South Korea proposed a special Olympic law on Saturday as IOC assessors completed an evaluation of mountain resort Pyeongchang's bid for the 2018 winter games. -- PHOTO: REUTERS
PYEONGCHANG - SOUTH Korea proposed a special Olympic law on Saturday as IOC assessors completed an evaluation of mountain resort Pyeongchang's bid for the 2018 winter games.
Precise details of the law have not been released, but officials said it would help Pyeongchang speed up construction of facilities for the event.
The offer came at a final round of presentations to the International Olympic Committee team, and Prime Minister Kim Hwang-Sik said the town would receive full state financial support, bidding committee officials said.
The resort has already invested more than US$1.5 billion (S$1.9 billion) to build facilities, with seven out of the 13 necessary sites now in place and the central government planning to spend additional US$1.53 billion to bolster the bid.
The law will help Pyeongchang speed up building work, Ha Do-Bong, bidding committee secretary general said, adding there would be tax breaks on imports of Olympic equipment.
Mr Ha said the special law would also help sports bodies launch aggressive marketing to ensure Pyeongchang would not end up in the red. The town aims to gain US$792 million by selling sponsorship and souvenirs. -- AFP
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