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Film Sector to Get W400 Bln in Aid

2006/01/27 | 123 views | Permalink | Source

Culture and Tourism Minister Chung Dong-chae says the domestic film industry will receive financial support of 400 billion won over the next five years.

In a news conference Friday, he said the first 200 billion won will come from state coffers from 2007 over two years to raise the industry's competitiveness and foster it as a new core sector.

The government announced Thursday that it will halve the domestic screen quota from July from 146 days a year to 73.

The remaining 200 billion won will come from revenue generated from a five-percent tax on movie tickets from next year.

The subsidies are expected to help improve the investment and production environment of the domestic movie industry through strategic centers promoting South Korean films.

Chung said the ministry also wants to ensure fair profit distribution for film studios, distributors and theaters, and to overhaul film promotion regulations including new tax breaks for earnings from film production investment.

Reported by KBS WORLD Radio

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