Korea Sports Promotion Organization holds meeting with sports companies

The Seoul Olympic Commemorative National Sports Promotion Corporation (Chairman Cho Hyun-jae) announced that it held a meeting with sports companies to explore new sports industry policy directions with the Ministry of Culture, Sports and Tourism.

The meeting, held at SPORTS 360°, an exhibition and experience center of the Sports Industry Support Center in the Olympic Park, was attended by Minister Yoo In-chon, who listened to on-site opinions from sports companies regarding the establishment of the fourth mid- to long-term plan for the sports industry.

In particular, the discussion centered on the need to expand support for sports industry R&D and investment funds to help sports companies with annual sales of more than 10 billion won ($9 million) to secure competitiveness in overseas markets, as well as the need to revitalize the life sports and professional sports industries to grow domestic participation and spectator sports.

In addition, the participants learned about Real Design Tech's outdoor experiential indoor cycling system (ULTIRACER NEO), which received an innovation award at the '2024 CES' in January, and Wave Company's self-developed material utilization exercise platform (TracMe) to gauge the current status of innovative technologies in the sports industry.

"We will strive to grow the sports industry through innovative technologies by reflecting opinions from the sports industry and continuing to collaborate with the Ministry of Culture, Sports and Tourism," said Park Yong-cheol, executive director of the Korea Sports Corporation.

Meanwhile, 'SPORTS 360°' is a 'sports industry test bed' where citizens can experience sports goods developed through the convergence of innovative technology and sports science and verify their marketability.