Major Korean film-makers plan move to media city in Goyang

South Korea’s Goyang City is kicking up interest with new initiatives to bring in film production houses and creating a $29.02m (KW34bn) visual media fund with Gyeonggi Province.

Im Kwon-taek, Bong Joon-ho, Park Chan-wook, Ryoo Seung-wan, Kim Jee-woon, Jang Jin, and Choi Dong-hoon were among the filmmakers who signed an MOU with the city last week agreeing to move their offices to Goyang to create jobs and improve the contents production environment there.

About an hour’s drive from downtown Seoul, the satellite city in Gyeonggi Province recently announced plans to develop itself into a film, broadcasting and communications hub. In addition to the new fund, the city is covering rent on the building where the film companies are gathered, so that the filmmakers only have to pay for utilities. Goyang also offers producers 50% back on expenses paid to businesses based in the city for food, lodging and post-production. Additionally, they can get a loan of up to $42,700 (KW50m) without deposit from the Gyeonggi Credit Guarantee Foundation.

Film and broadcasting-related companies such as Barunson, Shin Cine and CJ Power Cast have been relocating from Seoul to Goyang since 2007. The city has four buildings which house about 70 companies in the broadcasting, film, and high-tech IT sectors.