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Press Releases

South Korean Government Agrees to Fund North Korea’s Participation in 2018 PyeongChang Winter Olympics


o The South Korean government held the 291st South and North Exchange and Cooperation Promotion Council on February 14, resulting in the decision to provide cooperative funding for the North’s participation in the 2018 PyeongChang Winter Olympics under the Inter-Korean Cooperation Act.

- The council held an open-table discussion with ministers and vice-ministers from 11 government ministries, including the Ministry of Strategy and Finance and the Ministry of Culture, Sports and Tourism, and three civilian committee members, with Unification Minister Cho Myoung-gyon presiding.

*【Officials and committee members in attendance】 Ministers and vice minister officials from the Ministry of Unification, the Ministry of Strategy and Finance, the Ministry of Culture, Sports and Tourism, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Health and Welfare, the Ministry of Land, Infrastructure and Transport, the National Security Office, the National Intelligence Service, and the Office for Government Policy Coordination, Prime Minister's Secretariat were in attendance, as well as Seoul National University Professor Kim Byeong-yeon, Ewha Womans University Professor Nam Yeong-suk, and Women’s Human Rights Defenders Head Choi Yeong-ae.

o The resolution states that all necessary facilities and cultural cooperation expenses incurred during the duration of the visiting North Korean Olympic delegation to the 2018 PyeongChang Winter Olympics are to be covered by the Inter-Korean Cooperation Fund.

- Funds are to be determined according to agreements established at the Inter-Korean High-level Talks last month on the 9th and at the Inter-Korean High/Working-level Talks on the 17th the following week.

- Expenses incurred during the Northern delegates’ stay were agreed to be based upon Article 8, Clause 1 of the Inter-Korean Cooperation Fund Act (funding for the cultural and social exchanges between the two Koreas), and expenses incurred during the Cultural Exchange Project according to Article 8, Clause 2 of the same act.

o The Inter-Korean Cooperation funds amount to a total of approximately 2.86 billion KRW, and will be applied to the funding and sponsorship of the 2018 PyeongChang Winter Olympics and the Paralympics Organizing Committee, the Korean Sport & Olympic Committee, the World Taekwondo, and other organizations.

- However, once the project has reached completion, the actual amount required is expected to be less than the agreed upon amount.

* 2002 Busan Asian Games – Agreed: ~2.12 billion KRW / Applied: ~1.35 billion KRW
2003 Daegu Summer Universiade – Agreed: ~1.35 billion KRW / Applied: ~890 million KRW
2014 Incheon Asian Games - Agreed: ~930 million KRW / Applied: ~410 million KRW

o Seoul is working meticulously around the clock to ensure that this opportunity to fund the North’s visit during the 2018 PyeongChang Winter Olympics can serve as a means for the embracement and partnership of the two Koreas.

- The South Korean government is also trying to maintain close relations with other nations around the globe while determining a sound resolution for international sanctions on the North.