Korea, France pledge 1 billion euros to reshape global film industry

President Lee Jae Myung and French President Emmanuel Macron agreed to invest a total of 1 billion euros ($1.16 billion) in the film and video industries over the next five years, from 2027 to 2031, as the two leaders co-chaired a global cinema summit in France on Monday.

“The Republic of Korea will take the lead in producing content that resonates with humanity and transcends borders and language barriers,” Lee said in his address at the Lumière Summit held in Saint-Paul-de-Vence in southeastern France, a gathering bringing together stakeholders from some 50 countries to discuss the future of cinema and moving-image industries.

“At the same time, we will fulfill our responsibilities by ensuring that the coexistence and mutual growth of the local and the global become the golden rule for the global film and audiovisual industry.”

According to the joint declaration adopted by South Korea and France on a global film and audiovisual industry investment cooperation initiative for growth, each side pledged 500 million euros from 2027 to 2031. The initiative is centered on flexible investment cooperation, the Blue House said in a statement, to encourage the participation of like-minded nations and institutions.

At the summit, Lee said “this partnership encompasses investments to invigorate our domestic film and audiovisual industry while fostering joint investment and co-production between our two nations.”

Lee and Macron reaffirmed their shared view that the diversity of cultural expressions and freedom of creativity constitute a common asset of humanity, and that a dynamic and sustainable film and audiovisual industry ecosystem serves as a vital foundation supporting them, the Blue House said. The two leaders also presented a joint vision for a brighter future for the global film and audiovisual industry, leveraging the creative capabilities, investment foundations and international networks possessed by South Korea and France. They agreed that bilateral cooperation could serve as a new starting point for expanding the horizons of international collaboration in the film and audiovisual sector.

“It will provide a solid foundation for local content to take the global stage,” Lee said on the joint initiative. “May this partnership transcend our bilateral relationship and reach across the globe, shining as a beacon to illuminate a new future for the global film and audiovisual industry.”

The Blue House said that the so-called Lumière Partnership, announced by the leaders of South Korea and France, serves as a leading model for investment in the film and audiovisual industries and aims for a phased international solidarity that will eventually expand to include global partners, both private and public, to encourage cultural diversity.

The plan envisions participating countries prioritizing support for their local content companies through independent funds, with the intention of expanding into international co-productions in the future. They will also establish a consultative body composed of relevant agencies in Korea and France and encourage participation from other countries and institutions.

"We expect the Lumière Partnership to serve as an opportunity to revitalize the creative ecosystem by expanding bold investments in the domestic film and video industry and to diversify the overseas expansion of K-content,” Kang Yu-jung, senior presidential spokesperson, said.

The inaugural Lumière Summit, a multilateral conference launched by Macron, was attended by some 200 people, including government officials and CEOs and representatives from the film and video sectors. Companies represented included Netflix, Disney, Universal Studios and Sony Pictures. Members of organizing committees and boards of governance of major film festivals, including Cannes, the Berlin International Film Festival and the Academy Awards.

South Korean attendees included CJ Group Vice Chairwoman Miky Lee, CJ ENM CEO Yoon Sang-hyun, TVING CEO Julie Choi, SLL CEO Park Joon-suh, Naver CEO Choi Soo-yeon, and Nexon CEO Kang Dae-hyun. Global film directors and actors also took part in the event, including South Korean director Lee Chang-dong and American actor George Clooney.

Speaking to the attendees, Lee addressed Korea’s growing global influence in content, including Oscar-winning "Parasite” (2019) and Netflix animated film "KPop Demon Hunters” (2025), alongside changing consumer trends.

He also addressed the crisis faced by movie theaters and threats and opportunities raised by AI.

“The dramatic changes in the media landscape and viewing habits since the Covid-19 pandemic, together with the rapid adoption of artificial intelligence, are accelerating a fundamental transformation in the ways films and audiovisual content are produced and consumed,” Lee said. “Now is the time for leaders of the film and audiovisual industry, who have spearheaded cultural industry innovation, to pool their wisdom and turn these changes into opportunities.”

Lee said that as “a key country in the global AI supply chain, Korea, too, will fulfill its responsibility of ensuring that humans and AI coexist in harmony.

The Korean leader also pledged to safeguard independent film and diversity and encourage mutual growth and cooperation between local and global stakeholders in the era of expanding global streaming platforms.

Macron, in turn, warned that it would be a “tremendous mistake" if AI technology were to become a tool that replaces writers and creators. He further called to “regain control” over these major technological transformations and urged for a new form of multilateralism to support the global film industry.

On Sunday, Lee arrived in Nice for a four-day state visit to France, which will later take him to Paris for a summit with Macron as the two countries mark the 140th anniversary of the establishment of diplomatic relations.

BY SARAH KIM [[email protected]]