An announcement was made by South Korea regarding its plans of helping raise the worldwide competitiveness of the country’s content and entertainment industry by means of an investment-loan guarantee project which will be of worth over 1 trillion won that is equivalent to US 841 million dollars.
450 billion won will be spent by the government by 2022 in a ‘content venture investment fund’ targeted at providing financial support in the planning, as well as, development phase, as per the information from the science and culture ministries.
It also has the intention of offering 740 billion won of loan guarantees to producers, as well as, developers of numerous contents, inclusive of animation, K-pop, online games, K-dramas and other digital media contents by the end of the period.
The 3-point strategy was reported by the ministries to the President of South Korea ‘Moon Jae-In’ during an event which took place at the Seoul campus of the Korea Creative Content Agency.
Amongst other notables who were present were the Park Yang-woo- Culture Minister, Park Young-sun and Choi Ki-young- the Science Minister, Hong Nam-ki- Finance Minister, Minister of Small and medium enterprises and startups, as well as, Na Young-Seok, who is a famous TV producer, founder of NCSoft- Kim Taek-jin and the Chief Executive Officer of Netmarble Bang Jun-hyuk.
During his speech, the content industry was described by the South Korean President as a significant future growth engine for the economy of South Korea and not just a culture field.
He further added that the industry has the limitless potential of growth, referring it as a ‘soft yet strong power’ for enhancing the brand value, as well as, global competitiveness of the country.
South Korea has developed as the 7th largest content provider of the world, has become a ‘culture exporter’ seven years back from a ‘culture importer’, Moon stated.