Formula E finale could inject millions of ringgit, create jobs, says CEO
Published on: Thursday, March 14, 2024
By: FMT
Formula E says hosting the grand finale event could contribute RM6.73 billion to the country’s economy over the next decade. (Formula E pic)
PETALING JAYA: Next year’s Formula E-Prix Grand Finale could inject some RM157.5 million into the local economy through visitor spending and create over 10,000 jobs, its CEO Jeff Dodds says.
In a letter to Prime Minister Anwar Ibrahim sighted by FMT, Dodds also said the revenue and job opportunities were among the “impactful and long-lasting economic benefits” the race would usher in.
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He said the event could contribute RM6.73 billion to the country’s economy over the next decade and is also expected to have ripple effects.
“Beyond direct financial gains, the race is poised to spur investments in sustainable infrastructure, creating a legacy of innovation and green tech advancement,” the letter, which was copied to tourism, arts and culture minister Tiong King Sing, read.
Dodds also claimed that Formula E 2024 had received “immense success and outreach” in several locations including Sao Paulo, Monaco, Tokyo and Shanghai.
He said Kuala Lumpur stood out as a “perfect and strategic location” for the 2025 finale for several reasons, including the prime minister’s “visionary leadership in EV (electric vehicle) adoption” and his administration’s “proactive stand on sustainability”.
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Kuala Lumpur is also a “globally recognised city centre state”, he said.
Dodds said that likewise, Kuala Lumpur was “logistically strong” for fans travelling to attend the race and for facilitating the transportation of Formula E race cars to Malaysia.
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“Furthermore, Malaysia has ready and existing infrastructure in place to host this event,” he said, citing the Kuala Lumpur City Centre track circuit design and infrastructure asset, among others.
Yesterday, FMT reported that Malaysia might lose the race to host the event’s finale next year to Thailand.
It was also reported that Formula E had extended an invitation for Kuala Lumpur to be the host city of its final race annually until 2030.
Its local partner, Sports Tech Holding, confirmed it is waiting for a response from the Prime Minister’s Office to discuss hosting the event.
Formula E, officially known as the ABB FIA Formula E World Championship, is an open-wheel single-seater motorsport competition for electric cars.
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