After next year’s racing weekend, investments as part of the strategic development programme at Hungaroring will begin, Péter Szijjártó, the minister of foreign affairs and trade, said at press conference at the 33rd Formula One Hungarian Grand Prix on Sunday.
Before the event, Szijjártó met Chase Carey, a representative of Liberty Media which holds the F1 rights, to discuss the future of the Hungarian race.
“We had positive discussions in which Mr. Carey said that they are proud of the 21 national specials and they want to see these venues in the tournament calendar, and they do not need 21 uniform races,” Szijjártó said, adding that augured well for Budapest and Hungary.
Carey’s strategy is for F1 to occupy a full week rather than just a weekend, Szijjártó said, adding that Budapest was ready and capable of holding such an event. The Hungarian Grand Prix next year will follow this rubric, he added.
“After the 2019 race, we will make all the necessary changes according to the strategic development programme, and as promised, resource allocations and legislative processes will be implemented in a timely manner,” the minister said. “Hungaroring requires there to be a sustainable plan, and the elections have brought about … political stability.” “If the government decides something, it will happen,” he added.
Szijjártó emphasised the economic benefits of the Hungarian GP, the contract for which is for up to 2026.
Last year, 30 billion forints (EUR 93m) of economic activity was realised after the F1 weekend in Mogyoród,
he said, adding that the event had had a positive impact on GDP, with an increase in tax revenue “and a quantifiable media presence”. Tickets sales have increased this year and Formula One is getting more publicity globally, so the economic impact is estimated to be even greater this year compared with last year, the minister said.