The government has released plans to achieve USD 25 billion in content exports and attract 30 million foreign tourists by 2027.
To boost the foundation for content exports, policy financing worth KRW 1 trillion is planned through next year and more convenience and benefits for foreign tourists through duty-free stores that immediately refund value-added tax (VAT).
The Ministry of Culture, Sports and Tourism on June 5 announced its plan to boost content exports and domestic tourism at a meeting of a task force on development of the service industry chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho.
The ministry pledged strategic support for each content category like games, videos and webtoons to double such exports from USD 12.4 billion in 2021 to USD 25 billion by 2027, a goal attainable only if annual average growth is 12.3%.
To this end, stronger support will go toward the global expansion of video game content, a leading export sector, and the number of companies eligible for the service voucher project for small and mid-size companies hoping to expand abroad will be raised this year from 37 to 50.
Support will also go to diversify game export markets through joint operation of a Korea Pavilion at trade shows in regions like the Middle East to raise competitiveness and match companies with businesses in new markets.
Help will go to video content exports to maintain success in the sector. As a follow-up to the Global Creative Industry Leadership Forum during President Yoon Suk Yeol's state visit to the U.S. in April, Seoul will stimulate use of communications channels between both countries and develop 2,000 talented personnel in cooperation with Netflix over five years.
Efforts will seek to find more opportunities for content abroad and bolster its exports.
K-Content Expo, a government-hosted event abroad, will be held four times a year, double from twice this year. Marketing abroad will also target customers through content display, interactive events and K-pop concerts.
K-Expo, an event jointly hosted by public agencies featuring Hallyu (Korean Wave), will go biannual instead of just once a year.
To prevent private investment from shrinking, policy funds of KRW 1 trillion will comprise content funds and subsidies for interest. The number of overseas bases to support the global advances of smaller domestic content companies will jump from more than triple from 15 this year to 50 by 2027.
In tourism, the plan is to discover related content in Korea attractive to foreign tourists and boost convenience for them.
The ministry will back local government bodies to create theme zones for tourists from Japan, China and Southeast Asia, three regions that send the majority of foreign visitors to Korea. The idea is to attract more tourists from abroad by developing regional tourism content combining the nation's tradition and modernity.
To improve convenience for overseas tourists, an upgrade is planned for the one-stop tourism portal Visit Korea, which provides comprehensive information on tourism in the country, search and recommendation services.
Foreign tourists whose purchases exceed KRW 15,000, or half of the current limit of KRW 30,000, will get a tax refund for each item. Those buying duty-free goods worth a combined KRW 6 million, or KRW 1 million higher from the current limit, will immediately receive a VAT refund at select duty-free stores in the city.
Another 1,000 such establishments offering the refund will be added to the 3,600 in operation as of last month. A terminal for private jets at Incheon International Airport slated for completion by 2028 will woo tourists with high consumption potential.
International visitors can also order duty-free goods at select hotels. The reservation and payment system of public transportation will be improved for them for higher convenience. For next month's Korea Summer Sale, a slew of shopping incentives in Korea will be combined with Chinese mobile payment systems.
The permit system for the use of royal palaces and tombs for filming will be streamlined so that the private sector can freely develop tourism products and content using historical sites. In addition, the separate screening criteria of the Cultural Heritage Committee, which takes more than a month to approve, will be simplified and more people will be allowed to enter such venues at night and film.
To develop and promotion abroad tourism ventures, the ministry will boost investment in each selected company from KRW 1 billion to between KRW 2 billion and KRW 3 billion. The proportion of support for companies growing over three years or longer from a fund to promote tourism companies will also be raised, and 10 support centers abroad for tourism companies will be opened by 2027.
