Lee Jae Myung Tells Lee Chang-dong to "Check It Immediately Upon Returning" After Proposal for Tax Benefits on Film Investment

【Financial News, Nice, France = Reporter Seong Seok-woo】President Lee Jae Myung said on July 7 local time that he would review director Lee Chang-dong’s proposal to provide tax benefits to individual and private capital investing in the film industry, saying, "I will ask them to check it immediately when I return."
At a conversation with filmmakers held that day at the Fondation Maeght in Saint-Paul-de-Vence, Lee Chang-dong introduced France’s system of offering film investors tax benefits of up to around 40% and proposed adopting a similar policy in South Korea. After taking notes, President Lee said, "I will let you know the results later."
Kang Yoo-jung, a senior presidential spokesperson, said President Lee held a meeting titled "Next Scene: Discussing the Future of K-Content" with Korean creators invited to the Lumière Summit. The event was organized to encourage creators who are raising the standing of Korean cinema on the international stage and to hear voices from the film and video industries.
The meeting was attended by director Lee Chang-dong; director July Jung; actors Sul Kyung-gu, Jeon Do-yeon and Kim Do-yeon; and KIMMINGEE, Netflix’s vice president overseeing content in the Asia-Pacific region excluding India.
Possible Love, directed by Lee Chang-dong and starring Sul Kyung-gu and Jeon Do-yeon, was invited to the competition section of the Venice International Film Festival and selected as South Korea’s entry for the Academy of Motion Picture Arts and Sciences (AMPAS). Dora, directed by July Jung and starring Kim Do-yeon, was previously invited to the Cannes Film Festival.
President Lee exchanged views with creators, including Lee Chang-dong, on how the atmosphere in the field has changed following the recent success of K-content and what is needed to sustain those achievements.
Regarding South Korea’s film industry, President Lee said, "The fruit seems to have grown abundantly," but added, "The grass below and the small trees have all died, leaving only a few large old trees. I worry about how long these old trees can actually survive." He emphasized, "The government now needs to bridge this gap."
President Lee also expressed his intention to support the industry as a whole so that more opportunities can be provided to film and video creators.
President Lee later attended the official Lumière Summit luncheon. The luncheon was attended by French President Emmanuel Macron and his wife, culture ministers from various countries and representatives of international organizations participating in the Lumière Summit, representatives of film and video companies and organizations, and around 200 creators, including directors and actors.
At the luncheon, President Lee paid tribute to all attendees working to advance the film and video industries. He also conveyed a message calling on participants from diverse cultural backgrounds to cooperate, foster the value of diversity and illuminate the future of the video industry.
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