South Korean President Lee Jae Myung Announces 500 Million Euro Cinema Partnership with France

South Korean President Lee Jae Myung on Monday unveiled an initiative to invest 500 million euros (US$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 South 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 South Korea "will become a solid partner for independent films and join efforts to promote the growth of the global cinema ecosystem."

The South 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, South 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 South 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 South Korean and global companies.