Korea and France Pursue Plans to Invest €500 Million Each in Film and Video Industries Over Five Years

[Financial News] South Korea and France are pursuing plans to invest €500 million each in their respective film and video industries over the next five years. They will also expand cooperation in co-production and distribution.
According to the Ministry of Culture, Sports and Tourism (MCST) on the 8th, the two countries declared the launch of the Lumière Partnership, an initiative for international investment cooperation in the film and video industries, at the opening ceremony of the Lumière Summit held on the 7th at Fondation Maeght in Saint-Paul-de-Vence, France. President Lee Jae Myung and French President Emmanuel Macron attended as co-chairs.
The summit was organized to mark the 140th anniversary of diplomatic relations between South Korea and France. More than 200 government officials, companies, public institutions and creators from around 50 countries took part.
The two countries set a goal of investing €500 million each in their respective film and video industries. An operating committee involving the MCST, the Ministry of Culture of France and other relevant institutions will be formed to develop specific plans for cooperation in production, investment and distribution.
The initiative is intended to support the creative ecosystem through policy financing in response to the spread of online video services (OTT) and advances in artificial intelligence (AI). The countries also plan to expand it into an international cooperation framework involving other countries and private companies.
The announcement represents an initial step that sets investment targets and the direction of cooperation. Developing detailed cooperation plans through the operating committee and identifying joint production projects between companies remain follow-up tasks.
Agreements between private companies and public institutions followed. Content producer SLL agreed with European media group Mediawan to identify projects for localized remakes of intellectual property (IP) formats owned by the companies in Korea and Europe, as well as multi-genre co-productions targeting global markets.
Naver and the French National Audiovisual Institute (INA) will pursue joint research on the AI-based preservation and restoration of audiovisual archives, along with the development of digital content and experiences. The Korean Film Council (KOFIC) will cooperate with the Motion Picture Association (MPA) on discovering and training new talent, exchanging professional personnel and information, and organizing screenings and other events.
MCST Minister Choi Hwi-young also signed the Korea–Italy Film Co-production Agreement with Italian Minister of Culture Alessandro Giuli. Films recognized as co-productions will be treated as domestic films in both countries, making them eligible for incentives from film development funds, tax credits and subsidies. The movement of production personnel and equipment will also be facilitated.
The agreement addresses limitations under the cultural cooperation protocol of the Korea–European Union Free Trade Agreement (FTA), which previously required the participation of South Korea and at least two European Union (EU) member states.
Minister Choi said, "As the center of international video content production and the most trusted partner, the South Korean government will expand creative freedom and spare no policy or institutional support."
[email protected] Jang In-seo Reporter