Saint-paul-de-vence: South Korean President Lee Jae Myung has announced an initiative to invest 500 million euros (US$581 million) in collaboration with France to stimulate growth in the cinema industry, aiming to enhance bilateral cooperation in the sector.
According to Yonhap News Agency, Lee unveiled the initiative during his speech at the Lumiere Summit in Saint-Paul-de-Vence, France. Co-chaired by French President Emmanuel Macron, the summit addressed the future of the cinema industry amidst global challenges. The initiative proposes that both South Korea and France will invest 500 million euros each in the cinema and moving-image industries over five years starting next year.
Lee emphasized that the initiative will bolster joint investments and production projects between the two nations, providing a platform for local content companies to penetrate the global market. He pointed out significant changes in media consumption patterns post-COVID-19, alongside the rise of artificial intelligence (AI), as catalysts for disruption in film production and consumption.
Lee remarked on the dual nature of these changes, acknowledging them as both a crisis and an opportunity, and urged cinema industry leaders to capitalize on the potential for growth. He noted that while AI technology has reduced production costs, it has also resulted in job losses and raised copyright issues. Seoul, he pledged, will advocate for the harmonious integration of AI in the industry.
Highlighting the importance of independent films, Lee committed to making South Korea a steadfast partner in promoting industry diversity and supporting the growth of the global cinema ecosystem. He also referenced the success of Korean films like "Parasite," "Burning," and "KPop Demon Hunters" as evidence of cinema's role in enhancing South Korea's global influence.
The summit, which gathered policymakers, politicians, and artists from 30 countries, focused on the future trajectory of the cinema and game industries. Lee is also scheduled to meet with South Korean producers and actors, including director Lee Chang-dong, and participate in a roundtable with major entertainment companies such as CJ ENM and Netflix to encourage cooperation between South Korean and global entities.