Sacheon City Accelerates Establishment of 'Sacheon Airshow Foundation'

On the 30th, Sacheon City in Gyeongnam held the final report meeting for the feasibility study on the establishment of the Sacheon Airshow Foundation.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Sacheon City, Gyeongnam is accelerating the establishment of the 'Sacheon Airshow Foundation.'

On the 30th, Sacheon City held a final report meeting for the feasibility analysis and basic plan establishment research project for the establishment of the Sacheon Airshow Foundation at the city hall comprehensive situation room, discussing the necessity of establishing the foundation and future plans.

About 20 people, including Mayor Song Do-geun and department heads, attended the final report meeting to explore the roles the foundation should perform and efficient operation methods for the globalization of the Sacheon Airshow.

At the meeting, the research institute in charge, Gyeongnam Research Institute, explained, "As a result of the economic analysis, the B/C (cost-benefit analysis) for 30 years after the foundation's establishment is 1.72, and the NPV (net present value) is 44.71 billion KRW," adding, "The economic feasibility is sufficiently secured."

They continued, "In terms of the scope and level of public service supply, expertise of the operating entity, expertise of personnel, program expertise, economic efficiency, and organizational stability, the cultural foundation operation method was analyzed as the most appropriate."

They also emphasized, "It was found that the five investment and contribution institutions, including the Sacheon Cultural Foundation, and the public enterprise Sacheon City Facilities Management Corporation are unrelated to the aerospace promotion field," and "Good results were derived in the review of similarity and duplication."

In particular, they predicted, "The production inducement effect is a total of 110.4 billion KRW, the value-added inducement effect is a total of 52.5 billion KRW, and the employment inducement effect is about 40.8 people annually, indicating a significant ripple effect on the regional economy."

The Gyeongnam Research Institute estimated that the organization and personnel of the Sacheon Airshow Foundation would consist of 1 bureau, 4 teams, and 15 people. The annual project budget is expected to be 2.02 billion KRW, and the initial endowment for the foundation's establishment is projected to be about 750 million KRW.

A Sacheon City official stated, "The final report will be disclosed on the city website to collect citizens' opinions, and based on the research results, administrative procedures such as establishing the plan, consulting with Gyeongsangnam-do, and enacting ordinances will proceed with the goal of launching in the first half of next year."

Since last year, Sacheon City has been promoting the establishment of the Sacheon Airshow Foundation with the goal of fostering a world-class airshow and strengthening aerospace industry competitiveness to build an international brand as an aerospace city. In this regard, the Gyeongnam Research Institute, the research agency, has been reviewing the appropriateness, economic feasibility, organization, and personnel demand for the foundation's establishment since February 1.

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