Singapore (AP) -- Singapore may bid to host a Formula One Grand Prix race as part of ongoing efforts to boost tourism, a trade official said.

Minister of State for Trade and Industry S. Iswaran has been studying the feasibility of holding an F1 race, and the government was "willing to support such a venture up to a level commensurate with the broader benefits to the economy."

"To be known and seen as a truly global city, we must have ... not just a wide variety of quality lifestyle, leisure and entertainment options but also world class events," Iswaran told Parliament on Monday. "This is why we are taking a very serious look at hosting a Formula One Grand Prix in Singapore."

The move would benefit the hospitality, retail and travel industries, he said.

"The attention and buzz that it generates will expose Singapore to a very different audience from that in the business and financial world. It is a group we currently do not reach out to," he said.

Mr Lee Kuan Yew, Minister Mentor and the founder of modern Singapore, said two years ago he regretted making the "stupid decision" not to allow Formula One racing in the city-state, as it would have benefited the economy.