South Korea and France will invest a combined €1 billion ($1.16 billion) in their cinema and moving image industries over five years, beginning in 2027.

South Korean President Lee Jae Myung announced the initiative on Monday in his speech at the Lumiere Summit in Saint-Paul-de-Vence, which he co-chaired with French President Emmanuel Macron.

Under the initiative, each country will invest €500 million in the sector over five years.

Mr Lee said the partnership would promote joint investment and film production projects between the two countries while helping South Korean content companies expand into global markets.

He said the cinema industry was undergoing major changes due to shifts in the media environment and consumer preferences following the COVID-19 pandemic, as well as the rapid development of artificial intelligence (AI).

“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,” Mr Lee said.

He urged cinema industry leaders to work together to turn the sector’s challenges into opportunities.

According to Mr Lee, AI has helped lower film production costs but has also contributed to job losses and raised concerns over copyright protection.

He said South Korea would work to promote the harmonious coexistence of AI technology and humanity.

Mr Lee also stressed the importance of independent films in ensuring diversity within the cinema industry.

“South Korea will become a solid partner for independent films and join efforts to promote the growth of the global cinema ecosystem,” he said.

The president described cinema as an important driver of South Korea’s growing global influence, citing the international success of films including “Parasite”, “Burning” and “K-Pop Demon Hunters”.

He said South Korea would work to overcome national and language barriers by supporting local content that can connect with audiences globally.

Mr Lee added that the country would promote coexistence and mutual support between local and global content companies.

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

Mr Lee is also scheduled to meet South Korean producers and actors attending the summit, including film director Lee Chang-dong.

He will further hold a roundtable with major entertainment companies, including CJ ENM and Netflix, to promote cooperation between South Korean and global companies.

(Yonhap/NAN)