The Democratic Party of Korea will designate the so-called "K-content" sector, including dramas, films, webtoons, and games, as a national strategic industry and promote policies offering tax cut benefits as part of its election promises. Lee Jae-myung, former party leader who declared his candidacy for the presidential election, expressed a commitment to foster K-culture and content, and the party's special committee has decided to prepare related policies.
According to a comprehensive report from ChosunBiz on the 11th, the Democratic Party's special committee on the gaming industry and its special committee on culture and arts will unveil content pledges related to this matter next week. In fact, Lee mentioned "K-culture" and "K-initiative" directly in a video announcing his candidacy for the 21st presidential election the day before, stating that active national support is necessary for enhancing industrial competitiveness.
The policies under review by the Democratic Party include designating dramas, films, webtoons, and web novels with high success rates in overseas markets as national strategic industries and expanding the tax credit rates for production expenses.
Current law stipulates a tax credit of 5-15% for production expenses only for "video content," operating temporarily under a "three-year sunset provision." The main goal is to significantly expand this rate and support scope. The state of California, where Netflix is located, provides a tax credit of up to 30% for production expenses, which is expected to be referenced in this policy.
Support measures for the gaming industry, a key pillar of the content industry, are also being considered as part of the election promises. Under the leadership of the party's special committee on the gaming industry, initiatives include preventing the categorization of gaming addiction as a disease, creating a sustainable e-sports ecosystem, modernizing the game rating system, establishing a control tower for games and e-sports, nurturing professional e-sports players, and setting up a promotion center for the gaming and e-sports industry.
The party's cultural and gaming industry pledges are being pursued in line with the moment when Lee mentioned the policy vision of "K-initiative." Lee referred to the cultural areas led by Korea, including "K-culture" and "K-democracy," collectively as "K-initiative."
On the day of the policy vision announcement, Lee stated, "Even amid the hardships of colonial rule, our predecessors nurtured the dream of being a cultural powerhouse, and that earnest wish became the midwife of the "K-content renaissance" that captivates the hearts of people worldwide," adding, "From K-democracy and K-culture content to K-science and technology and K-brands, South Korea will emerge as a leading soft power nation that commands the attention of the world as a 'first mover.'"
A key lawmaker from the Democratic Party noted, "K-culture will be incorporated into the election promises in some form, as mentioned in Lee's candidacy declaration and policy vision," adding, "We are currently in the process of refining and specifying policies, and we expect to unveil K-culture-related pledges early next week."