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Ministry to increase support for cultural firms damaged by THAAD row

According to Yonhap News,

(SEOUL=Yonhap News) South Korea pledged increased support Thursday for cultural content makers suffering the business fallout from a diplomatic feud with Beijing over the deployment of a U.S. anti-missile system.

The Ministry of Culture, Sports and Tourism announced a set of measures including easing conditions for financial assistance, raising new support funds and reducing their interest payments.

The package follows up on the ministry's plan announced in March to set aside 16 billion won (US$102 million) to help financially troubled content companies in the game, music, performance and animation sectors.

"We expect the difficult business environment in China to continue for a while and hope these measures help relieve difficulties for Korean content businesses and revitalize their forays into overseas markets," the ministry said in a statement.

The ministry will exempt those companies from a rule that requires recipients of state funds to pay back to the government when they fail to achieve the promised outcome. The deadlines for project goals will be postponed by 1-2 years and the amount to be repayed will be reduced.

The ministry also plans to raise a fund of around 12.5 billion won to help revive failed businesses. An additional 2 billion won will be set aside to help companies pay

The Korea Creative Content Agency (KOCCA), which is affiliated with the ministry, will set up a committee to gauge the exact scope of the damage caused by the diplomatic row. The results will be used for a more accurate and swift execution of the supportive measures, the ministry said.

This file photo shows a trade fair for Korean products in Chongqing, China in 2016. (Yonhap)


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Source Text

Source: Yonhap News (Oct. 12, 2017)
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