Korean President Lee Jae Myung on Monday unveiled an initiative to invest 500 million euros ($581 million) in a partnership with France to promote the growth of the cinema industry, a move also aimed at boosting the countries’ bilateral cooperation in the sector. Lee disclosed the initiative in his speech to the Lumiere Summit in Saint-Paul-de-Vence, France, which he co-chaired alongside French President Emmanuel Macron, to discuss the future of the cinema industry amid unfavorable global changes affecting the sector. Under the initiative, proposed by Korea and seconded by France, the two countries will each invest 500 million euros in the cinema and moving-image industries over a five-year period beginning next year. Lee said the initiative will help promote joint investments and production projects between the two countries, and serve as a stepping stone for local content companies to enter the global market. Lee cited changes in the media environment and consumer preferences following the COVID-19 pandemic, as well as the emergence of artificial intelligence (AI), as major factors tha
