Kuala lumpur: Malaysia should fully capitalise on the opportunity to host a Formula One (F1) race this October as the first step towards bringing the prestigious championship back to the Sepang International Circuit (SIC) on a permanent basis in the future, according to industry observers.
According to BERNAMA News Agency, former Mercedes-AMG Petronas development driver Jazeman Firhan Jaafar expressed that the upcoming race, although a one-off event, presents a significant opportunity amidst F1's resurgence under Liberty Media's management. "This is a huge opportunity for Malaysia. If we do not make the most of it, it will be another missed opportunity. F1 has returned to its golden era. Its popularity is far greater than before, and Malaysia must seize this opportunity to prove that we are still capable of hosting a world-class race," Jazeman stated.
He emphasized that F1's return is not just about hosting a three-day race but could have a ripple effect across sectors such as job creation, technology transfer, infrastructure development, tourism, and international media exposure. "F1 is the pinnacle of world motorsport. Everyone should recognise the true value of this race, not merely in terms of ticket sales and promotion, but also its impact on the economy and national development," he added.
Jazeman also noted the growing popularity of F1 among younger audiences, spurred by the Drive to Survive documentary series and Liberty Media's social media strategy, making its impact today much greater than when Malaysia last hosted a race in 2017. However, he acknowledged the challenges in becoming a permanent host again, given the crowded F1 calendar and the rigorous evaluation by Formula One Management (FOM) and the F©d©ration Internationale de l'Automobile (FIA).
Meanwhile, former sports journalist and sports observer Asan Ahmad urged Malaysia not to be satisfied with hosting just one race, but rather to use it as a stepping stone to regain a permanent place on the F1 calendar. He suggested that a long-term contract would provide better value than a one-off event, allowing for the amortisation of costs related to upgrading facilities to FIA Grade 1 standards.
Asan highlighted the potential benefits of a long-term contract for tourism industry players, airlines, hotels, and corporate sponsors, enabling them to plan investments and promotional activities in advance. Additionally, he noted that hosting F1 permanently could bolster Petronas' standing as a global energy brand while enhancing Malaysia's international marketing value.
However, Asan stressed the importance of not reverting to the previous model where the government bore the full cost of hosting the event. Instead, he suggested a public-private partnership model involving various stakeholders to ensure a sustainable investment. "The government should not return to F1 merely to continue serving as an ad hoc host, as that does not provide certainty for the country's economic planning," he stated.
On Sunday, it was announced that Malaysia is set to welcome F1 racing back to the SIC after a nine-year absence by hosting the Bahrain Grand Prix from Oct 2 to 4. SIC hosted the Malaysian Grand Prix from 1999 to 2017 before the race was dropped from the F1 calendar due to rising hosting costs and licensing fees.