FORMULA ONE (F1) RACE

FORMULA ONE (F1) RACE

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(Benefits): **

27.

Dr Lim Wee Kiak asked the Minister for Trade and Industry in view of the impending Singapore Formula One (F1) race in September (a) what are the opportunities for businesses; (b) how many new jobs have been or will be created; and (c) whether there are plans for any allied exhibitions or shows relating to motor sports to be held separately to coincide with the F1 race in order to maximise the benefits.

Mr Lim Hng Kiang: The Singapore F1 race has already started generating opportunities for businesses. As I mentioned to the Committee of Supply last month, we estimate that 30% to 40% of all spectators will be overseas visitors. With the influx of tourist, hotels will be key beneficiaries. At present, a few hotels have already been fully booked for the entire race period duration. The increased visitorship during this period will also generate spending in retail and on food and beverage. All in all, the F1 race is expected to generate additional tourism receipts of about $100 million in 2008 alone.

The exact number of jobs that will be created on a prolonged basis is more difficult to quantify, since the F1 race will only be held over three days, but the service industry is expected to recruit additional workers to cater to demands during the F1 race period. Several local companies have also benefited from F1 related contracts, ranging from provision of services such as security and food and beverage, to the construction of the Pit building, grandstands and corporate suites, road works, additional overhead bridges, race circuit barriers and night lighting system.

Local businesses should position themselves for business opportunities arising from the F1 event. For example, retail and food and beverage establishments could conduct special promotions or stay open for longer hours during the race period. Companies could also take the opportunity to entertain their clients and associates.

The entertainment platforms for business clients, visitors and Singaporeans will not be limited to the F1 race alone. The Singapore Tourism Board will be organising the Singapore GP Season, a lifestyle season held in conjunction with the F1 race from 20th September to 5th October. Spanning three weekends, it features a line-up of special events and festivities for race-goers, visitors and local residents. Key events include the Singapore River Festival, Singapore Motorshow at Suntec Singapore International Convention & Exhibition Centre as well as the Singapore Biennale, which will have installations at City Hall, South Beach and around the Marina Bay area. In addition, the National Museum of Singapore will be hosting the acclaimed Formula OneTM – The Great Design Race exhibition from London which traces the design development and technology of F1 cars over the years. I am confident that Singapore will be buzzing with activity during the Singapore GP Season with exciting events catering to tourists and locals alike.

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