South Korea announces Seoul Festa 2022 and sportscation programmes

South Korea’s Travel & Tourism is expected to create approximately 1.8 million jobs by 2032

Seoul Festa 2022 will be held at Jamsil Sports Complex from 10 to 14 August as a means to attract more international visitors, according to Korea JoongAng Daily.

The Seoul Metropolitan Government announced that the event will feature K-pop concerts and the Seoul E-Prix 2022 of the ABB FIA Formula E World Championship, the first electric car competition to be held in Korea.

“Seoul Festa will be the priming water for Seoul to start anew after overcoming the Covid-19 crisis, to revitalize the tourism industry and the local economy, and leap into the top five global cities,” said Mayor Oh Se-hoon, adding, “Using the festival as a springboard, Seoul will become a city attracting 28 million foreign tourists after four years.”

Meanwhile, the Korea Tourism Organization (KTO) launched “sportscation” programmes in Gangwon Province geared towards those who seek an active summer break, reported The Korea Times.

The “Endless Summer” programme offers surfing on Yangyang beach while encouraging its participants to partake in beach clean-ups, and setting up promotional activities.

The “Green Scuba Diving” programme, on the other hand, invites first-timers to Gangneung’s beaches and includes a marine biodiversity session from Gangneung-Wonju University’s Institute of Ocean Science Education.

Based on the World Travel & Tourism Council’s (WTTC) latest Economic Impact Report (EIR), South Korea’s Travel & Tourism is expected to create approximately 1.8 million jobs by 2032. It also revealed that the sector will outgrow the overall economy within the next decade.

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The analysis projects that South Korea’s Travel & Tourism’s GDP will increase by an average of 4.8 percent annually between 2022 and 2032, significantly exceeding the 1.8 percent growth rate of the country’s entire economy.

As a result, the industry will increase its contribution to approximately KRW 116.9 trillion (USD89.2 billion) or 4.6 percent of the entire GDP.

Moreover, South Korea’s GDP contribution from the tourism industry could reach approximately KRW83.4 trillion (USD63.6 billion) in 2023, barely 4.7 percent below pre-pandemic levels.

The Property Report editors wrote this article. For more information, email: [email protected].