Accra:The private sector must actively contribute to ensure Malaysia reaps significant economic benefits if the country decides to reinstate Formula One (F1) races, stated Tengku Datuk Seri Zafrul Abdul Aziz, chairman of the Malaysian Investment Development Authority (MIDA).

According to BERNAMA News Agency, Tengku Zafrul emphasized the need to thoroughly evaluate the economic benefits of hosting F1, considering the substantial costs involved and the concern that the advantages might only reach specific societal segments. He stressed the importance of private sector involvement in assessing the return on investment (ROI) and ensuring comprehensive economic gains for the nation.

He pointed out that sectors such as hospitality, tourism, and event management could particularly benefit from hosting F1 races. Additionally, Tengku Zafrul noted that supplementary activities, like major conferences held in conjunction with F1 events, could attract more visitors and offer broader economic prospects for local enterprises.

Tengku Zafrul highlighted a recent F1-related event in Malaysia that drew 261,000 attendees as an illustration of the potential to attract a diverse audience. Malaysia last hosted an F1 race in 2017, and the Sepang International Circuit is set to temporarily return to the F1 calendar for the relocated 2026 Bahrain Grand Prix, following disruptions due to the West Asia crisis.