South Korea announced plans Tuesday to help raise the global competitiveness of the country's entertainment and content industry via an investment-loan guarantee project worth more than 1 trillion won (US$841 million).
The government will spend 450 billion won by 2022 in a "content venture investment fund" aimed at offering financial support in the planning and development phase, according to the culture and science ministries.
|President Moon Jae-in delivers a speech during a government forum on plans to promote the content industry held at the at the Seoul campus of the Korea Creative Content Agency on Sept. 17, 2019. (Yonhap)|
It also plans to offer 740 billion won of loan guarantees to developers and producers of various contents, including K-pop, K-dramas, animation, online games and other digital media contents, by the year.
The ministries reported a related three-point strategy to President Moon Jae-in during an event held at the Seoul campus of the Korea Creative Content Agency.
Among other dignitaries in attendance were Finance Minister Hong Nam-ki, Culture Minister Park Yang-woo, Science Minister Choi Ki-young and Park Young-sun, minister of SMEs and startups, as well as Na Young-seok, a well-known TV producer, NCSoft founder Kim Taek-jin and Netmarble CEO Bang Jun-hyuk.
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