All preparations for the Formula 1 Singapore Grand Prix in 2024 are on track, the Ministry of Trade and Industry (MTI) said in a statement on Jan. 18, 2024, in response to media queries over former minister S Iswaran's resignation.

"The terms of all the agreements were considered carefully by the government. There was an independent consultancy study. There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the government," the statement wrote.

The F1 Singapore Grand Prix is scheduled for Sep. 20 to 22, 2024.

MTI pointed out that the race has brought substantial benefits to Singapore and has attracted more than 550,000 international visitors.

The race has generated around S$2 billion of incremental tourism receipts.

International business events such as the TIME100 Leadership Forum, the Forbes Global CEO Conference, the Milken Institute Asia Summit and SuperReturn Asia have also been organised around the F1 race in Singapore.

The country has leveraged this occasion to conduct high-level networking and meetings to boost the country's status as a hub for tourism, business, and leisure.

The race has also benefitted local companies and businesses involved in different aspects of the race, such as logistics, transport, tourism and engineering services, MTI said.

Top photos via Mothership and Singapore GP Pte Ltd