In the first step of the agreement, Byung-seok Hahm, president of Nonghyup's Gangwon Division, visited the Bid Committee's office to present Pyeongchang 2018 with KRW 500 million ($445,000).

Nonghyup will contribute over KRW 1 billion (£560,000/$890,000) in the lead-up to July 2011, when the International Olympic Committee (IOC) will decide the host city for the 2018 Olympic and Paralympic Winter Games, for which Annecy and Munich are also bidding.

Hahm said: "On behalf of Nonghyup, I would like to present this donation to Pyeongchang 2018 to support their campaign to host the Winter Games.

"To host the 2018 Winter Games in the Gangwon Province would bring immense pride to the region and a number of benefits to the local economy and its people."

Yang Ho Cho, chairman and chief executive officer of the PyeongChang 2018 Bid Committee, said: "I would like to express my thanks to Nonghyup for adding their support to the bid.

"Following PyeongChang 2018's presentation at ANOC (Associationa of National Olympic Committees) last week, we will look to continue our work in spreading the values of the Olympic Movement to a new, young and dynamic generation in Asia."


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