KUALA LUMPUR, Oct 8 — Local micro, small and medium enterprises (MSME) reaped over RM345 million in economic spillover effects of the Bahrain Gulf Air Formula 1 (F1) Grand Prix (GP) at Sepang International Circuit.
Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong added that almost half of the 261,000 spectators were foreign tourists.
“The impact reflects the important role of large-scale international sporting events in stimulating economic activities, especially through the rise in tourism expenditure and demand for local goods and services.
“The Bahrain F1 GP in Malaysia has had a very drastic impact on the SMEs, especially those in the hospitality, food and beverage, retail, transport, entertainment, tourism-related services and support industries,” he said in a statement today.
