There have been a great deal of debates on whether or not the 2014 Incheon Asian Games would be beneficial for the nation. Some extreme opponents have even claimed for the renunciation of hosting it because of the negative effects that may occur in the aftermath.

Since the event is already on the go, however, it is too late for the opposition to keep on whining. Thus, it will be much more constructive to take a closer look at the expected benefits the Asian Games will actually bring.

 

1. Vitalization of Regional and International Economy

 

Graph: Overall Economic Effect (measurements: billion won (₩), 1000 people (p) )

 

Effect	Incheon Economic Effect	Other Area Economic Effect	National Economic Effect
Production Inducement	106,175 (₩)	230,153 (₩)	129,323 (₩)
Added Value Inducement	44,239 (₩)	11,336 (₩)	55,575 (₩)
Employment Inducement	201 (p)	68 (p)	269 (p)

※Korea Institute for International Economic Policy 「The Economic Ripple Effect and Validity Analysis of the 2014 Incheon Asian Games」(2006.7.3)
 

As seen from the graph above, an immense amount of economic effect can arise from the Asian Games. The investment on buildings and facilities will remain intact in Incheon and become assets of the nation afterwards. Nonetheless, the management of these facilities will be a very important factor. Depreciation due to negligence of management will only make these facilities a burden to the country, let alone bring about economic value.

 

2. Enhancement of Brand Value as a Cosmopolitan City

 

Brand value is very sensitive to its surroundings. It can plummet just with the simplest gossip or rise following a successful completion of an event.

By ensuring proper plans and smooth progression in the Asian Games, South Korea can be imprinted to the world as a competitive global country with a state-of-the-art international airport and free economic zones along with the image of successfully hosting the Olympics, World Cup and the Asian Games, the three major international sports events. It is also a great opportunity to notify your cultural legitimacy and excellence while contributing to the settlement of peace in Northeast Asia and humanity as a whole.

 

3. Integration of Citizens and Reinforcing Self-esteem

 

The integration and harmony of citizens towards a communal goal, the 2014 Asian Games, will bring out a sense of unity and the successful hosting of it will instill national self-esteem to the citizens. With all the scandalous incidents in our country these days, the Asian Games should at least be able to let the citizens have something to root for in consensus.

 

4. Contribution to the Growth of National Sports

 

By training elite athletes, South Korea can be established as a powerhouse for sports. To achieve this, however, maintenance and procurement of sports facilities will be compulsory. If these frameworks are provided, the national health of sports will be able to prosper in the long run. Not only that but, the 2014 Incheon Asian Games by themselves will be able to add up to the growth of national sports, being the first international sports event held in South Korea since the 2002 Busan Asian Games.

Since the 1988 Seoul Olympics, South Korea has hosted numerous international sports events. Each time, the country has accumulated more and more experience and knowledge on how to lead events without much complication.

Nevertheless, there is something that South Korea must always bear in mind. Greece, the host of the 2004 Athens Summer Olympics, is one of the hardest-hit countries that have experienced the valley effect, or the post-Olympic economic hangover. This financial catastrophe of Greece resulted in the Eurozone crisis, leaving millions of lives in distraught.

Of course the Asian Games are not the Olympics, but they are still a major event that can bring unexpected affairs to any nation. South Korea must not disregard this scenario and be cautious to the end.

 

Following the Asian Games, the Pyeongchang Winter Olympics are coming right up in a few years. Naturally, the successful hosting of the Asian Games can be a crucial stepping stone for the successful hosting of the Olympics. It is essential for the nation to maintain its status after the Games and be able to continue its preparations without further ado. However, this is not a matter that can be discussed at the moment. So, let us all just sit back, relax and enjoy the rest of the show.

 

By Jin-Sung Kim
(DG editor)