THIS year's SingTel Singapore Grand Prix is not expected to yield the same sort of revenue as last year's debut race.

Mr S. Iswaran, Senior Minister of State for Trade and Industry, said this was due to the global economic downturn.

But there is more to the Formula One night race than revenue generation, he added.

"The F1 continues to improve Singapore's international branding and improves mindshare," he told Parliament yesterday. "It also serves as a very good platform for business networking, innovative activities and the creation of new opportunities."

Last year, the event drew more than 40,000 overseas visitors and generated nearly $170 million in incremental tourism proceeds. It also captured international media attention and was watched by about 110 million people worldwide.

The Singapore Tourism Board is still collating data from various sources and should be able to give figures for this year's race by the end of the year.

Mr Iswaran noted reports that 95 per cent of the tickets to the event were sold. He also addressed other issues surrounding the event, such as the inconvenience caused by road closures and criticisms of the "bumpy" Marina Bay circuit.

He noted that the affected roads were closed for seven days this time, compared to 12 last year. "This was by no means an easy task because it entailed significant addition of resources in coordination and safety clearance with international sports authorities."

As for the bumpy track, Raffles Boulevard has been resurfaced. But it is unlikely that an F1 street circuit used for the rest of the year by other vehicles will ever be as smooth as a purpose-built track, he added.

This article was first published in The Straits Times.

For more The Straits Times stories, click here.