- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
[h=2]Press Release: SPP to ask Govt for F1 cost benefit report[/h]
October 20th, 2012 |
Author: Contributions
PRESS RELEASE
SPP to ask for F1 cost benefit report
In a Lianhe Zaobao report dated 16 October, the distinguished former
civil servant Ngiam Tong Dow said that it was “ridiculous” to spend $70 million
on the F1 Grand Prix event. He suggested that the relevant authorities produce a
cost benefit analysis of the F1 event.
In the new global economy, Ngiam said that Singapore needs to be especially
selective in our projects and compete based on knowledge intensity. He
characterised the F1 event as “song and dance” – an example of imprudent
spending of public money.
Singapore experienced economic success with our pursuit of foreign direct
investments in the past, as China and India were not actively pursuing
them. However, the entire economic landscape has changed. Developing economies
like China, India, Vietnam and Indonesia have changed their stance, and now
receive foreign direct investments with open arms. To be competitive in the
future, Singapore cannot depend on our previous strategies. We need to be
competitive in the right sectors, and also to be prudent with our public
spending, in order to survive.
The Singapore People’s Party (SPP) shares the same view. The same $70 million
dollars could have been spent pm developing two world class schools and on
constructing a competitive healthcare centre for Singaporeans. These
infrastructure projects would have had a more lasting impact on our society.
How many lasting jobs were created for Singaporeans by the F1 event? How did
it help to pay the wages for the middle to low income earners in Singapore?
The government should be accountable to Singaporeans by disclosing the
project selection process and a cost benefit analysis report. Our NCMP Mrs Lina
Chiam will be tabling the following question in Parliament:
To ask the Minister for Trade and Industry if his ministry and the
Singapore Tourism Board can:
1) produce a Cost Benefit report on the F1 Grand Prix event to
justify the participation in the event for the next 5 years; and
2) compare the projected and actualised increase in tourism receipts
from the F1 event in the last 3 years.
.
SPP Media
Singapore People’s Party
1 Siang Kuang Avenue
S(347919)
Website: http://www.spp.org.sg
.
SPP to ask for F1 cost benefit report
In a Lianhe Zaobao report dated 16 October, the distinguished former
civil servant Ngiam Tong Dow said that it was “ridiculous” to spend $70 million
on the F1 Grand Prix event. He suggested that the relevant authorities produce a
cost benefit analysis of the F1 event.
In the new global economy, Ngiam said that Singapore needs to be especially
selective in our projects and compete based on knowledge intensity. He
characterised the F1 event as “song and dance” – an example of imprudent
spending of public money.
Singapore experienced economic success with our pursuit of foreign direct
investments in the past, as China and India were not actively pursuing
them. However, the entire economic landscape has changed. Developing economies
like China, India, Vietnam and Indonesia have changed their stance, and now
receive foreign direct investments with open arms. To be competitive in the
future, Singapore cannot depend on our previous strategies. We need to be
competitive in the right sectors, and also to be prudent with our public
spending, in order to survive.
The Singapore People’s Party (SPP) shares the same view. The same $70 million
dollars could have been spent pm developing two world class schools and on
constructing a competitive healthcare centre for Singaporeans. These
infrastructure projects would have had a more lasting impact on our society.
How many lasting jobs were created for Singaporeans by the F1 event? How did
it help to pay the wages for the middle to low income earners in Singapore?
The government should be accountable to Singaporeans by disclosing the
project selection process and a cost benefit analysis report. Our NCMP Mrs Lina
Chiam will be tabling the following question in Parliament:
To ask the Minister for Trade and Industry if his ministry and the
Singapore Tourism Board can:
1) produce a Cost Benefit report on the F1 Grand Prix event to
justify the participation in the event for the next 5 years; and
2) compare the projected and actualised increase in tourism receipts
from the F1 event in the last 3 years.
SPP Media
Singapore People’s Party
1 Siang Kuang Avenue
S(347919)
Website: http://www.spp.org.sg
.
