Engaging S’poreans is Grand Prix’s ‘last hurdle’

SINGAPORE — Since the inaugural Singapore Grand Prix in 2008, the event has not only delivered a return on investment (ROI) but given the Singapore brand a global value that cannot be quantified, said Andrew Phua, Singapore Tourism Board director of exhibitions and conferences.

Ahead of this year’s race, officially known as the Formula 1 Singapore Airlines Singapore Grand Prix, from Friday to Sunday, the event, he added, attracts the who’s who in the global economy and has prompted several business-to-business events to take place around the event.

Speaking at a panel discussion on “Sports Business in Asia: More than Just a Game” at the Sports Hub yesterday, Phua added that such movers and shakers, including those in the financial industry, attend the night race as they often host meetings here for “like-minded” colleagues.

“If you look at the incremental tourism receipts, we’ve had S$100 million for each year of the race,” said Phua. “But ROI is sometimes beyond the financial (element). If you look at the 430 million cumulative television audience, the international brand value is something you would not be able to buy from an international advertising campaign.”

But if the iconic night race is to remain a permanent feature in Singapore’s annual sporting calendar, other panel speakers said, local businesses and Singaporeans must buy into the night race fully.

World Sport Group chief executive Andrew Georgiou said while the race has done a good job in growing Singapore to where different layers of business elements are now a big feature, increased efforts have been made to engage people from all walks of like and this is the “last hurdle” to overcome for the Singapore Grand Prix to continue being a great event.

“They’ve worked very hard in the last couple of years to take Formula 1 to the community, but the ticket prices mean it is quite inaccessible to a lot of people,” said Georgiou.

He added that with the Formula 1 promotion machine behind the night race, it has promoted and positioned Singapore as Asia’s leading, major events destination and a vibrant, healthy and fun city.

Georgiou said the final step is community engagement in as far as translating the sport into karting to participation and engagement, and making the event authentically Singaporean.

“I think the community balance is really the key and they are starting to do it. It is really positive as all major events should be doing and I think it will continue to grow,” he said.

For Victor Cui, founder and chief executive of mixed martial arts property One FC, the support of the business community is pivotal to entrenching the Singapore Grand Prix permanently in the Lion City.

“It would be a relevant business model as long as the business community still embraces and supports it. When you have your major corporations supporting it and wanting to be a part of it, I think it is viable,” said the Canadian entrepreneur.

“But if that goes away and nobody steps up, it will be in trouble. The corporate community and Government level of support must be committed to it. Can it be sustainable? I hope so because it has done a lot for the country.”