France and South Korea to invest €1 billion in audiovisual sector
France and South Korea will allocate €1 billion over five years to support the audiovisual and entertainment sectors. French President Emmanuel Macron announced this on September 7 at the Lumière summit in Saint-Paul-de-Vence, France, which he co-chaired with South Korean President Lee Jae Myung, Channel NewsAsia reports.
The Lumière partnership
The initiative was named the Lumière partnership. According to Macron, it is intended to support the audiovisual sector and cultural sovereignty. The funding amounts to approximately $1.15 billion.
A source familiar with the matter told the publication that €500 million will be provided by the French state investment bank Bpifrance. According to the source, South Korea will provide another €500 million.
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Summit on the future of cinema
The summit in medieval Saint-Paul-de-Vence near Nice brought together more than 200 guests from 55 countries, including American actor George Clooney. The event was dedicated to the future of cinema and the moving image industry. It was named after brothers Auguste and Louis Lumière, who are considered the inventors of cinematography.
Macron called for a new format of multilateral cooperation to support the global film industry, which, he said, has been weakened by declining cinema attendance. He also stressed the need to strengthen copyright protection and warned that artificial intelligence must not replace writers, creators and voice actors.
Separately, the French president announced the creation of an international organization that will bring together independent cinemas. He said its goal would be to preserve the diversity of this model.
