Malaysia to set up hub to develop sports industry
This was reflected in the 12th Malaysia Plan (12MP) Mid-Term Review (MTR) released by the Economy Ministry on 11 September 2023.
The hub will act as a reference centre in providing knowledge and conducting research in various segments of the sports industry in the Southeast Asian nation.
“The centre will collaborate with stakeholders in identifying new ideas, knowledge and innovation related to sports,” read the mid-term review report.
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.
The report added that sports-related tax incentives will also be revised to encourage the private sector and community involvement in sports development.
Source: The Sun (Malaysia)