Sport Singapore chief executive officer Lim Teck Yin called on businesses to explore the opportunity of developing sports in Singapore through partnerships with both athletes and their governing bodies.
In his opening address at the start of the two-day Sports Matter seminar at the Marina Bay Sands on Wednesday, Lim said that the sports market in the Asia-Pacific region is still "relatively immature" but has "tremendous potential" over the next decade and hopes corporate entities will consider furthering their commercial interests in the Republic.
Said Lim: "Through the growth of sports, we as Singaporeans have raised our expectations of sport in our communities...(and) increasingly want superior production values with their sport.
"I think that, for example, Singapore will soon experience a peak (in sport business interests) in the next few years... and governments (in the Asia-Pacific region) will need business partners who take the long view and who are willing to jointly invest in developing the market for sport and achieve lasting impact."
He added that businesses interested in partnering Sport Singapore can help tackle gaps in sports capabilities here through the introduction of expertise. They can also look into initiatives like sponsoring a national athlete or sports team - that will not only raise overall standards of the sport market here but also bring about a long-term impact on their brand value.
The call for investment in the sport sector comes at a time when the Republic is actively promoting its $1.33 billion Singapore Sports Hub, which opened earlier this year. It can host a number of both sporting and entertainment events. The 55,000-seater National Stadium, the showpiece of the Hub, has already played host to top Asian pop act Stephanie Sun and will feature an international football match between Japan and Brazil next month.