Prince Albert of Monaco was once asked to rate the contribution of Formula One (F1) to the principality on a scale of one to 10.

He gave it 15.

The blue blood's overwhelming endorsement of the sport is worth noting, as Singapore flirts again with the idea of hosting the F1.

Talk surfaced again in recent weeks of a plan to have a street-circuit night race in the Marina and Esplanade areas.

Two parties, both private, are believed to be bidding to have the event as early as next year.

Thus far, the Government's involvement has been unclear. While indications suggest that the authorities are keen, the messages sent out have been non-committal.

The Ministry of Trade and Industry offered a general statement to the media, saying that it is "constantly on the lookout for investors and event organisers who wish to bring major events, such as the F1 Grand Prix, to Singapore".

And while Community Development, Youth and Sports Minister Vivian Balakrishnan gave his support last week to hosting international single-sports events - as opposed to mega-sports events like the Olympics - he did not name the F1.

Why the seemingly cool stance? What happened to the energy and determination that Singaporeans saw when this Government charged towards the integrated resorts (IRs)?

While F1 is admittedly not on the same level as the IRs in terms of economic investment, social concerns and political costs, I believe the Government would do well to race after F1 like it did with the IRs.

F1 is more than just a sports event. It is likely to give this administration the ingredients to build on its key agenda: a thriving Singapore that ranks among the world's most exciting cities.

First, the economic benefits of the race are substantial.

Since 2000, the annual race has contributed close to US$1billion (S$1.5 billion) cumulatively in economic impact to Indianapolis in mid-western United States.

When Shanghai hosted its first race in 2004, global market research firm AC Nielsen?s survey showed that F1 generated around 3.3billion yuan S$653million) worth of benefits for property developers, hotels, tourism, catering, retailing and advertising companies.

Countries continue to fight for hosting rights, even as some critics have murmured that such figures are exaggerated.

In Asia, China, Japan, Bahrain and Malaysia are all keen to carry on. Malaysian Prime Minister Abdullah Badawi said as much last month.

South Korea has inked a deal for a first race in 2010 and India wants in too.

Hardly the sort of response for a loss-making venture, right?

Second, F1 complements the IRs.

With an average 160 million global viewers per race, the event can act as an annual engine to drive tourists here, luring them not only to the track, but also the theme parks and casinos.

There can also be F1-IR twin worldwide promotions, selling family packages that include Singapore Airlines tickets, Marina Bay Sands rooms (to be near the race), Universal Studios admissions and, of course, F1 passes.

Last, F1 can give Singapore the oomph needed to realise its vision of a global city, as sketched out by Prime Minister Lee Hsien Loong in his National Day Rally speech two years ago.

Unlike many major cities, Singapore does not have a regular world-class sports event.

Look at the big three of the West: New York has tennis' US Open and Major League Baseball; London the Wimbledon championships and the English Premier League; and Paris the French Open and Tour de France.

Nearer home, the big boys of Tokyo and Shanghai have, you guessed it, F1.

Singaporeans need not worry about the Asian races cannibalising each other. The proposal of a street-circuit race makes it second only to Monaco and unique in this region.

Compared to the generic race tracks, a city event is far more scenic and colourful. The night race will also be a first, giving Singapore a chance to build a signature sports championship.

But hosting F1 is not without costs. A US$40million fee is expected just for hosting and TV broadcast rights.

As Singapore has a ban on tobacco advertising - a key reason for F1's gradual migration from tough-on-tobacco Europe to Asia - it is possible that the country has to pay even more.

A street-circuit race would also require roads to be closed for almost a week downtown.

It would take six weeks to set up the race and three weeks thereafter to dismantle, meaning more traffic disruptions.

Businesses in the area are likely to suffer, as seen when the International Monetary Fund and World Bank meetings came to town last year.

When central London had an exhibition F1 street race in 2004, some Londoners lambasted the organisers for the noise pollution and logistics chaos.

That is why it is critical for the Government to come aboard Singapore's F1 bid, not merely in offering passive support, but actively fronting it.

Political will is needed to convince the people that F1, despite the short-term inconveniences, has long-term benefits such as more jobs and creating a city with more 'buzz' to make it to the big league.

Minister Mentor Lee Kuan Yew lamented in 2005 that it was 'a stupid decision' to reject F1 in the past, as the race brings in big money for car manufacturers and the host countries.

"I think we made a mistake in not building a Formula One course. Monaco has a Grand Prix," he said.

"I think I was dim-witted then. But I learnt a lesson and I'm telling my younger chaps, 'Look, pay attention to all this, this is what will make Singapore buzz.' Let's not make the same mistake twice."