Singapore as a global sports hub and its effects to the economy

If anyone has ever doubted the powerful influence of sport on a nation’s confidence, then the Singapore Grand Prix, Singapore Open and Youth Olympic Games should silence skeptics.

Should you have approached any local sport enthusiast less than a decade ago, they wouldn’t have fathomed the possibility of Singapore playing host to such world-class sporting events.

Over the years, the country has come to value the importance of these events and appreciate the positive impact from its growth.

Take for instance the Singapore Open, which started off as an event with a small purse that has now grown to $6 million, with the event attracting live attendances of more than 30,000 and drawing the participation of world number one Rory McIlroy and other top golfers – making a name for itself on the global golfing scene.

Truly, these events have not only helped to redefine Singapore as a global destination, they along with other domestic sporting events have proven to be the winning formula for the nation’s tourism and sports industry strategies.

Singapore is already leading the region in many areas but its Vision 2030 plan together with the opening of the Sports Hub in 2014 will seal the Lion City’s position as the region’s hub for sports.

Currently, Singapore doesn’t host an Asean PGA Tour event, but there is no reason why it shouldn’t particularly as it looks to grow its portfolio of international sporting events, and strengthen its leadership role in the Southeast Asian sporting scene.

More and more, people are starting to understand that it isn’t just the big events like the Olympics or FIFA World Cup that can make an impact.

Smaller events prove to be equally as important in sowing the seeds of growth and progress in the sporting industry – the Luang Prabang Laos Open is a fine example. Looking at the tournament through a finer lens, you’ll see that the Luang Prabang Laos Open generated more than a paycheck and points on the Asean PGA Tour’s tournament ladder for winner Thaworn Wiratchant.

In the coming years, we can expect to see more countries capitalize on smaller events which offer a multitude of benefits to its hosts, for a fraction of the investment required to stage a major international event.

With an upcoming state-of-the-art sports infrastructure, a growing community of sports enthusiasts and corporate entities who understand and appreciate the value of sports sponsorship, Singapore is well-placed to take on a leadership role in the region, driving growth in the sporting landscape and effecting positive and tangible rewards for its economy and the community.