The strongest signa that Sing. is committed to reopening and returning to life, the Singapore Tourism Board and promoters Singapore Thursday announced a new 7-yr deal to continue hosting a Formula One race there.
With international travel showing signs of recovery, the agreement is the longest renewal with the Formula One Group, the prior 1s were between 4-5 yrs. The longer run is intended to help reposition Singapore again as a business and lifestyle destination and ensure the country maintains its competitive edge in the long term.
The last 2 night races were cancelled due to the VirusCasedemic while last year’s edition was the last of the 4-yr extension signed in Y 2017. Singapore Airlines’ title sponsorship ended last yr too.
This year’s race scheduled for 2nd October at the Marina Bay Street Circuit.
Mr. S. Iswaran, Minister for Transport and Minister-in-charge of Trade Relations, said: “Even as we deal with the immediate challenges of the pandemic, it is important that we focus on our recovery and long-term growth. The Singapore F1 race continues to be a strong focal point for tourists, global events and business meetings.
“We have decided to continue hosting the F1 race for another seven years, after thoroughly evaluating the long-term benefits that a term extension could bring to Singapore.
“The renewal will help sustain Singapore’s reputation as a global city with a vibrant lifestyle, attracting international visitors as travel rebounds, and generating business revenue and jobs for Singaporeans.“
The joint statement also stressed that the stakeholders would work with the various government agencies to ensure the health and safety of all participants, staff, local and overseas fans and the community.
Overseas visitors generally comprise 40% of race-goers here and the race weekend contributes about $130-M annually in tourism receipts. against an estimated $100-M in cost annually.
There have been 12 editions since Y 2008 and together, they brought more than 550,000 unique foreign visitors, contributing over $1.5-B in tourism receipts.
The Y 2022 F1 season begins on 20th March in Bahrain. China will again not host a race for the 3rd yr running due to the VirusCasedemic. There are only 2 races in Asia, Singapore and the Japanese GP a wk after.
Have a healthy, prosperous weekend, Keep the Faith!