Gov`t Supports 200 Billion Won to Sports Industry

The government decided to pursue the plan for offering fund support and tax benefit to the sports industries. And it plans to lend 200 billion won through the Korea Development Bank to the promising small-and-medium companies related to the 2002 World Cup and the Busan Asian Games.

The government revealed the sports industry support plan in the civilian-government joint panel for elevating the economic effects of the 2002 World Cup, which was presided by Jin Nyum, Deputy Prime Minister and Minster of Finance and Economy, at Bankers Club, Myung-Dong, Seoul yesterday.

The government will establish the legal foundation for fund support by designating the sports service industries such as sports marketing and advertisement agency as venture company. And it will review the plan to improve the fund raise by alleviating the credit guarantee limitations, and will also offer the tax benefits to the companies supporting sports events, and professional sports organizations.

In addition to this, the government decided to revise the urban planning law in order to allow to run the profitable businesses such as shopping mall, restaurant, wedding hall, theater, etc, in the public athletic facilities.

The certification system for sports goods will be introduced in order to improve the domestic sports goods to the world brand. And the `foundation for nurturing sports industry` will be established as a long-term plan.

The government will pursue the plan for integrating the professional soccer leagues of Korea, China and Japan from 2003. And it also established the long-term plan to launch the integrated leagues of baseball and basketball.

Finally, in order to attract more foreign tourists, the government will introduce 58,000 taxies equipping foreign language interpreter in Seoul, Suwon, Cheju, Daegu, etc, and will oblige the simultaneous interpreting system to all taxies in Seoul.

yhchoi65@donga.com