Transition Team Reports to Ministry of Culture, Sports and Tourism... "Opening Blue House to Public Generates at Least 200 Billion KRW Annual Economic Effect"

President-elect Yoon Suk-yeol is leaving the transition committee office set up at the Financial Supervisory Service Training Institute in Tongui-dong, Seoul, on the 28th./Photo by Transition Committee Press Corps

[Asia Economy Reporter Lee Gwan-joo] It has been estimated that opening the Blue House to the public, as promised by President-elect Yoon Seok-yeol, would generate an economic effect of at least 200 billion KRW annually.

On the 28th, the Presidential Transition Committee received a report from the Ministry of Culture, Sports and Tourism containing this information. The Korea Culture and Tourism Institute under the Ministry of Culture analyzed that opening the Blue House would bring about an economic effect of at least 200 billion KRW, including production inducement effects and value-added effects due to revitalization of nearby commercial districts. This analysis excluded foreign tourists from the data for conservative estimation.

The Ministry of Culture reported on financial support and customized support by industry, measures to promote domestic travel, and plans to attract foreign visitors to compensate for damages in the culture, sports, and tourism sectors caused by the spread of COVID-19 and to restore public leisure and daily life. As a plan to leap toward 30 million inbound tourists through regional tourism development and promotion after COVID-19, the following were proposed: ▲ development of region-specific tourism ▲ fostering tourism ventures and spreading smart tourism ▲ activation of stay tourism ▲ measures to enhance the value of the Korean tourism brand.

Furthermore, discussions were held on expanding policy finance support based on content IP to globally develop 'K-Culture' by spreading the Korean Wave, establishing support systems for content companies and artists to enter the global market, supporting K-Culture startups, protecting copyrights of Korean Wave content, and promoting e-sports. Additionally, there was consensus on the need to advance sports science, establish a healthy professional sports system, and successfully host the 2024 Gangwon Winter Youth Olympic Games to become a leading sports nation.

This content was produced with the assistance of AI translation services.