China, South Korea Pair Up for Joint Entertainment Fund

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Ko - production in Busan

USD 182 Million Pledged for Local Productions

Last Thursday, Korea's Ministry of Culture, Sports and Tourism reported that China and South Korea were readying to set up a joint fund for projects spanning the film, broadcasting and music industries to the tune of KRW 200 billion (USD 182 million).

Each country will invest about KRW 40 billion (USD 36 million) while the remaining KRW 120 billion (USD 110 million) will be raised through private equity. Jack MA, head of growing Chinese conglomerate Alibaba has expressed interest in the joint fund.

Korean is also set to pledge USD 55 million(USD 60 billion) to support other arts and entertainment projects while a separate budget will be earmarked for television content.

The news comes in the wake of a co-production treaty signed by both countries last July covering film, specifically to allow co-productions to bypass China’s strict import quotas. Exploratory meetings for the fund will take place this month.

A similar venture was set up between Busan City and the Chinese corporation Dalian Wanda Group last October, also in the KRW 200 billion range.

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