SEOUL, Korea, Republic Of -- South Korea's new chief organizer for the 2018 Winter Olympics in Pyeongchang says preparations are on track with less than two years to go despite lingering concerns over venue constructions and sponsorships.

In his first news conference as president of Pyeongchang's organizing committee on Friday, Lee Hee-beom said organizers would be able to reach 90 per cent of their target of 870 billion won ($731 million) in domestic sponsorships by the end of the year. He downplayed concerns about cash shortages entering the final phase of constructions and a series of test competitions at Olympic venues beginning in December.

"We have 630 days left before the Games start. That's not a lot of time, but that's still enough (to get things done)," Lee told reporters in Seoul. "The hardware part of the preparations is proceeding well. There has been some concerns (over venue constructions), but they will be solved before the start of the test events at the end of the year."

Lee, 67, a former minister of industry and energy, was formally appointed on Monday by South Korea's minister of culture, sports and tourism as the new president of the Olympic organizing committee, which elected him to the position last week. He replaced business tycoon Cho Yang-ho, who stepped down to deal with financial troubles at a major shipping company his family controls.

The transition from Cho to Lee marked the second change in less than two years at the helm of the Olympic organizing committee, which in recent years faced challenges such as construction delays, local conflicts over venues, including the Olympic Stadium for the opening and closing ceremonies, and a slow pace in attracting domestic partnerships. But preparations seemed to turn a corner after organizers successfully hosted the first round of test events at Olympic snow venues earlier this year.

While expressing optimism about the preparations, Gunilla Lindberg, head of the International Olympic Committee's co-ordination commission for the 2018 Winter Games, said Pyeongchang organizers still had a "lot of work to be done" and that the next round of test events would be critical.

"Our time together leaves me confident that Mr. Lee understands what needs to be done in this critical operational phase," she said.