Four national strategies for domestic content development were announced on June 18 to propel the country into the world's top four in the content industry. Shown is the Naver Webtoon booth in July last year packed with visitors at the pop culture event "Amazing Festival" in Paris. (Naver Webtoon) 

By Xu Aiying

A government plan on domestic content development seeks exports in the sector of USD 25 billion by 2027 to place Korea among the world's top four countries in the industry. 

Four strategies were announced on June 18 for this purpose at the eighth meeting of the national content industry promotion committee presided over Prime Minister Han Duck-soo at LH Pangyo 2nd Techno Valley Business Growth Center in Seongnam, Gyeonggi-do Province.

Attendees discussed national strategic industralization of domestic content, growth of content companies, advancement of such content to global mainstream culture and focused support for core content genres. The goal is sales in the sector of KRW 200 trillion and exports of USD 25 billion by 2027.

Prime Minister Han Duck-soo (second from right) on June 18 chairs the eighth meeting of the national content industry promotion committee at LH Pangyo 2nd Techno Valley Business Growth Center in Seongnam, Gyeonggi-do Province. (Prime Minister's Office)

To this end, they decided to build a Korean content cultural multiplex to lead the next three decades of the industry and set up policy financing support worth KRW 5 trillion by 2027.

Higher investment in emerging technologies and content intellectual property will seek to lead the future of content. Small and medium companies in the sector and those in the provinces will receive help for legal and systematic improvement designed to support their growth.

A proposed festival for Korean content will seek to attract more Hallyu (Korean Wave) fans from around the world to visit Korea. Key genres of the sector such as games, webtoons, films, music and broadcasting will receive more active support to raise the economic value of such content.

"Since the launch of the Yoon Suk Yeol administration, the content industry's many outcomes include record-high exports and sales as well as pledged investment from global giants like Netflix," Prime Minister Han told the meeting. "We'll do our best to form a national-level support strategy and system to ensure the content industry's leap forward as a new growth engine of the Korean economy."

xuaiy@korea.kr