According to a Government Minister, the Singapore Grand Prix - Formula One's first night race - could generate as much as $100m, with foreign visitors expected to make up to 40 percent of race spectators.

According to the Straits Times, in a response to a question from Lim Wee Kiak, MP for Sembawang, Minister for Trade and Industry Lim Hng Kiang said that the race has already started generating opportunities for businesses. He claimed that some hotels have been fully booked for the entire race period.

While Lim was unable to say how many jobs will be created in the short-term, he insisted that there will be a "spill-over" as the service industry recruits additional workers specifically for the race.

Lim, who urged local businesses to take advantage of business opportunities during the GP weekend, and suggested shops and restaurants should extend their opening hours, revealed that in the run up to the race weekend the Singapore Tourism Board will be organising the Singapore GP Season.

Taking place over three weekends, the Singapore GP Season, will see fans, tourists and locals enjoying events such as the Singapore River Festival, the Singapore Biennale art exhibition and the Singapore Motorshow at Suntec City.