 S$1 billion.
That’s the amount of “additional value add” the Singapore economy will be getting over 10-year period thanks to the Formula One Grand Prix night race. This was revealed by Second Minister for Trade and Industry S Iswaran who gave Channel NewsAsia an exclusive interview on the matter. Over the weekend, the Singapore government extended its contract with Formula One to continue holding the Grand Prix race in the country until 2017. It costs S$150 million to organise each race here. The government funds 60 per cent of that figure. And with S$150 million being spent by visitors and tourists during the Formula One weekend, the minister said “it squares off at the national level”. He declined to give details but said that the renewed F1 contract provided the government with a discount in franchise fees. Source: News.insing |