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SBD Global/January 11, 2017/Olympics

South Korea To Spend $780M This Year Preparing For 2018 Games

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South Korea's Ministry of Culture, Sports & Tourism announced Tuesday it will spend 937.2B won ($780M) "on preparations of the 2018 PyeongChang Winter Olympics and Paralympics this year," according to Baek Byung-yeul of the KOREA TIMES. According to the ministry, the budget for the country's first Winter Olympics "includes support for operational preparations, national team athletes' training and facility construction." The sports ministry allocated "the largest portion of the budget" at 731.1B won ($608.3M) for construction. This is a 55.1% decrease from last year as facility construction is "nearing its final phase of completion." The budget for the national team athletes has "been raised." The ministry said it will spend 39.5B won ($32.9M), a 24.2% increase from last year, "supporting athletes." It will pay for overseas training for athletes, recruit more foreign coaches and help secure more time for the athletes to train in the Olympic facilities. The ministry added that "it reduced the financial burden of the organizing committee for the Winter Olympics and Paralympics following the revision of laws that allow the organizers to pursue various business activities and receive tax benefits" (KOREA TIMES, 1/10).

CAMPAIGN DISCOUNTS: YONHAP reported South Korea said "it will launch a nationwide shopping campaign next week to provide discounts to foreign tourists one year ahead of the opening of the PyeongChang Winter Olympics" in Feb. '18. The Visit Korea Committee said that "focus will be put on offering discounts at ski resorts and other winter sporting events" during the week-long Korea Grand Sale from Feb. 20-28. Under the campaign, ski resorts in PyeongChang and other counties in Gangwon Province will provide up to 50% discounts on the use of lifts, gondolas and skiing equipment. South Korea's largest national flag carrier, Korean Air Lines Co., "will offer a package of airplane tickets and hotel accommodation at a discount rate" while Asiana Airlines Co. is providing a discount of up to 60% for air tickets to China and European cities from Incheon (YONHAP, 1/9).
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Asia, Olympics

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