HONG KONG (Yonhap) -- South Korea is seeking to draw Chinese investors to its entertainment industry by holding a trade and investment promotion fair on its pop culture in Hong Kong Friday.
South Korea's state-run Korea Trade-Investment Promotion Agency (KOTRA) hosted a showcase in a Hong Kong hotel as part of its efforts to promote the business opportunities related to the country's homegrown popular culture, known as "hallyu."
Hallyu, or the "Korean Wave," refers to the growing popularity abroad of South Korean popular culture, ranging from television shows and movies to pop songs.
According to a study released by consulting firm Pricewater Coopers, South Korea made up 2.4 percent of the global entertainment business, compared to the United States' 31.2 percent.
"By 2020, the overall market value of the South Korean entertainment businesses worldwide is expected to expand five-fold," Park Yung-ha, deputy commissioner of Invest Korea, an entity built within KOTRA aimed at supporting the entry of foreign businesses into South Korea, said in the event.
He encouraged the Chinese investors to invest in the South Korean entertainment businesses, adding that Goldman Sachs, which invested 140 billion won ($121 million) in C&M Communications, a South Korean media company, made profits six times as large as the amount invested.
Participating companies in Friday's fair included well-established names such as JYP, Yegam, Vooz and Coreana.