Singapore Grand Prix Pte. Ltd and Singapore Tourism Board announced that they will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.
Chase Carey, Chairman and CEO Formula1 stated that the Singapore Grand Prix is a “signature Formula 1 race” and therefore they are extending for four more years.
Over the years, the Singapore F1 race has distinguished itself as the world’s most prestigious motor racing competition. Lionel Yeo, Chief Executive, Singapore Tourism Board revealed that the race in Singapore has provided an excellent platform for businesses to test new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.
Singapore witnessed a 19% increase in ticket sales as against last year. In its first decade, the race yielded significant economic benefits, attracting over 450,000 international visitors to Singapore. The race also benefits the local economy, over and above the tourism outcomes. This has also benefited Singapore to be projected as an attractive destination.
S Iswaran, Minister for Trade and Industry said, “The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the FORMULA 1 franchise. With its global viewership and media coverage, the race has reinforced Singapore’s image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community.”
Applauding The Singapore Grand Prix, the Singapore Tourism Board and the Singapore Government he said they have “done an excellent job” by involving the whole city to make it more spectacular and exciting.