South Korea will raise more than enough funds to make the upcoming 2018 Winter Olympic Games in PyeongChang one of the most successful and well-organized events, the chief of the country's organizing committee said Thursday.

Lee Hee-beom, a former commerce minister, insisted the 2018 games will also boost the local economy, with nearly 2.6 million people, including some 390,000 foreigners, expected to visit game venues.

"The committee seeks to raise more than 940 billion won (US$794

million) in donations as earlier planned by developing various marketing programs to help fund the PyeongChang Olympic Games," the chief of the South Korean organizing committee said in a special lecture for members of the Korea Employers Federation.

"The committee will work to create great revenues in the tourism sector and encourage private investment by linking the games and its venues with local tourist attractions," he added.

Lee noted the committee was also developing various products using intellectual properties to encourage investment by local firms.

"We will provide never seen before IT-based tourist services where foreign visitors will be provided with tailored information about the games, its venues, tourist attractions and places to shop from the moment they arrive here until they leave," he said. "The PyeongChang Winter Olympic Games will create enormous economic benefits."

An earlier report from the Korea Economic Research Institute, a private think tank, noted the PyeongChang Games will generate up to

21.1 trillion won in investment and spending, with their overall economic impact expected to reach 32.2 trillion won over a 10-year period. (Yonhap)