FRIDAY, 11 JULY 2008, 10AM

Distinguished guests, Ladies and Gentlemen

Good Morning

Ten months ago, we were here at this spot, breaking ground for the construction of the PitBuilding. I am pleased to be here today, for its completion ceremony. The PitBuilding will serve as the nerve centre for the race. It will house the race control facilities, garages for the Formula One™ race teams, the exclusive Paddock Club, the media centre and the winners’ podium. Come September, this PitBuilding will welcome its first guests. I would like to congratulate the architects – A61, the contractors – Jurong Primewide, Singapore Tourism Board (STB), and Singapore GP Pte Ltd (SGP) on the achievement of this milestone.

The construction of the PitBuilding is just part of the many preparatory activities that have been undertaken for the inaugural Singapore Formula One™ race. We tested the night lighting system in March this year, completed the road works last month and announced the traffic and transport management plan last week. The various government agencies, SGP and the stakeholders have been working closely together on this plan over these past months, and I would like to thank all the hotels and businesses who have given their cooperation and support.

All this is being done, to ensure that we have a successful race and an event that Singaporeans and visitors alike can look forward to and enjoy. Indeed beyond the actual race, there will be many opportunities for tourists and Singaporeans to revel in. The Singapore GP Season, organized by STB, will be held over three weekends from 20 September to 5 October 2008. It will have exciting lifestyle, entertainment and motor-related events lined up alongside shopping and dining promotions. The Singapore GP Season will add to the celebrations, vibrancy and buzz during the race period.

The Final Lap

With just another 79 days to race day, we are entering the final stretch of preparations. There is still much work to be done but I am confident that, with the support of stakeholders, SGP and the various government agencies, we will be able to successfully complete the task.

In two months’ time, this PitBuilding will present a different scene.It will be a hive of activity with the roar of engines and the palpable excitement of spectators.I look forward to seeing all of you then - when we launch the 2008 FORMULA 1™ SingTel Singapore Grand Prix - the world’s first Formula One™ night race. Thank you.