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.
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.