The Formula 1 Grand Prix and the Moto GP Grand Prix are part of a set of half a dozen anchor events that the Algarve needs to overcome its greatest weakness, which is seasonality, said the Algarve hotel association.
“When held in periods of less demand, events of this nature generate important tourist flows for the region, also functioning as a privileged means of promotion and tourist dissemination, given its high international media coverage.
“Tourist entertainment involves a vast reality, ranging from events designed to liven up those already here, to events of an international nature and dimension, inserted in the European and world calendars of great achievements, as are the cases of Formula 1 and Moto GP.”
The association continued: “Therefore, it makes sense for the competent entities, namely the government, to develop actions aimed at guaranteeing their continuity in the following years, especially since the Algarve has infrastructures and equipment capable of responding effectively to the demands of demand in this matter.
“The impact on the regional and national economy and the multiplier effect on the life and society of the places and regions where the races take place is enormous, reaching 5/6 times the investment costs.
“In this sense, AHETA calls on the government, in coordination with the responsible regional and national entities, to develop the necessary efforts and actions, to ensure the permanence of the Formula 1 Grand Prix and the Moto GP Grand Prix at Algarve in the years to come.”