Impact of F1 Singapore Grand Prix on Businesses
Ministry of Trade and IndustrySpeakers
Summary
This question concerns MP Foo Cexiang’s inquiry regarding the Ministry’s engagement with businesses to assess the impact of the F1 Singapore Grand Prix and improve support measures. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong responded that agencies have reduced road closures from 12 to seven days and improved wayfinding to mitigate disruptions. He highlighted the Grand Prix Season Singapore initiative, which helps businesses leverage the race’s buzz, contributing to $2.2 billion in tourism receipts since 2008. The race has also drawn over 720,000 international visitors, providing significant benefits to the hospitality, food and beverage, and retail sectors across Singapore. Agencies and the race promoter will continue to explore ways to support businesses while minimizing operational disruptions to derive greater benefits from the event.
Transcript
6 Mr Foo Cexiang asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry has been engaging business owners to assess the impact of the F1 Singapore Grand Prix; and (b) since its inception, what are the improvements in support measures provided to business owners who have reported adverse impact to their businesses due to the F1 Singapore Grand Prix.
Mr Gan Kim Yong: Government agencies, such as the Singapore Tourism Board (STB) and the Land Transport Authority, as well as race promoter Singapore GP Pte Ltd (SGP), regularly engage business stakeholders, with a particular focus on those operating in the Marina Bay area to hear their feedback. Where possible, the agencies will implement measures to mitigate the disruptions arising from the Formula 1 (F1) Singapore Grand Prix. Examples of such measures include providing access and better wayfinding within and around the Marina Bay area and ensuring malls in the area remain accessible via public transport and taxis or private hire cars. Agencies have also worked to reduce the road closure period from 12 days in 2008 to seven days today.
STB has also worked with businesses in the Marina Bay area and across Singapore to capitalise on the buzz created by the race through the Grand Prix Season Singapore (GPSS) initiative. GPSS offers 10 days of stakeholder-led race-themed festivities that spotlight our vibrant attractions, retail, dining and entertainment options to complement the race experience. We encourage businesses to participate in GPSS or develop their own initiatives to capitalise on the increased footfall and additional spend that is generated from the race.
Since the inception of the F1 Singapore Grand Prix in 2008, the F1 race has brought in more than 720,000 international visitors and generated more than $2.2 billion in incremental tourism receipts across industries such as hospitality, food and beverage, attractions and retail for Singapore.
Agencies and SGP will continue to explore ways to support businesses to derive greater benefits and also minimise the disruptions from the F1 Singapore Grand Prix.