Busan Invests USD 12 Million for City of Film

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To Build Visual Industry Center and Cinema House Busan

Busan City Government will invest USD 12 million for development of film industry in 2017. This is about USD 4.8 million (66%) more than in 2016.

Firstly, the city of Busan will create a cinema and visual infrastructure investing USD 5.6 million to Visual Industry Center, which is expected for completion toward October 2017. Film and video companies will move in the center, while it would provide personal work spaces for directors and producers. In addition, the city is to invest USD 2 million in supporting fund for film production to vitalize film makings in Busan.

Furthermore, the city plans to purchase a hotel near Haeundae for USD 3.2 million and renovate it into a 30-room accommodation for filmmakers, ‘Cinema House Busan’, which is due to open in March 2017. Besides, Busan City Government plans to run Busan Asian Film School for training young Asian talents with USD 830,000 budget. Busan Asian Film School’s International Film Business Academy recorded 5.7:1 competition ratio with 114 applicants from 23 countries.

The city is supposed to elevate its brand as a city of film by supporting Hunt and Development of Busan Project and Incentive Support Business for Busan Locations.

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