OpinionF1 could be Hong Kong’s fast lane for economic reinvention

In October last year, Singapore’s three-day Formula One (F1) Grand Prix showcased the tremendous economic impact that world-class sporting events can bring to a city. The event attracted more than 300,000 attendees, the second highest in its history.

Since Singapore began hosting F1, the races have drawn more than 720,000 international visitors and generated about S$2.2 billion (US$1.7 billion) in tourism revenue, underscoring their significant contribution to the local tourism industry.

In 2022, Singapore paired the F1 event with nearly 25 international conferences, including the Forbes Global CEO Conference. It attracted a total of around 90,000 conference delegates, showcasing the synergy between sports events and business conferences. This “sports plus conventions” approach boosted economic gains and reinforced Singapore’s position as a global business hub.

Similarly, the economic impact of F1 in Shanghai has been significant. The 2024 race brought in around 200,000 spectators. The event delivered 1.4 billion yuan (US$203.3 million) in direct benefits and nearly 4 billion yuan in overall output. F1 continues to drive tourism, hospitality, business and consumer industries, proving itself to be a long-term economic engine.

For Hong Kong, introducing F1 would not only tap into the massive demand of more than 200 million motorsport fans in mainland China, but it would also drive synergy between the city’s sports and convention industries, further elevating Hong Kong’s brand value on a global stage.