Tiny S'pore aims to be big player in sports industry
Wednesday, 25 March 2009
SINGAPORE, Mar 24 (AFP) : Singapore might be small but it always thinks big and that goes for the growth of its sports industry, which 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 PricewaterhouseCoopers forecast the Asia-Pacific sports industry would grow 6.5 per cent per year to an estimated 17.7 billion dollars 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.
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 PricewaterhouseCoopers forecast the Asia-Pacific sports industry would grow 6.5 per cent per year to an estimated 17.7 billion dollars 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.