Samsung Group on Monday signed as domestic sponsor of the PyeongChang 2018 Olympic Winter Games. 

Samsung will support the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG) with a sponsor package valued at KRW 100 bn (USD 92m) to become a domestic partner working in various business areas across the Samsung group.

The domestic sponsorship is in addition to the Worldwide TOP Partnership with the IOC, which Samsung recently renewed until 2020 and which includes the provision of wireless communications equipment, tablet PC, notebook computer and desktop PCs.

"We are happy to have Samsung support in addition to the TOP partner agreement with POCOG,” Cho Yang-ho, president of POCOG said. “We are confident that this sponsorship agreement will encourage other Korean companies to join as sponsors for the PyeongChang 2018 Olympic and Paralympic Winter Games.”

POCOG has also signed domestic sponsors agreements with Samsung Group, Korean Air, KT, Youngone Outdoor (The NORTH FACE Brand), Pagoda Education Group and Samil PricewaterhouseCoopers, but has so far only achieved 41 per cent of its sponsorship target.

According to AFP, POCOG anticipates reaching 70 per cent of its sponsorship target by the end of 2015.

"Samsung Group is thrilled that Korea has won the right to host the Olympic Winter Games. The Corporation demonstrates its support by extending the domestic marketing rights for PyeongChang 2018 that are already in place through the TOP (The Olympic Partner) contract with the IOC," said Park Sangjin, president of corporate relations at Samsung.

"Indeed, Samsung has made a meaningful decision to provide additional support for the PyeongChang 2018 organizing committee to contribute to the successful Olympic Winter Games. This sponsorship agreement furthers our efforts to commit to social responsibility as a corporate representative of Korea."