Saint-paul-de-vence: South Korean President Lee Jae Myung has announced a significant initiative to invest 500 million euros in a collaborative effort with France to bolster the cinema industry. The initiative aims to enhance bilateral cooperation between the two nations in the cinematic sector.
According to Yonhap News Agency, President Lee made this announcement during his speech at the Lumiere Summit in Saint-Paul-de-Vence, France. The event, co-chaired with French President Emmanuel Macron, focused on discussing the future of the cinema industry in light of global changes affecting the sector. The initiative, proposed by South Korea and supported by France, entails an investment of 500 million euros by each country over a five-year period starting next year.
President Lee emphasized that the initiative will foster joint investments and production projects, providing a platform for local content companies to penetrate the global market. He identified shifts in the media landscape, changing consumer preferences post-pandemic, and the rise of artificial intelligence (AI) as key factors transforming film production and consumption.
Lee remarked that while these changes pose challenges, they also present opportunities if addressed proactively. He urged industry leaders to seize the moment and transform potential crises into opportunities. He specifically noted AI's dual role in reducing production costs and causing job losses, while also raising copyright issues. Lee pledged South Korea's commitment to ensuring a harmonious coexistence of AI and human creativity.
The president also underscored the significance of independent films in enriching the industry's diversity, promising South Korea's support for global cinema growth. He highlighted the international success of Korean films like "Parasite," "Burning," and "KPop Demon Hunters" as evidence of cinema driving South Korea's global influence.
The summit attracted policymakers, politicians, and artists from 30 countries, discussing cinema's future alongside game industries. President Lee is scheduled to meet with South Korean producers and actors, including director Lee Chang-dong, followed by discussions with major entertainment companies such as CJ ENM and Netflix to foster global cooperation.
In his speech, President Macron pointed out the rapid evolution in the production and consumption of moving images, including changes in economic models and the rise of AI. He stressed that while change should not be obstructed, it should be guided in a positive direction. Macron highlighted the cultural significance of images in promoting growth and democracy, advocating for global responses to industry challenges.
The summit concluded with the adoption of the "Lumiere Declaration," where participants committed to collaborating on promoting the cultural and economic growth of the video industry. They acknowledged the necessity of addressing shared challenges through cooperation and recognized the roles countries, companies, and content creators must play in these efforts, pledging to pursue joint initiatives.