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Singapore is negotiating to continue hosting the Formula One Singapore Grand Prix in 2022, Transport Minister S. Iswaran said on Nov. 15, 2021.

The 2021 night race was supposed to be the last under the current four-year extension signed in 2017, but was cancelled due to the Covid-19 pandemic.

Negotiations underway

Iswaran said in response to a question at the virtual media briefing by the multi-ministry task force on Covid-19 that discussions with Formula One management and race organisers Singapore GP on a new contract are ongoing.

He added that the event helps Singapore economically.

He said: "You will be well aware our tourism and lifestyle sectors have been hard hit by Covid-19, and many events including the past two editions of the Formula One season Singapore have been cancelled or postponed."

"Yet, I think we all recognise that events such as Formula One generate significant economic benefits and global branding value for Singapore," he added.

"They invigorated Singapore's events calendar, they build our international demand and also support job creation and businesses."

Iswaran also said Trade and Industry Minister Gan Kim Yong has asked him to oversee talks with Formula One and Singapore GP as he is familiar with the parties and issues involved.

He added that a phased resumption of such international events is on the cards, with essential safeguards in place.

Upcoming large scale events in Singapore

The Transport Minister was responding to a query on whether bigger events such as the Singapore GP would be allowed in light of new pilot programmes to ease capacity limits and zoning requirements on selected Mice (Meetings, Incentives, Conferences and Exhibitions), spectator sports and live performance events.

The Bloomberg New Economy Forum is currently being held in Singapore and attended by participants from all over the world.

One of the other upcoming large scale event slated to take place in Singapore in the coming months involves the One Championship martial arts fights with spectators in attendance.

More details on the safe management measures will be released by the respective event organisers.

The Ministry of Trade and Industry and Singapore Tourism Board fund 60 per cent of the S$135 million race costs each year, with race promoters Singapore GP footing the rest.

The race weekend reportedly contributes about S$130 million annually in tourism receipts since the inaugural event at the Marina Bay street circuit in 2008.

Top photos via Singapore Grand Prix

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