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Letters | Why can’t Hong Kong invest in a Formula One race?
Readers discuss how the city is being overshadowed by Singapore and Bangkok, why Hong Kong should reform land use planning, and the truth about Benjamin Netanyahu and Hamas
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The Thai government has approved a US$1.2 billion bid to host a Formula One race in Bangkok in 2028. This decision is not merely a bold move; it embodies vision and, most importantly, potential benefits to Bangkok and the rest of Thailand.
As spectators in the same region, we in Hong Kong find ourselves overshadowed once again by our neighbours. What measures could we take in response?
Typically, the reaction might be that we need not emulate others since we possess unique advantages that are incomparable. However, this stance may overlook the broader implications of regional dynamics and the benefits of active participation in high-profile international events.
The crux of the matter lies in our belief system regarding government spending: is the Thai government justified in investing a billion dollars with the expectation of substantial returns?
To gauge the potential benefits, let’s examine the impact of the Formula One event in Singapore. Before and during the race, the city hosts significant forums like the Milken Institute Asia Summit and events centred on private equity, venture capital and family offices, drawing an influx of visitors over six to eight days. This not only boosts tourism but also elevates Singapore’s status on the global economic stage.
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