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SINGAPORE : The government has set aside S$1 million as seed money to develop the sports media industry.
The money will come from the Singapore Sports Council (SSC) and the Media Development Authority (MDA), which are jointly setting up a "Sports Media Business Group".
The sports industry in Singapore has been growing exponentially, especially with the upcoming Sports Hub, the first Formula One race and the inaugural Youth Olympic Games.
Globally, the sports market is expected to achieve sales of US$111.1 billion in 2009.
For Singapore, authorities are looking at growing a sports industry that can sustain itself. The target is to get the industry to contribute S$2 billion to the country's gross domestic product and create 20,000 jobs by 2015.
One area that will be given a boost is sports media. This is the aim of the Memorandum of Understanding between the SSC and the MDA.
Vivian Balakrishnan, Community Development, Youth and Sports Minister, explained, "(The aim is) to develop the media aspects of sports in Singapore; that means helping to bring about an increase in training opportunities as well as production opportunities for journalists, producers, cameramen, commentators, all the people involved in packaging, presenting and getting value out of sports packages.
"And this is important for two reasons - first is to create jobs, and (second) hopefully (offer) good salaries for the people who pursue a career in the media, specifically with respect to sports."
With this MOU, the government hopes to act as catalyst and spur the private sector to get involved and move things along.
Oon Jin Teck, CEO, Singapore Sports Council, said, "We're working with the EDB to put in place incentives to attract sports businesses and companies to Singapore.
"SSC and WDA (Workforce Development Agency) are also rolling out manpower development plans to create a ready workforce for the media and broadcasting sector and the sports industry as a whole, while we (will) also work closely with STB (Singapore Tourism Board) on promoting sports tourism."
Such plans to boost the sports industry were shared at the third CEO Gala Dinner on Wednesday. Some 170 business leaders attended the event, "Sporting Success: What it means for your business", at Sentosa.
The Sports Council is hoping that the business sector will ride this wave of opportunity and help the sports industry reach its potential. - CNA/ms
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