A signing ceremony was held in Seoul today to officially announce the deal.

Bauerfeind, a German healthcare equipment company, will supply more than 5,000 different products to Pyeongchang 2018 for athletes to use at the Winter Olympic Games.

It includes guards, ankles and compression stockings for competitors who suffer injuries during the Games.

An expert professional from Bauerfeind will also help out at the athletic general clinic at the event.

Representatives from the company, one of the largest manufacturers of orthopaedic stockings and inserts in the world, will hold a workshop for physicians and physiotherapists to explain how to use the products in January.

"The sponsorship of  Bauerfeind, which has a lot of experience and expertise in the Olympics, enables us to provide high quality service through excellent sports and therapeutic products and experts in Pyeongchang," Pyeongchang 2018 marketing director Ngang Chan Wang said.

The deal marks a boost to Pyeongchang 2018's portfolio of sponsors for next year's Winter Olympics, which run from February 9 to 25.

It comes after the Organising Committee struck a deal with the Korea Railroad Corporation last week.

"Just as the Pyeongchang Winter Olympics are well prepared, Bauerfeind is ready to contribute to the success of the Pyeongchang Winter Olympic Games," Bauerfeind Korea chief executive Min Seung-ki said.

Sponsorship was initially one of the main concerns in the build-up to the Games but organisers have signed a string of agreements since to allay any fears.

It was recently revealed that money generated from domestic sponsorships for Pyeongchang 2018 has exceeded the ₩1 trillion (£696 million/$918 million/€779 million) mark.

The Organising Committee claim the latest figure is 7.6 per cent higher than its original target of ₩940 billion (£654 million/$871 million/€732 million).