SINGAPORE (AFP): Singapore's sports industry is booming, despite dark economic times.
The city-state only has a population of 4.5 million, but is the most prosperous country in South-east Asia with grand plans to ramp up its profile in the lucrative market for quality sport.
"Despite the economic clouds, we remain optimistic about the development of sports in Singapore," said Vivian Balakrishnan, minister for community development, youth and sport.
A report last year by Price Waterhouse Coopers forecast the Asia-Pacific sports industry would grow 6.5 per cent per year to an estimated $17.7 billion in 2011.
And Singapore, which has traditionally relied on its exports and tourism industry as its key revenue earners, wants a slice.
Unlike some nations in Asia, it understands the value that hosting major sports events can have in putting the country in the spotlight in terms of worldwide television exposure.
"To capitalise on this growing market, we are ensuring that Singapore remains a natural draw for sports spending by maintaining a friendly business environment with our existing events assets and infrastructure," said Balakrishnan. "As well, we are implementing sound strategies that cultivate a vibrant sports culture."
According to the government, the value of the sports industry in Singapore crossed the one billion dollar mark in 2007, placing it on course for its target of reaching a $2 billion GDP contribution by 2015.
It has been aggressive in bidding to bring high-profile events to the island, with its success in winning the right to host a Formula One Grand Prix the feather in its cap.
The inaugural race in 2008 was the first ever Grand Prix run at night and was roundly praised as a huge success.
Over the past few years, Singapore has also attracted several big-name golf tournaments, like the women's Lexus Cup that pits Asia against the Rest of the World, and the HSBC Women's Champions.
"Our premium events in 2008 alone generated more than 40 million dollars in local publicity, and the international figures are exponentially greater," said Oon Jin Teik, chief executive of the Singapore Sports Council.
"In today’s economic climate, sports and business are, more than ever, in a position to help each other maximise the return on our investments."
In addition to Formula One and golf this year, Singapore will host the first Asian Youth Games and the men's Junior Hockey World Cup, while 2010 sees the inaugural Youth Olympics held in the city-state.
Oon said the government was committed to growing its sports industry, not just by attracting major events but enticing sport-related companies to base their operations here.
Golf's Asian Tour already has its headquarters in Singapore, as does World Sport Group, the leading promoter and marketer of Asian sport. Top sports broadcaster and content provider ESPN-Star is also based here.
"On the investment front, the Economic Development Board and Singapore Sports Council have been actively pursuing sports companies to base their operations in Singapore," Oon said.
"We can expect several investment announcements over the next 12 months."
To position itself as a venue of choice, Singapore is developing a 1.87 billion-dollar Sports Hub, seen here in the handout artists impression, a massive new complex due to be completed in 2012. It will feature a 55,000-capacity stadium with a retractable roof, a 6,000-capacity indoor Aquatic Centre that meets world tournament standards, and a 3,000-capacity multi-purpose indoor arena.
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