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The Formula One night race that is set to take place in Singapore this year could bring S$100m (£37m) into the economy through tourism, according to reports.

Trade and industry minister Lim Hng Kiang said that between 30% and 40% of visitors to the race are expected to come from overseas, Channel News Asia reports.

The event is also expected to have a beneficial effect on employment, with the service sector among the industries that is expected to recruit new workers specifically for the occasion.

Singapore's senior minister of state for trade and industry, S Iswaran, was positive about the appeal of the hotel industry ahead of the race.

'If you compare the room rates that I have seen in the media with the going rates in places like Monaco, even in Melbourne and some of the other circuits, I think our rates are quite comparable,' he said.

The Singapore grand prix, which will be the first night race in the history of Formula One, will take place on 28 September in the Marina Bay area of the city.

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