Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Presidential hopefuls champion K-culture as key growth driver
Rep. Lee Jae-myung, former leader of the Democratic Party of Korea, announces his presidential bid through his YouTube channel, in this YouTube video unveiled on Thursday. Captured from Lee’s YouTube channel
By Baek Byung-yeul
Leading hopefuls in Korea's upcoming June 3 presidential election are pledging to foster the nation’s globally influential culture industries — spanning drama, music and games — recognizing these sectors’ vital role in boosting the national brand and economy.
Experts suggested Sunday that the political figures are proclaiming they will intensify efforts to foster cultural content, primarily because it's currently one of the areas Korea excels at, and also because they anticipate that its success in the global market can be easily leveraged as a major achievement if they win the presidency.
"Currently, K-pop and dramas made in Korea are achieving top performance in the global market," said Kim Dae-jong, a professor of business administration at Sejong University. "They have raised the banner of fostering cultural content to demonstrate that Korea is a cultural powerhouse. It seems they are declaring their intention to solidify Korea as a cultural powerhouse because this brand image, in turn, connects to other fields where Korea excels, such as manufacturing, including smartphones, IT, cars and shipbuilding."
The professor added that he believes these fields are highly feasible and can be expanded further precisely because the country is already excelling in them, based on Koreans' high creative output.
Rep. Lee Jae-myung, the former leader of the liberal Democratic Party of Korea who is widely considered a leading candidate for the presidency, has put forward a national vision called the "K-initiative," pledging to make Korea, though small in physical size, a nation that leads the world in various fields through soft power.
"Even during a time when we struggled just to feed ourselves, Kim Koo (a famous independence activist) spoke of dreaming of a nation strong in culture, discussing the idea of a cultural powerhouse. I truly believe this was remarkable foresight that recognized our capabilities," Lee said in a video on his YouTube channel Thursday while announcing his presidential bid.
"I believe there are many areas where the Republic of Korea leads the world," Lee continued. "Initially, I want to collectively call these 'K-initiative.' Although we may be small in scale, I feel that in terms of soft power, we can lead the world in various sectors. I want to try and build such a country."
Han Dong-hoon, former leader of the conservative ruling People Power Party, announces his presidential bid at the National Assembly in Seoul, Thursday. Korea Times photo by Choi Won-suk
Han Dong-hoon, former leader of the conservative People Power Party, also declared his presidential bid on the same day, vowing to commit fully to fostering K-content. He cited France's Direction régionale des affaires culturelles (DRAC), the regional arm of the French Ministry of Culture that supports cultural activities, as a potential model.
"I will further enrich K-content, which leads global culture," Han announced at the National Assembly. "Furthermore, similar to France's DRAC, we will establish regional cultural cooperation centers to oversee cultural projects and activities tailored to each region's unique characteristics, thereby revitalizing diverse cultural resources across the country. A soft power powerhouse where culture itself is strength, and I will surely make it flourish."
The presidential hopefuls' shared commitment to fostering cultural content has drawn a positive reaction from the stock market, as shares of content creation-related companies saw significant gains on Friday. Specifically, shares of online comics-related companies such as Kidari Studio, YLAB and Finger Story each surged by approximately 30 percent.