Sydney risks missing out to Melbourne or Singapore on a show worth $3.7bn to the economy, with business groups calling on the NSW government to snatch up the ABBA tribute act.

The ABBA Voyage show, currently lighting up London, would attract 440,000 international and interstate visitors to Sydney a year, pumping $3.7bn into the economy, Business Sydney says.

The show – which consists of a hi-tech performance of ABBA’s greatest hits by virtual avatars – is a “must” for Sydney, with Business Sydney, Accommodation Australia, the NSW Taxi Council and the RSL and Services Clubs Association among the bodies signing a joint letter lobbying the Minns government.

“ABBA Voyage has already proven to be an instant and enduring success in London,” Business Sydney’s Paul Nicolaou said. “It frankly is a must for Sydney.

“Unfortunately, there are two other cities vying for this opportunity – Melbourne and Singapore.”

Tourism Minister John Graham said the government wouldn’t be investing in ABBA Voyage “at this time”.