SEOUL, September 08 (AJP) -South Korea and France will invest a combined 1 billion euros ($1.17 billion) in their film and audiovisual industries over five years as the two countries seek to deepen cooperation in content production and strengthen their creative industries.
President Lee Jae Myung and French President Emmanuel Macron announced the Global Film and Audiovisual Industry Investment Cooperation Initiative at the inaugural Lumière Summit in Saint-Paul-de-Vence in southern France on Monday.
The two countries will each invest 500 million euros from 2027 through 2031 through separate funds that will initially support domestic film and audiovisual companies.
They plan to expand the framework gradually into joint productions and broader cross-border cooperation, according to South Korea's presidential office.
Lee attended the summit as co-chair after Macron invited South Korea to take the role during their summit in April.
The Lumière Summit, the first international gathering dedicated to discussing the future of the film and audiovisual industries, brought together 274 participants from 58 countries.
They included culture ministers, international organization officials, executives from film and media companies, directors and actors.
Lee used his opening address to outline four priorities for the industry: overcoming the crisis facing movie theaters, finding ways for human creativity and artificial intelligence to coexist, protecting cultural diversity through support for independent films and creating a mutually beneficial relationship between local and global content industries.
"Innovation and outstanding creativity are the key to turning crises into opportunities," Lee said.
His film diplomacy continued later in the day with a meeting with Motion Picture Association Chairman Charles Rivkin and representatives of major U.S. entertainment companies including Netflix, Disney, Sony and NBCUniversal as well as CJ Group Vice Chairwoman Lee Mie-kyung.
The president urged global media companies to increase investment and production in South Korea, saying his government regards culture as a central industry of the future.
"The government will actively support the production of works in South Korea," Lee said, according to presidential spokesperson Kang Yu-jung.
Rivkin described South Korea as a key partner that had emerged as a creative powerhouse through "smart policies and openness," the presidential office said.
Lee also attributed the international rise of Korean culture partly to the country's democratic development and its long history as a tightly connected cultural community.
The meeting came as South Korea seeks to turn the global popularity of Korean films, television series and music into a broader engine of economic growth and international cultural influence.
Lee earlier met Korean filmmakers and actors attending the Lumière Summit for a discussion titled "Next Scene: Talking About the Future of K-Content."
Participants included directors Lee Chang-dong and July Jung, actors Sol Kyung-gu, Jeon Do-yeon and Kim Do-yeon, and Netflix Asia-Pacific content executive Kim Min-young.
Lee Chang-dong's "Possible Love," starring Sol and Jeon, was invited to the competition section of the Venice International Film Festival and selected as South Korea's submission for the Academy Awards.
July Jung's "Dora," starring Kim Do-yeon, was invited to the Cannes Film Festival.
Lee discussed with the creators how working conditions had changed following the global success of Korean content and what policies were needed to sustain the momentum.
He pledged broader government support to give filmmakers and other creators more opportunities.
"The current government believes culture is a core industry of the future," Lee said.
Lee also attended an official luncheon hosted as part of the summit with Macron and about 200 government officials, industry executives and creators. He called for greater international cooperation to preserve cultural diversity while expanding the global film and audiovisual industry.
AJP Takeaways
- South Korea and France will each invest 500 million euros in their film and audiovisual industries from 2027 through 2031.
- President Lee Jae Myung and French President Emmanuel Macron launched the initiative at the inaugural Lumière Summit in Saint-Paul-de-Vence.
- President Lee urged major U.S. studios and streaming companies including Netflix, Disney and Sony to expand investment in Korean content.
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