The Formula One Singapore Grand Prix marks a triumphant return, showcasing the nation’s resilience and readiness for business.
The Formula One Singapore Grand Prix weekend has come to a close, and Prime Minister Lee Hsien Loong expressed his congratulations to the Ministry of Trade & Industry and the Singapore Tourism Board on Monday (Oct 3) for the event’s success. Despite heavy rainfall and a five-second penalty awarded to the winner, Sergio Pérez of Red Bull Racing, the Singapore Grand Prix was a cause for celebration for the thousands of locals and visitors who attended not only the races but also concerts and various F1-related activities.
In a Facebook post, PM Lee remarked that after the pandemic forced the cancellation of the event for two consecutive years, “the Marina Bay area was once again filled with the thrilling roar of F1 cars!”
He shared photos from various events and noted, “The crowds were back too, soaking in the electric atmosphere and enduring the heavy downpour, but that didn’t detract from the festiveness nor Sergio Perez and team Red Bull’s commanding win!”
The Prime Minister highlighted that the Singapore Grand Prix remains one of the country’s largest international events and was the first F1 night race held in 2008. “I’m glad to see spectators from all around the world visiting Singapore just to attend it. It is yet another sign that we have emerged from the pandemic and are open for business,” he added, commending the teams at the Ministry of Trade & Industry and the Singapore Tourism Board, along with everyone who contributed to making the event a success.
The F1 is not just a prestigious event for Singapore; it has proven to be financially beneficial as well. Hosting the F1 costs an average of around $150 million a year, with the government covering 60% of the total cost while the remaining 40% is shared among sponsors like Singapore Airlines and various hotels.
Since its inception in 2008, over 550,000 tourists have visited Singapore for the F1 events. The Ministry of Trade & Industry has reported that these events generate approximately $130 million in annual incremental spending from visitors. The F1 has significantly boosted the tourism sector, with hotels and restaurants—hard-hit during the pandemic—expected to reap substantial benefits this year as well.
