Steven Sim: Tourism surge and foreign fans drive RM345m SME gains from Bahrain F1 GP

KUALA LUMPUR, Oct 8 — Malaysian micro, small and medium enterprises (MSMEs) gained over RM345 million in economic benefits from the Bahrain Gulf Air Formula 1 (F1) Grand Prix (GP) at Sepang International Circuit, according to Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong. Almost half of the 261,000 spectators were foreign tourists, highlighting the significant role large-scale international sporting events play in stimulating economic activities through increased tourism expenditure and demand for local goods and services.

Sim emphasized that the Bahrain F1 GP had a profound impact on various MSME sectors, such as hospitality, food and beverage, retail, transport, entertainment, tourism-related services, and support industries. Attendees of the F1 race were projected to spend 2.17 times more than regular event-goers, with foreign tourists typically spending more due to extended stays and expenditures on accommodation, food, beverages, transport, shopping, and recreational activities.

Sim expressed that Malaysia could further capitalize on international sporting events like the F1 as a means for SMEs to gain wider opportunities and market access. To maximize these benefits, he suggested strengthening connections between SMEs, larger industry players, event organizers, tourism operators, and local suppliers.