Singapore’s decision to extend the contract to host the Formula 1 race for another seven years, according to Minister for Trade and Industry Gan Kim Yong on Wednesday( Aug 2 ), took into account factors like the time it would take for post-pandemic travel to recover.
It was the longest extension and third contract renewal. & nbsp,
According to Mr. Gan, the development of NS Square in the Marina Bay neighborhood close to the F1 circle was even taken into consideration. By the end of 2026, NS Square‘s construction is anticipated to get finished.
Mr. Gan was responding to a parliamentary inquiry from Workers’ Party MP Gerald Giam, who requested an explanation of the procedure used to decide whether to extend the F1 commitment for an additional seven times. & nbsp,
He also inquired as to whether the ministry is reviewing the contract in light of information that has come to light regarding potential conflicts of interest in the decision-making process. This appeared to be a reference to the Corrupt Practices Investigation Bureau’s ( CPIB ) andnbsp recent investigation involving Transport Minister S Iswaran and billionaire Ong Beng Seng.
In his written response, Mr. Gan stated that he was unable to post on any continued CPIB studies.
The Singapore Tourism Board ( STB ) commissioned an independent consultancy study to assess the costs and benefits of a fourth term extension toward the end of the third contract term in 2021, Mr. Gan said, explaining the decision to continue hosting the F1 Singapore Grand Prix.
According to him,” The study came to the conclusion that the race may continue to have a significant positive impact on Singapore.” & nbsp,
MTI ( Ministry of Trade and Industry ) and STB determined that an extension of seven years would be ideal” to allow time for worldwide travel to return after COVID – 19 and to take into account the development of NS Square.”
Mr. Gan added that STB entered into a seven-year deal with contest organizer Singapore GP in January 2022 and that the government accepted its recommendation in September 2021.
Since its debut in 2008, Mr. Gan noted that the F1 race has brought in more than 550, 000 unique international visitors and generated incremental tourism receipts of over S$ 1.5 billion( US$ 1.12 billion ).
According to him, the race will continue to” reinforce Singapore’s reputation as a global city ,” draw MICE events, boost local business, and create jobs for Singaporeans.