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Korean Government To Concentrate On Vitalizing Creative Industries

World Trade-Korea
open eyes opinion {source: koreaGov}

Korean Government to focus on strengthening creative industries in 2015

The Korean government will concentrate on vitalizing the creative industries in order to help the economy make a big leap forward this year.

Five government organizations announced their plans to realize their creative economy vision for 2015 at a policy briefing on January 15. The gathered organizations included the Ministry of Science, ICT & Future Planning and that of Trade, Industry and Energy.

The Ministry of Science, ICT & Future Planning (MSIP) will open an additional 17 Centers for Creative Economy & Innovation (CCEI) within the year. Minister Choi Yanghee of the MSIP said, “When the 17 new CCEIs open this year, we will strive to help them share information and knowhow among the centers.”

In this regard, President Park Geun-hye said, “The center should provide one-stop service, ranging from business support and suggestions on how to attract investment all the way to helping penetrate overseas markets, and should be open to anyone who visits there with ideas.”

“The government needs to take an interest in improving and supporting the centers after all the CCEIs open so that they can perfectly take root,” said President Park, emphasizing the support and cooperation among related government organizations.

In regard to ICT and the video game industry, the science ministry will create a Creative Economy Valley (CEV) in Pangyo, Gyeonggi-do (Gyeonggi Province), where many IT and games businesses can locate. The CEV will be equipped with necessary facilities and a support center in order to help those who wish to start small businesses or venture startups. It will also facilitate information-sharing among startups and offer business infrastructure support services to them.

The government will also extend support to those with a higher education who wish to start a business. The Small and Medium Business Administration will create a “high tech campus for business starters” and provide support of up to KRW 1 billion over the next three years for each of the selected teams. The planned campus will be located along Teheran-ro in Gangnam-gu (district), southern Seoul. It will open in June this year and some 170 startups will then move in.

In order to boost the competitiveness of IT in the financial sector, the government will strengthen its support. The Financial Services Commission (FSC) will establish a support center for “fintech,” a created word made from “financial” and “technology,” in cooperation with the CCEIs. The FSC will also supply a total of KRW 180 trillion to support industries with good growth potential, such as the software and content sectors. It will also earmark KRW 200 billion to incubate fintech companies in cooperation with state financial bodies, such as the Korea Development Bank.

President Park Geun-hye emphasizes measures to boost the creative industries at a policy briefing on January 15.

The government will also provide extended support to enterprises that enter overseas markets. The Ministry of Trade, Industry and Energy will establish a “China Desk” at the Korea International Trade Association and provide support, including managing place of origin documents, and exploring markets for export, all to help firms enter the mainland Chinese market.

The ministry has set the goal of exporting more than USD 600 billion worth of goods this year, up from last year’s USD 573.1 billion. It also hopes foreign investment will reach USD 20 billion, and it aims to help more Korean firms continue their business overseas.

Finally, changes will follow in the broadcasting and content sectors, too. The Korea Communication Commission (KCC) will introduce a new advertisement organization system under which broadcasters can choose the type, length and number of ads. Rules on indirect and virtual advertisements will be also eased. Starting this January, the KCC will operate a pilot service of multi-channel broadcasting at Education Broadcasting System (EBS) by securing educational programs for elementary schools and middle schools and English education programs.

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