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F1 Race Generates Tourism Revenue For Malaysia, Says Najib

By Khamis Mac 22nd, 2012 No Comments

SEPANG, March 23 (Bernama) — Hosting the biggest sporting event in Malaysia, the Formula One race, has helped generate tourism revenue for the country, Prime Minister Datuk Seri Najib Tun Razak said.

“Formula One in Malaysia has been an engine of growth in our country with Malaysia reaping numerous benefits from its involvement in the sport,” he said in his message published in the event’s official programme book.

Citing an economic impact report by the Sepang International Circuit (SIC), he said, the 2011 Malaysian Grand Prix generated a total economic activity of RM200 million.

He said that survey conducted after the event showed that a foreign tourist attending the Grand Prix in Malaysia stayed an average of six days and spent about RM7,000 during that period.

“This is a part of spillover effect of Formula One in generating tourism revenue with many racing fans who come over to Malaysia for the sole purpose of watching the race most likely extending their stay to visit other fascinating attractions our country has to offer,” said Najib.

He added that Formula One is undoubtedly the most effective platform for Malaysia to be known worldwide.

“Malaysia is now seen and heard in as many as 187 countries with a combined audience of more than 500 million people and this is all thanks to Formula One.

“We should promote the race not only to the local market but also to capture attention of the entire Asean region. Leveraging on such an opportunity would increase the level of exposure that Formula One in Malaysia can give to promote the country as a destination and place to do business,” he said.

Besides tourism, Najib said hosting the Formula One race can also be beneficial to other sectors.

“It has boosted local civic pride, improved engineering capabilities from the involvement of Petronas and Proton in the sport and transfer of knowledge at the international level in terms of organisational expertise of the race,” said Najib.

He also reiterated the Malaysian government’s commitment to continue supporting the event.

With three Formula One teams carrying the Malaysian flag at this year’s Malaysia Grand Prix, Najib said it was indeed a special event for Malaysians.

“We are proud to have them in the World Championship, which constitutes the largest representation of any country in the sport. I am hoping that these three teams will give a good fight and make Malaysia proud,” said Najib.

The three Formula One teams with Malaysian connections are the Mercedes AMG Petronas F1 Team, Lotus F1 Team and Caterham F1 Team.

This year marks the 14th edition of the Malaysian Grand Prix since its inception in 1999.

Source : Bernama

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