Korean president announces initiative to invest $581 mil. in cinema with France
Korean President Lee Jae Myung on Monday unveiled an initiative to invest 500 million euros ($581 million) in a partnership with France to promote the growth of the cinema industry, a move also aimed at boosting the countries' bilateral cooperation in the sector. Lee disclosed the initiative in his speech to the Lumiere Summit in Saint-Paul-de-Vence, France, which he co-chaired alongside French…
Korean President Lee Jae Myung has announced a significant investment of 500 million euros ($581 million) in a partnership with France to bolster the cinema industry. The initiative, unveiled during the Lumiere Summit in Saint-Paul-de-Vence, France, co-chaired by French President Emmanuel Macron, aims to spur growth in the sector amidst challenging global changes.
The five-year plan, proposed by Korea and endorsed by France, will see both nations committing 500 million euros each towards cinema and moving-image industries. This financial commitment is expected to foster collaborative investments and production projects between the two countries, paving the way for local content companies to venture into the global market.
Lee cited the media landscape's transformation and shifting consumer preferences since the COVID-19 pandemic, as well as the rise of artificial intelligence (AI), as key factors influencing the decision.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
