Korean government to finance $625 million for K-content in 2023

South Korean President Yoon Suk-yeol emphasized on Thursday the importance of K-content, saying content will become the most important industry to strengthen national capabilities and fuel export engines.

Yoon made the remarks during a joint New Year's policy briefing by the Culture, Sports, and Tourism Minister Park Bo Gyoon, attended by K-culture experts such as startup producers, entertainment companies, and tourism industries.

"Even when competing for a home appliance, a small piece of ad sometimes turns the game around, and that's the power of content. Korean culture contents are enhancing our nation's image in all other industries such as infrastructure and defense industries," he said.

"All ministries should make good use of content in implementing policies, believing that promotion is also content," President Yoon added.

Culture minister Park reported that his ministry will provide 790 billion won ($625 million) in policy financing to promote the K-content industry, the largest ever and up 50% from 527 billion won last year.

Of the total, 410 billion won will be injected into the K-content fund and 220 billion won will be used to guarantee content creators' loans from financial institutions and the remainding 160 billion won to support interest payments.

Write to Soo-Young Seong at Syoung@hankyung.com