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Friday, September 15, 2017

F1 a boon to economy but some activities need spicing up, say observers

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About S$150m is spent by Singapore in hosting the F1 annually.

1) heighten Singapore's international profile; putting us on the world map; branding exercise:
-"Hosting the F1 race gives Singapore greater visibility globally, given that it is a popular sport around the world....
-"It allows us to showcase the city and the beautiful skyline. As a brand, Singapore is associated with efficiency but we are also generally seen as a less exciting city than other places. F1 helps to increase the fun and excitement quotient for the country.

2)contribution to local economy via tourism and in giving local SMEs the credentials to expand abroad:
-Statistics provided by the Singapore Tourism Board (STB) indicate F1's strong contribution to the tourism sector. From 2008 to 2015, the night race attracted a total of 350,000 international visitors, generating an average of $150 million incremental tourism receipts annually.

-about 90 per cent of Singapore Grand Prix's race organisation being sub-contracted annually to these SMEs....."Over the years, these companies have reaped economic benefits and also built capabilities, gained exposure and established new business opportunities as a result of being involved in race-related work, and some have expanded their business overseas."

-The money spent on organising the race goes back into the Singapore economy and not out of the country; there is a recycling effect."

1. Hosting major sporting events creates more problems than benefits. Do you agree? (Cam. 2005)
2. Does sport merit the vast sums of money that are spent on it? (Cam. 2010)