SINGAPORE: The Ministry of Trade and Industry (MTI) issued a press statement on Thursday (Jan 18) in response to questions from the media in the wake of corruption charges against former Transport Minister S Iswaran.

MTI addressed related issues in its statement: “There is nothing to suggest as of now that either the F1 contracts or other contracts were structured to the disadvantage of the Government.” Moreover, it added that it is getting ready for this year’s Grand Prix. “All preparations for the F1 Singapore Grand Prix in 2024, which is scheduled for 20 – 22 September 2024, are on track.”

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The Ministry added that the high-profile event, the first night race in F1 history and part of the F1 World Championship, “has brought substantial benefits” to the country, attracting over half a million visitors from all over the globe.

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Moreover, it has also generated about S$2 billion in incremental tourism receipts.

“The F1 Singapore Grand Prix has also raised Singapore’s reputation as a vibrant Global-Asia node. Between 2008 and 2022, the race captured a global audience of over 1 billion viewers.

Many 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 to take advantage of the occasion for high-level networking and meetings,” MTI added.

Many local firms have also benefited from the Singapore Grand Prix, which has spanned the logistics, transport, construction and engineering services sectors.

MTI also said that over 1,000 Institute of Technical Education students have been trained in different roles at the F1 circuit park yearly.

Regarding Transport Minister S Iswaran’s resignation, Deputy Prime Minister Lawrence Wong has expressed disappointment and sadness over the matter but added that while PAP morale would be affected by the Iswaran case, the succession plan, scheduled to occur before the next General Election and the next party conference in November, is also “on track.” /TISG

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