The Singapore Formula 1 Grand Prix is officially back on track after the contract for Singapore to host the race was renewed for another seven years, according to the Singapore Tourism Board on Thursday (January 27).
“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,” said Transport Minister and Minister-in-charge of Trade Relations S Iswaran.
“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,” he continued.
The news comes after The Singapore Grand Prix was cancelled in 2020 and 2021, despite being scheduled as part of the Formula 1 race calendar, as a result of the ongoing Covid-19 pandemic.
The news of the renewed contract is certainly welcome and highly anticipated, especially since discussions have been ongoing since last November, according to Mr Iswaran, who mentioned this at a press conference.
“I think we all recognise that events, such as the Formula One, generate significant economic benefits and global branding value for Singapore. They invigorate Singapore’s events calendar, they build our international demand and also support job creation of businesses,” he said.