Private Sector Must Play Active Role If F1 Returns To Malaysia - Tengku Zafrul

By Karina Imran

KUALA LUMPUR, Oct 13 (Bernama) -- The private sector must play an active role to ensure Malaysia gained positive economic spillovers from hosting Formula One (F1) races should the country decide to bring back the prestigious motorsport event, said Malaysian Investment Development Authority (MIDA) chairman Tengku Datuk Seri Zafrul Abdul Aziz.

He told Bernama that the potential economic benefits of hosting F1 must be assessed carefully given the high costs involved and concerns over whether the event benefits the wider population or only certain segments of society.

“The private sector should be involved in evaluating the return on investment (ROI) from hosting the event and ensuring that it generates broader economic benefits for the country.

“We have to measure it properly because the cost is high. At the same time, if you look at the success of some other countries, the private sector is also involved,” said Tengku Zafrul, who is also the Prime Minister's senior political adviser.

Among the potential beneficiaries are the hospitality and tourism sectors, as well as businesses involved in event management and related services, he said.

Tengku Zafrul said additional activities held alongside F1 races, including major conferences and other events, could attract more visitors and create wider economic opportunities for local businesses.

He cited the recent F1-related event in Malaysia, which attracted 261,000 people, as an example of how such events could draw audiences from different walks of life.

Malaysia last hosted the F1 race in 2017, before the Sepang International Circuit temporarily returned to the calendar to host the relocated 2026 Bahrain Grand Prix from Oct 2 to 4, following disruptions caused by the West Asia crisis.

-- BERNAMA