S. Korean companies pledge more than 894 billion won for Pyeongchang Winter Olympics

by andrey | August 14, 2017 1:13 pm

Dozens of South Korean companies have pledged to sponsor more than 894 billion won (US$781 million) to the PyeongChang Winter Olympics, the PyeongChang organizing committee said Saturday.

The pledge is about 5 percent shy of the committee’s goal of drawing 940 billion won and accounts for 33.6 percent of the total budget for South Korea’s first-ever Winter Olympics to be held in the country’s eastern alpine city of PyeongChang in February.

Samsung Group, South Korea’s largest family-controlled conglomerate, has reached an agreement worth 100 billion won.

Samsung Electronics, the world’s top smartphone maker, is one of the top partners of the International Olympic Committee worldwide.

In 2014, the flagship unit of Samsung Group extended its partnership with the IOC to the end of 2020. Under the deal, Samsung will sponsor South Korea’s PyeongChang Winter Olympics in 2018 and the Tokyo Olympic Games in 2020 by supplying a wide range of devices, including smartphones, tablets, laptops and desktops, for athletes and other participants.

Samsung C&T Corp., a Samsung unit that has casual brand Bean Pole, is set to provide uniforms that athletes will wear during opening and closing ceremonies.

Meanwhile, Hyundai Motor and Kia Motors — flagship units of Hyundai Motor Group — plan to provide vehicles to be officially used by the PyeongChang organizing committee.

Hyundai Motor makes the G80, a mid-luxury car that rivals the Mercedes Benz E class and BMW 5 series. Hyundai Motor’s G90 is pitted against the S class of Mercedes Benz and 7 series from BMW.

KT Corp., South Korea’s No. 2 mobile carrier, will be responsible for setting up Wi-Fi networks in stadiums and lodging facilities for athletes and coaches, according to the PyeongChang organizing committee.

The committee also said South Korean retail giant Lotte Group will operate souvenir gift shops around the Olympic venues.

Other South Korean corporate sponsors include family-controlled conglomerate SK Group and LG Group.



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