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21 billion won fund to promote films in Busan to be launched

All News 18:07 February 29, 2016

BUSAN, Feb. 29 (Yonhap) -- South Korea's second-largest city of Busan is likely to be reborn as a film-creating center with the launch of a new film promotional fund on Thursday, according to Busan city and a business group on Monday.

Busan is famous for hosting Asia's biggest film festival, the Busan International Film Festival (BIFF), where around 300 movies from 70 countries will show in October this year.

The Busan metropolitan city and Lotte group will launch the Busan-Lotte Creative Film Fund with the amount of some 21 billion won (US$17 million) to discover new competitive movies and also foster an environment for creating new cinemas so that the metropolitan city will become a film center in the world as well as Asia.

According to a city official, the Busan-Lotte film fund will be one of the key projects of the Busan Creative Economic Innovation Center under the metropolitan city.

Lotte Entertainment will invest some 10 billion won, while Busan city will contribute some 6 billion won for the fund.

Meanwhile, Busan Bank and Timewise Investment, a fund operator on culture, will invest 4 billion won and 1 billion won, respectively.

According to city sources, the fund will be used for the promotion and planning of a variety of film productions ranging from commercial movies to low-cost ones on various spectrum.
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