Incheon Free Economic Zone Authority Launches Research to Foster Core Strategic Industry 'K-Content'

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority has initiated efforts to focus on nurturing the K-content industry as a future core strategic industry.

On the 11th, the Incheon Free Economic Zone Authority announced that it has launched a research project to foster the 'K-content industry,' encompassing K-Drama, K-Movie, K-Pop, and K-Game. The project has been entrusted to the Incheon Institute, and plans to develop industry promotion measures by the end of this year.

The research project aims to diagnose the current content industry ecosystem to identify Incheon's specialized sectors and propose investment attraction strategies. Additionally, it plans to establish the vision and strategy for a K-content industry promotion master plan, setting strategic directions, detailed projects, and implementation systems for each specialized sector.

Through this research project, the Incheon Free Economic Zone Authority intends to form an advisory group composed of content industry stakeholders and experts in complex resorts, industrial policy, and urban planning to ensure the effectiveness of fostering the K-content industry.

Alongside this, it will also promote linking regional cultural content assets, conducting investment demand surveys by specialized sectors, and in-depth interviews with stakeholders.

'K-Content Industry' Development Research Project Kick-off Meeting
Photo by Incheon Free Economic Zone Authority

The reason the Incheon Free Economic Zone Authority is advancing the fostering of the K-content industry is to respond to the rapid growth of the global OTT (online video service) market, which has recently gained attention through K-Drama and K-Movie, and considering the development of the domestic video industry. By linking with K-Pop, K-Game, and others, it aims to drive soft power and leap forward as a 'K-content industry world.'

In particular, it plans to prepare mid- to long-term promotion policies and roadmaps to nurture the rapidly growing content industry in line with the expansion of facilities such as MICE, theme parks, and performance venues due to the concentration of the Yeongjong complex resort, as well as cultural, leisure, and entertainment facilities at the Cheongna Shinsegae complex shopping mall.

Kim Jinyong, head of the Incheon Free Economic Zone Authority, stated, "Through this research project, we will do our best to develop the Incheon Free Economic Zone into a 'K-content industry world' and foster a future-oriented industry that responds to the changing environment."