S. Korean Economy Up after National Team Reach World Cup Semis

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Last updated at: (Beijing Time) Tuesday, June 25, 2002

S. Korean Economy Up after National Team Reach World Cup Semis

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South Korea's defeat of Spain on penalties on Saturday is a huge boost for South Korean economy. Korean companies are expected to reap huge benefits from an unprecedented football marketing effect, newspaper Korea Herald reported on Monday.

Although marketing-savvy local companies are short on specific figures, they claim that the World Cup effect is continuing to gain momentum in marketing, advertising, brand recognition and revenues, spurred by the cheering of local fans and dashing wins by the Korean side.

South Korea's two official FIFA sponsors - Hyundai Motor and KTCorp. - are expected to benefit most from the impressive display of their country's players and head coach Guus Hiddink. Hyundai, the country's largest automakers said about 2,000 overseas dealers,who have been invited to South Korea for the World Cup and a factory tour, have won highly positive comments, a sign that the automakers hopes will lead to a hike in overseas sales.

KT, the country's largest fixed-line telecom carrier, is also ratcheting up its World Cup marketing campaign. The official FIFApartner company has supplied information technolocy facilities to the World Cup venues and is operating its own technology demonstration showrooms in and outside World Cup stadiums, attracting keen attention from foreign media as well as visitors.

KT said its World Cup marketing value would reach 5 trillion won, as the national team's dramatic performance is expected to help the company further boost its brand recognition.

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