(2nd LD) S. Korean president announces initiative to invest 500 mln euros in cinema with France

Korean President Lee Jae Myung announced on Monday an ambitious investment of 500 million euros ($581 million) in the cinema industry, in collaboration with France. The initiative, unveiled at the Lumiere Summit in Saint-Paul-de-Vence, France, co-chaired by Lee and French President Emmanuel Macron, aims to foster growth in the cinema sector amidst global challenges and bolster bilateral cooperation between the two nations.

Under the proposed initiative, each country will contribute 500 million euros towards cinema and moving-image industries over a five-year period starting next year. The investment strategy seeks to encourage joint investments and production projects between Korea and France, as well as facilitate local content companies in entering the global market.

Lee highlighted the significance of the initiative in light of the evolving media environment and shifting consumer preferences post-COVID-19 pandemic, as well as the rapid growth of artificial intelligence (AI) within the industry. The collaboration between the two countries represents a strategic step forward in strengthening their partnership in the cinema sector and adapting to the changing landscape.