LETTERS Recently Prime Minister Tun Dr Mahathir Mohamad has called on the corporate sector to increase sponsorship of sporting events in the country.
The Malaysia Global Business Forum answered this call with a sponsorship of the 2020 International Touche Minime, a regional youth fencing tournament which saw over 220 athletes from nine different countries competing in Kuala Lumpur.
Many may ask why a business forum is investing money into an international fencing event.
Apart from the parallel between fencing and the business world — where the ability to make split-second decisions, accuracy and dedication can be the difference between success and failure — sports sponsorship makes good business sense.
Sports is also big business. Globally, Plunkett Research Group estimates the sports industry is worth some RM7.04 trillion.
Growing up in Australia where the sporting culture borders on the religious, I was fortunate enough to have parents with access to the world of corporate entertainment at sporting events.
It’s clear that as Malaysia becomes more developed, Malaysian businesses can benefit from a culture of corporate entertainment at sporting events.
Involvement in this tournament paid dividends when one of our international business partners linked us to a parent of one of the young fencers who happened to be flying to Malaysia for the event.
The latest international figures for sponsorship tip the scales at just over RM248 billion but before getting too excited, a strategy for local businesses needs to be developed.
The question remains, how to make a little bit go a long way? The answer lies with the pooling of resources and taking those first steps.
In the recent case, the Malaysian Fencing Federation (MFF) and the Federal Territory Amateur Fencing Association (FTAFA) got behind the organisers, Touche Fencing Club.
Sponsorship from the corporate sector plugged the gaps together with support from Tourism Malaysia and the Ministry of Youth and Sports.
In a few weeks (or months), the challenges to travel and organising sporting events due to the Coronavirus outbreak (Covid-19) will have passed.
It will be time to put Visit Malaysia Year 2020 back into high gear. Sports associations together with the corporate sector have the opportunity to make a difference.
According to a report by the United Nations World Tourism Organisation (UNWTO), global sports tourism is worth RM3.3 trillion, constituting more than 10 per cent of international travel and tourism receipts.
With Malaysia at the heart of the Asia Pacific region, which also has the highest growth figures clocking in at eight per cent per annum, there is an opportunity to spur revenue from tourism arrivals.
There is much to play for — the convergence of sports tourism and the further development of a corporate entertainment culture at sporting events — and exposing local athletes to international competition can only have positive outcomes.
Emerging sports especially offer something all investors want, a ground floor business opportunity to grow market share.
NORDIN ABDULLAH
FOUNDING CHAIRMAN MALAYSIA GLOBAL BUSINESS FORUM
The views expressed in this article are the author’s own and do not necessarily reflect those of the New Straits Times