Seoul: Culture Minister Chae Hwi-young announced on Thursday that the South Korean government aims to expand its "K-culture" market to 400 trillion won (US$265 billion) by the year 2030. This new target represents an increase from the previous goal of 300 trillion won.

According to Yonhap News Agency, Minister Chae revealed this ambitious policy goal during a press conference held in anticipation of the first anniversary of the Lee Jae Myung administration. He emphasized the growing significance of the K-culture market within South Korea's economy, describing it as a vital growth engine for the future.

Minister Chae explained that the redefined scope of K-culture now encompasses not only the traditional content industry, which includes arts and culture, but also lifestyle sectors such as food, beauty, and fashion. This broader definition has contributed to the increased market target. He further predicted that the export of K-culture products could reach $110 billion by 2030, up from the projected $71.8 billion in 2025.

While discussing the impact of global events, Chae noted that the ongoing conflict in the Middle East and rising oil prices have not yet significantly affected South Korea's tourism industry. However, he underscored the importance of ramping up marketing efforts to promote tourism beyond Seoul, with the aim of attracting 30 million overseas visitors.

Addressing concerns regarding potential price gouging by accommodations in Busan ahead of upcoming BTS concerts, Chae affirmed that the ministry would take firm action against such practices in line with legal regulations. He also mentioned ongoing consultations with Busan's city government and local tourism associations to minimize inconveniences for visitors, highlighting the necessity for accommodation businesses to voluntarily address these issues.