Opening Remarks by Minister in Prime Minister’s Office, Second Minister for Home Affairs and Trade and Industry, Mr S Iswaran on 22 September 2012, 7 pm at F1 Pit Building Press Conference Room

I am pleased to inform you that Singapore will continue to host the F1 Grand Prix till 2017. We have just concluded the agreement today.

Negotiations have taken some time because all parties had specific objectives, nd wanted to arrive at mutually beneficial outcomes. The Singapore Government has undertaken a careful and deliberate study over the past twelve months to clearly establish the costs and benefits from a national perspective.

F1 has been good for Singapore. It has helped to strengthen Singapore’s standing as a global city with a vibrant lifestyle. Singapore has also been good for F1. We have added a new dimension to the sport with a unique night race against our distinctive skyline, with exciting lifestyle activities.

From an economic perspective, the F1 Singapore Grand Prix has attracted more than 150,000 international visitors over the last four years, and about $140-$150 million in incremental tourism receipts each year. For the extended term, we expect benefits to remain at least at this level.

The cost of organising each race has been about $150 mil, with Government co-funding 60% of the approved costs. We expect to achieve a further reduction in the net cost to Government through a combination of factors including optimization of infrastructure, operational efficiencies in race organisation and revised terms with the race promoter and Formula One Administration.

Beyond the economic benefits, many Singaporeans take great pride in hosting a high quality international event of such scale annually. The race has also created opportunities for businesses and workers.

Going forward, Government will continue to work closely with FOA and SGP to see how we can further reduce any dis-amenities to the general public.

We are happy to continue working with SGP and FOA to host the F1 race in Singapore till 2017.

We look forward to continued support from all Singaporeans. We also invite ideas from everyone on how we can further enhance the F1 Singapore Grand Prix, and continue to make it an event that we are happy to host and take pride in.