Sepang:Local micro, small, and medium enterprises (MSMEs) garnered over RM345 million in economic benefits from the Bahrain Gulf Air Formula 1 (F1) Grand Prix held at the Sepang International Circuit.

According to BERNAMA News Agency, Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong noted that nearly half of the 261,000 spectators were foreign tourists. This influx played a significant role in boosting economic activities through increased tourism expenditure and demand for local goods and services.

Sim emphasized the substantial impact of the Bahrain F1 GP on SMEs, particularly in sectors such as hospitality, food and beverage, retail, transport, entertainment, and tourism-related services. The event attendees reportedly spent 2.17 times more than typical events, with foreign tourists contributing significantly due to their longer stays and spending on accommodation, food, transport, shopping, and recreation.

The minister highlighted the potential advantages Malaysia could reap from hosting international sporting events. Such events provide a platform for SMEs to expand their opportunities and market access, fostering connections between small businesses and larger industry players, event organizers, and local suppliers to ensure widespread economic benefits.