All preparations for F1 Singapore GO are on track - MTI
SINGAPORE, Jan 18 (Bernama) -- The Ministry of Trade and Industry (MTI) in Singapore has announced that all preparations for the Formula 1 (F1) Singapore Grand Prix, scheduled for September 20-22, 2024, are proceeding as planned.
“The terms of all the agreements were considered carefully by the government,” the ministry said in response to media queries related to F1 after former Transport Minister S Iswaran was charged with multiple offences including corruption.
It was reported that Iswaran pleaded not guilty to 27 charges in all, relating to his interactions with property tycoon Ong Beng Seng, who owns the rights to the Singapore GP and is chairman of race promoter Singapore GP.
“There was an independent consultancy study. There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the Government,” said MTI.
According to the ministry, since its debut in 2008, the F1 Singapore GP has brought substantial benefits to Singapore.
“It has attracted more than 550,000 international visitors and generated around SGD2 billion of incremental tourism receipts,” it said.
The F1 Singapore GP has also raised Singapore’s reputation as a vibrant Global-Asia node, it said, adding that between 2008 and 2022, the race captured a global audience of over a billion viewers.
“Many international business events, such as the TIME100 Leadership Forum, the Forbes Global CEO Conference, the Milken Institute Asia Summit and SuperReturn Asia, have also been organised around the F1 race in Singapore to take advantage of the occasion for high-level networking and meetings,” it said.
The MTI has highlighted that beyond the impact on the tourism sector, the F1 Singapore GP has proven beneficial for numerous Singaporean companies involved in various aspects of the race. These include businesses in logistics, transport, construction, and engineering services.
“Additionally, more than 1,000 students from the Institute of Technical Education and our polytechnics are trained for various roles around the F1 circuit park every year, providing them with a unique opportunity to participate in a world-class international event,” said the ministry.
-- BERNAMA
