The six-year deal will see the WTF receive a investment of $10 million (£7 million/€9 million) which they  have pledged to use to find innovative ways to make taekwondo more exciting and help to consolidate its position on the Olympic programme.

Tokyo 2020 will be the sixth consecutive Olympic Games in which taekwondo has featured, dating back to Sydney 2000 and WTF President Chungwon Choue believes the additional investment is crucial to its  continued inclusion.

“The WTF has had a very successful few years having consolidated taekwondo’s position on the Tokyo 2020 Olympic Games sports programme and having been included in the Tokyo 2020 Paralympics Games,” Choue said after signing the agreement.

“However, there is no room for complacency.

“We want to continue to evolve and innovate to make our sport better for our athletes and for our fans.

“Investment through partnerships, sponsorships and broadcasting deals is vital to our future development and we are confident in the coming month and years more companies will look to join the Booyoung Group in becoming WTF global partners.”

It is hope that the funds will help to build on the success of Para-taekwondo being announced by the International Paralympic Committee as one of 22 core sports on the Tokyo 2020 sports programme.

Lee Joong-keun, chairman of Booyoun Group, has previously been involved in various development programmes aimed at promoting Olympic values and his donations have helped with the creation of taekwondo training centres through Southeast Asia.

His support of the sport has been continued with the announcement of the global partnership with the WTF, which also continues the federation’s drive to attract invest into the sport, as it aims to develop and evolve worldwide.