Singapore vows to proceed hosting F1 Grand Prix – Transport Minister

Good information for Formula One enthusiasts in Singapore as the Transport Minister says discussions with Formula One management and race organisers Singapore GP on a model new contract are ongoing, regardless of the cancellation of this year’s race owing to the Covid-19 pandemic.
Because . Iswaran stated at a press convention that Singapore is in talks to host the F1 Singapore Grand Prix again in 2022, including that Covid-19 has wreaked havoc on the country’s tourism and life-style sectors, with many events, including the past two editions of the F1 race, being cancelled or postponed.
He admitted that such occasions provide major economic benefits and international branding value for Singapore, as well as growing international demand and supporting job creation and firm improvement within the country.
Since its inception in 2008 at the Marina Bay avenue circuit, the race weekend has generated roughly $130 million in tourism receipts.
“A phased reintroduction of such worldwide occasions is likely, with needed precautions in place when Covid-19 limitations loosen and Singapore’s borders reopen” acknowledged Iswaran.
The Singapore Tourism Board and the Ministry of Trade and Industry collectively contribute 60% of the $135 million race expenditures, with event promoters Singapore GP masking the remainder..

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