Emergency Ministerial Meeting on Economic Affairs
Government Works to Improve the Services, Digital Media and Content Industries
Deputy Prime Minister Kyungho CHOO presided over the Emergency Ministerial Meeting on Economic Affairs[1] on November 17 to discuss strategies to innovate the services industry and foster the digital media and content industry.
The following is a summary of DPM CHOO’s opening remarks.
Amid prolonged economic challenges across the globe, the government will go all out to increase exports in sectors with new growth potential as well as proactively respond to the challenges. Today’s meeting focuses on the services industry that has been emerging as a new growth and export engine.
Innovate the services industry
The government will work to establish an institutional base such as the legislation of the Framework Act on the Development of the Services[2] Industry and mobilize possible policy tools with an aim to innovate the services industry.
- Set up a public and private taskforce for the services industry development by the end of this month and initiate its operation
- Refine the Framework Act on the Development of the Services Industry by reflecting the current trends in the services industry and work to legislate it as soon as possible
Foster the digital media and content industry
The government will enhance Korean companies’ competitiveness in the digital media and content industry and support their global expansion.
- Develop related key technologies such as AI-based video encoding to boost content production competitiveness and increase policy support including tax cuts for the production costs of over-the-top (OTT) content
- Invigorate investment in content with the use of the government’s fund of funds and deregulation
- Expand support for Korean companies to enter overseas markets by capitalizing on local partners to obtain a better understanding of market demand and improve international interactions and cooperation and by promoting Korean-made cultural content through high-profile international events
[1] The meeting was joined by ministers and vice ministers from related ministries including Ministry of Science and ICT, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food, and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Employment and Labor, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, the Fair Trade Commission (FTC), and the Financial Services Commission (FSC).
[2] It is tentatively translated in English, not an official name for the act as it has not been legislated yet.
Please refer to the attached pdf.
