President Moon Jae-in says the content industry will become one of the nation's new growth engines, calling it a sector whose importance goes beyond the field of culture and he promised governmental backing.
"The content industry, beyond culture, has become one of the important sectors in revitalizing the Korean economy. The content industry will enrich our lives and be an important new growth engine."
The president was attending an event at a Global Human Resource Development Institute in Seoul, where he promised to foster the industry with a three-step innovative strategy.
That includes financing to turn ideas and skills into new startup firms and carry the growth of related industries through hallyu, or the Korean Wave.
Together, the culture ministry and the science and ICT ministry, said they plan to infuse 1 trillion won, or some 840 million U.S. dollars worth of policy finance into the industry by 2022.
President Moon said Korea has transformed into a provider and an active exporter of cultural content, noting that the nation's exports in that field in the past five years have grown over 16 percent per year safely making the country the world's number 7 "content power."
It's the first time, as president, that Moon has attended such an event in a dedicated show of support for the industry.
And he called on all content creators to let their imaginations run wild.
"Let your imaginations run free and take on challenges. The content we imagine and create will lead the world."
The president also promised to expand and strengthen the nation's export channels by promoting cultural exchanges and supporting Korean language education in foreign markets.
Shin Se-min, Arirang News.