The government will establish a Sports Industry Centre of Excellence in collaboration with selected higher education institutions (HEIs) to develop the sports industry.
According to the 12th Malaysia Plan (12MP) Mid-Term Review (MTR) released by the Ministry of Economy today, the centre will act as a reference centre in providing knowledge and conducting research in various segments of the sports industry.
“The centre will collaborate with stakeholders in identifying new ideas, knowledge and innovation related to sports,” it said.
It also stated that a centralised database on the sports industry will also be established to facilitate informed decision-making in advancing the development of the industry.
“The database will provide information such as sports products, employment and consumer spending. This will facilitate better planning in developing the sports industry,” the report read.
The MTR said that efforts to expand the value chain of the sports industry, such as event management services, journalism and broadcasting as well as sports coaching, will be intensified by optimising the potential of the industry.
“In this regard, professional sports leagues will be expanded to various types of sports. These efforts will create more job opportunities, such as sports coaches, medical personnel and commentators as well as business opportunities for local entrepreneurs,” it said.
In the meantime, the national sports associations (NSAs) will be encouraged to diversify their funding sources by functioning as sports social enterprises so that they will be more viable in generating income, and able to improve relationships with the community and reduce dependency on government funding.
“Alternative financial sources, including corporate sponsorship will be explored to increase sports development funds.
“Sports-related tax incentives will also be revised to encourage the private sector and community involvement in sports development, such as sponsoring sports events and providing employment for former athletes,” the MTR read.
Source: BERNAMA News Agency