Jeonbuk Province, South Korea, is making a push to host the 2036 Summer Olympics, and a new feasibility study suggests it’s a surprisingly strong contender. The study, released recently, found the potential economic benefits of hosting the Games outweigh the costs—a crucial first step in a complex bidding process.
Jeonju Eyes 2036 Games: Economic Feasibility and Public Support
A preliminary study indicates hosting the 2036 Summer Olympics in Jeonju could deliver more economic benefit than cost, bolstered by strong public approval.
- A pre-feasibility study determined the 2036 Summer Olympics in Jeonbuk Province has a cost-benefit ratio exceeding 1.
- The project’s implementation rating (0.665) was significantly higher than the rating for not implementing the project (0.335).
- Public opinion is overwhelmingly in favor of hosting, with 82.7% of citizens expressing support.
- The proposed plan emphasizes utilizing existing infrastructure to minimize costs and promote sustainability.
- The total project cost is estimated at KRW 6.9086 trillion.
The initial assessment, a critical hurdle in the Olympic bidding process, revealed a positive cost-benefit ratio. Kim Sang-hoon, Research Director at the Korea Institute of Sports Science, explained that a comprehensive evaluation showed a project implementation rating of 0.665, surpassing the 0.335 rating for non-implementation. “So it was decided that project implementation was a better alternative than non-implementation,” he stated.
To keep costs manageable, Jeonbuk Province plans to prioritize renovating existing sports facilities rather than constructing new ones. The total estimated project cost is KRW 6.9086 trillion. The vision is a dispersed Olympics, aligning with the International Olympic Committee’s (IOC) push for sustainability. A total of 51 stadiums would be used, with opening and closing ceremonies, along with marathon and soccer events, held in Jeonbuk. Tennis and gymnastics competitions are slated for Seoul, and events will be spread across 16 cities nationwide.
Governor of Jeonbuk Special Self-Governing Province, Kim Gwan-young, emphasized a strategy of “utilizing existing infrastructure to the fullest without new construction and balancing the economic feasibility of the Olympics, financial efficiency, and sustainability…”
Public support for bringing the Olympics back to Korea, 48 years after the 1988 Seoul Games, is remarkably high. A perception survey conducted by the Korea Institute of Sports Science found that 82.7% of citizens favor hosting the Jeonju Olympics, primarily believing it will stimulate both national and regional economic development.
President Lee Jae-myung has also voiced support for hosting international sporting events, stating on the 21st, “I believe that holding international competitions whenever possible is helpful to national development. If possible, host (the Olympics)…”.
However, challenges remain. Accommodating a large influx of visitors will require additional lodging, and convincing the IOC of the viability of a dispersed hosting model will be crucial. Jeonbuk Self-Governing Province is now moving forward with the necessary government approval procedures, including seeking approval from the Jeonbuk Provincial Council and applying to the Ministry of Culture, Sports and Tourism.
