Sponsorship deal to help taekwondo go global

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Sponsorship deal to help taekwondo go global

The World Taekwondo Federation (WTF) signed its largest sponsorship with Booyoung Group on Tuesday, aiming to boost globalization of Korea’s traditional martial art.

The WTF, led by President Choue Chung-won, inked a six-year global partnership deal worth $10 million with Booyoung Group in Seoul on Tuesday. The amount and length of the deal is the largest-ever for the international governing body of taekwondo.

More than 100 guests attended ceremony, including Vice Minister of Culture, Sports and Tourism Kim Chong, former Prime Minster Han Seung-soo and Booyoung Chairman Lee Joong-keun.

“This year, taekwondo was selected as a sport for 2020 Summer Paralympics in Tokyo, and with Booyoung’s support, we will be able to cement the status and position of taekwondo,” said WTF chief Choue at the signing ceremony.

The WTF previously partnered with Samsung Electronics from 2005 to 2008 and Macquarie Group of Companies, Korea from 2008 to 2013. It has since been looking for global sponsorship.

According to latest list from the Fair Trade Commission, Booyoung is Korea’s 19th largest chaebol. It has been working to promote taekwondo in foreign countries like Cambodia and Laos by building taekwondo training centers there. It also sent taekwondo volunteers to Vietnam to promote the sport, in association with the Asia Taekwondo Union.

“We feel proud to sponsor WTF,” Booyoung Chairman Lee said. “We will put more effort into globalizing taekwondo.”

BY JOO KYUNG-DON [joo.kyungdon@joongang.co.kr]
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