(SEOUL=NEWSIS) The exchange and cooperation of media and digital contents between Korea and China are being realized.

The Ministry of Science, ICT and Future Planning (MSIP) announced December 14 that a video cultural exchange center, which was opened as part of the Korea-China Pengyou (friend) contents project, and Korean companies signed an agreement to establish a contents venture capital worth KRW 13 billion.

It is a follow-up to the memorandum of understanding on broadcasting and digital contents cooperation that was reached by the leaders of Korea and China at the bilateral summit last July.

The video cultural exchange center, opened on December 12, manages everything from video contents investment and distribution and human resource development to research and development (R&D).

Korean companies will move into the Korea-China video cultural exchange base and promote the bilateral contents exchange and cooperation project.

XrisP and H2 & Company, which have received KRW 640 million in support from MSIP, signed an agreement to establish a contents joint venture worth KRW 13 billion with the video cultural exchange center.

"We will make the best use of the Korea-China video cultural exchange base as a foothold of the Pengyou project to promote the shared growth of the two countries," said MSIP Digital Contents Team Director Kim Jeongsam.

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