Korean president announces initiative to invest $581 mil. in cinema with France

Korean President Lee Jae Myung on Monday unveiled an initiative to invest 500 million euros ($581 million) in a partnership with France to promote the growth of the cinema industry, a move also aimed at boosting the countries' bilateral cooperation in the sector.

Lee disclosed the initiative in his speech to the Lumiere Summit in Saint-Paul-de-Vence, France, which he co-chaired alongside French President Emmanuel Macron, to discuss the future of the cinema industry amid unfavorable global changes affecting the sector.

Under the initiative, proposed by Korea and seconded by France, the two countries will each invest 500 million euros in the cinema and moving-image industries over a five-year period beginning next year.

Lee said the initiative will help promote joint investments and production projects between the two countries, and serve as a stepping stone for local content companies to enter the global market.

Lee cited changes in the media environment and consumer preferences following the COVID-19 pandemic, as well as the emergence of artificial intelligence (AI), as major factors that have led to an upheaval in the production and consumption of films.

"If we do not properly address the changes of the times, it is clearly a crisis. But if we proactively respond, it presents a clear opportunity," Lee said, calling on cinema industry leaders to make efforts to turn the crisis into an opportunity.

Lee highlighted, in particular, that AI technology has helped reduce the costs of film production, but has also led to job losses in the cinema industry and raised copyright concerns, pledging that Seoul will play a role in promoting the harmonious coexistence of AI and humanity.

The president also underscored the role of independent films in promoting the diversity of the industry, vowing that Korea "will become a solid partner for independent films and join efforts to promote the growth of the global cinema ecosystem."

The Korean president highlighted cinema as a main driver of his country's growing global influence, citing the recent success of Korean films, such as "Parasite," "Burning" and "KPop Demon Hunters."

"Overcoming national boundaries and language barriers, Korea will play its responsible role in leading the production of local content that humanity could sympathize with, and helping establish coexistence and mutual support between local and global (content companies) as the primary principle," Lee said.

The summit brought together policymakers, politicians and artists involved in the cinema and game industries from 30 countries to discuss the future of cinema and beyond.

Lee will later hold a meeting with Korean producers and actors invited to the summit, including film director Lee Chang-dong, followed by a roundtable with major entertainment powerhouses, including CJ ENM and Netflix, to promote cooperation between Korean and global companies.

In a separate speech, Macron also highlighted the rapid changes in the way moving images are produced and consumed, including shifts in the economic models that have funded the production of such content and the rise of AI, which has raised questions about the trustworthiness of images.

Macron said, "It is not our responsibility to block such changes, but we should guide their direction."

The French president highlighted the cultural importance of images, particularly in helping people understand the world and promoting growth and democracy.

He said that no country can shape the future for the industry alone, calling for global responses to the challenges facing the industry.

In the "Lumiere Declaration" adopted at the summit, participants pledged to work together to promote the cultural and economic growth of the video industry.

They agreed on the importance of addressing shared challenges through cooperation and recognized the important roles that countries, companies and content creators can play in such efforts, pledging to pursue joint efforts.