By Duncan Mackay at the Westin Chosun in Seoul

Jacques Rogge in Seoul January 30 2013January 30 - Pyeongchang 2018 today officially signed the Marketing Plan Agreement with the International Olympic Committee (IOC), setting itself a target of raising $1.1 billion (£699 million/€814 million) to help fund the staging of the first Winter Games to take place in South Korea. 

Jacques Rogge, President of the IOC, signed the agreement with Jin-sun Kim, the head of Pyeongchang 2018, at a special ceremony here. 

The agreement gives Pyeongchang 2018 exclusive rights to the Olympic marketing rights in South Korea until 2020, taking them over from the Korean Olympic Committee (KOC).

Under the deal, the KOC will be guaranteed $10 million (£6 million/€7 million) a year from Pyeongchang 2018, a significant increase on the $6 million (£4 million/€4.5 million) they currently generate in sponsorship revenue. 

Pyeongchang 2018 has budgeted that it will cost 2.2 trillion won (£1.2 billion/$2.1 billion/€1.5 billion) to stage the Olympics and Paralympics.

The IOC will contribute 730 billion won (£427 million/$671 million/€497 million) with the remaining 1.1 trillion won ($1.1 billion/£699 million/€814 million) to be raised from domestic sponsorship sales, licencing and ticketing.

Jacques Rogge signs marketing deal with Kim Jin-sun Seoul January 30 2013Jacques Rogge and Pyeongchang 2018 President Kim Jin-sun shake hands after the Marketing Plan Agreement was officially signed during a ceremony in Seoul 

"Today's signing of the Marketing Plan Agreement marks the moment the local organisers truly take ownership of their promotional and financial destiny," said Rogge.

"You are about to embark on an exciting and rewarding journey.

"Many opportunities await you, as do a few challenges.

"But we are confident that you have everything in place to be highly successful in your endeavours.

"The private sector clearly plays a crucial role in delivering the Games, and the IOC will provide you with support and guidance whenever needed along the way."

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