KOFIC unveils plans to grow Korean industry to $1.3bn by 2013

The Korean Film Council (KOFIC) has unveiled a plan to grow the Korean film industry from the current $1.04bn (KW1.2 trillion) to $1.3bn (KW1.5 trillion) by 2013. As part of the plan, the governmental organisation will invest about $150m (KW170bn) over three years to develop international business and advancement of Korean films in overseas markets.

“Having reached the limits of its domestic market, the only way the Korean film industry can survive is to move outwards. That is why global advancement is inevitable. We will put all of KOFIC’s capabilities towards Korean films’ advancement into overseas markets,” said KOFIC chairman Kim Eui-suk (pictured).

He elaborated plans to expand the size of the local film production market through international coproductions, foreign productions’ location shoots in Korea and post-production services.

In connection with the Republic of Korea-People’s Republic of China Free Trade Agreement (FTA), KOFIC plans to work towards a coproduction treaty so that Korean films will no longer be limited by China’s foreign film quota.

To promote Korean locations, the organisation will increase its locations incentive from the current 25% to cover 40% of production costs. Foreign feature theatrical films and TV drama series that shoot for ten or more days in South Korea, spending $872,000 (KW1bn) or more, will be eligible.

KOFIC will also support international coproductions by holding business investment matching events and it will support the export of post-production services as well.Currently, it has an office in China but it will establish international film business centers in Japan and in Europe as well.

In addition, the organization plans to expand the operations of the Asian Film Market, build a mega-sized “global studio,” and use the Korean Film Academy of Arts (KAFA) to cultivate human resources that will be active in the international arena.