Long-term and short-term goals are formulated in the business plan, while the operations report provides an overview of activities in that regard in 2017.

The new financial policy is aimed at increasing transparency and banning all cash transactions.

In the long run, WTE aims to provide the best climate for its athletes to reach their ultimate goal; winning gold medals at the Olympic Games.

For this purpose, the continental governing body strives to host high-quality events for athletes to meet the best opponents, provide high-quality educational courses for athletes and coaches, and give support to federations in their Olympic journey.

WTE revealed it will further analyse its client groups and will present a roadmap for 2019 to 2020 to provide events for different ones.

In October 2018, a first step will be made through the organisation of the first-ever hanmadang, a taekwondo festival, in Greek capital Athens.

This will be in close cooperation with the Kukkiwon, the World Taekwondo headquarters. 

Next to the traditional Kukkiwon Poomsae, the event also includes a breaking competition.

WTE intends to work closely together with its main sponsor Daedo International, which celebrates its 35th anniversary next month.

"Their new Marvel-themed body protectors and products are an excellent example for new and innovative children’s competition," a WTE statement read.

The operations of WTE are managed from the office in Athens and Rotterdam in The Netherlands.

The director general in the Athens office and deputy secretary general in the Rotterdam office both have their own responsibilities with regard to the operations, and report directly to the secretary general and President.

They are in charge of the relevant Committees and have to make sure the organisational operations run smoothly.

To be compliant with the general accepted financial and accounting standards, WTE will ban all cash transactions.

At events, entry fees will have to be paid either by bank transfer or with a bank credit or debit card on site.

Payments to officials and workforce will be made in the future by bank transfer or by providing a debit card.

WTE’s business plan for 2018 to 2019 can be found by clicking here.

In March, WTE penned a Memorandum of Understanding (MoU) with the Kukkiwon. 

The partnership, agreed in Athens, focuses on promoting the development of taekwondo through mutual cooperation programmes between the Kukkiwon and WTE.

This will include the taekwondo poom/dan promotions test, education, training and martial arts competitions.

WTE President Sakis Pragalos signed the MoU alongside Kukkiwon President Oh Hyundeuk.