Lee Says He Will Order Review of Film Investment Tax Benefits Following Lee Chang-dong’s Proposal

Lee: "The Government Must Replace the Broken Ladder"
Lee Chang-dong Proposes French-Style Private Investment Support System
"The Tree Has Borne Great Fruit, but All the Small Trees Have Withered"
Warning Over Crisis in K-Content Ecosystem

On September 7th (local time), President Lee Jae-myung announced that he would order a review of measures to provide tax benefits to individuals and private companies investing in films. This directive comes in response to feedback from the industry that, despite the global success of K-content, the foundations of the industry are actually weakening. For example, there is a growing concern that the "ladder" allowing independent films and emerging creators to break into commercial movies has been cut off.

President Lee Jae-myung is holding a hand sign and taking a commemorative photo during a conversation with filmmakers held after the opening ceremony of the international film and video summit "Lumiere Summit" at the Mag Foundation in Saint-Paul-de-Vence, southern France, on the 7th (local time).

This event is a meeting with Korean directors and actors invited to the summit. From the right: actors Kim Do-yeon, Seol Kyung-gu, Jeon Do-yeon, President Lee, directors Lee Chang-dong, Jung Joo-ri, Kim Min-young, Head of Content for Netflix Asia-Pacific, and host Ahn Hyun-mo. 2026.9.7 Yonhap News

While on a state visit to France, President Lee held a roundtable entitled "Next Scene: Discussing the Future of K-Content" at the Mag Foundation in Saint-Paul-de-Vence with directors Lee Chang-dong and Jung Joo-ri, actors Jeon Do-yeon, Sol Kyung-gu, Kim Do-yeon, and Kim Min-young, Vice President of Content for Asia Pacific at Netflix, discussing the sustainability of the film industry.

President Lee also expressed concerns about the current state of the Korean film industry. "I do have some concerns about the Korean film industry," he said, adding, "It seems the tree has borne very large fruit." He continued, "If you imagine the situation, it’s as if all the grass and small trees have withered away and only a few old giant trees remain. I worry about how long these old trees can hold out," he explained.

Despite the emergence of directors, actors, and major content that have gained global recognition, President Lee pointed out that if the foundation for continuously creating such success weakens, it will be difficult for the achievements of K-content to be sustained. He emphasized, "Just like a lawn or a meadow where many grasses grow, and small trees sprout and constantly regenerate, a strong ecosystem is essential for renewal."

Director Lee Chang-dong, who attended the roundtable, said, "On the surface, it looks like we are seeing the most glamorous and abundant results, but a structural crisis has already begun internally." He cited the fact that even his latest film, "Possible Love," failed to secure domestic investment and was only able to proceed due to funding from Netflix as an example of the shrinking domestic film investment market.

Director Jung Joo-ri also pointed out that it has become virtually impossible for independent films to enter the mainstream film market, even with production support. The link that once supplied new directors and works from the independent sector to the commercial film scene, thus revitalizing the entire industry, has lost strength.

President Lee acknowledged this by stating, "The ladder has been broken," and emphasized, "The government must bridge this gap." He argued that while large commercial films, whose profitability is assured, can be handled by the private sector and global investors, the government should step in to create a foundation for independent and art films and the growth of new creators.

In addition, Director Lee Chang-dong introduced France's long-standing private-sector film investment tax credit system and suggested implementing a similar policy in Korea. The core idea is for the government not only to provide direct production support, but also to grant tax benefits to individuals and corporations investing in films, thereby enabling private capital to flow into small-to-medium-sized works, independent films, and debut directors. After hearing this proposal, President Lee replied, "When I return to Korea, I will order this to be initiated right away," adding, "I will inform you of the results later."

President Lee Jae-myung is giving a greeting during a conversation with filmmakers after the opening ceremony of the international film and video summit, "Lumiere Summit," at the Mag Foundation in Saint-Paul-de-Vence, southern France, on the 7th (local time). This event is a meeting with Korean directors and actors who were invited to the summit. From the right, actors Kim Do-yeon, Seol Kyung-gu, Jeon Do-yeon, President Lee, directors Lee Chang-dong, Jung Ju-ri, Kim Min-young, Vice President of Content for Asia Pacific at Netflix, and moderator Ahn Hyun-mo. September 7, 2026, Yonhap News Agency.

President Lee also announced plans to significantly expand government support for the cultural and arts sector. In particular, he stressed that the government should play a role in discovering new material, nurturing writers, providing support for production and distribution, creating funds, and attracting investment, especially in the fields of independent arts and pure culture. He went on to say, "From now on, I believe the kinds of practical policies that many people in the culture and arts industry have only imagined will be implemented. I want to create new hope and opportunities for those working in the field."

He also acknowledged that the government may not be fully aware of the practical difficulties experienced in the field. President Lee said, "The government has the will, so please explore and propose efficient cultural and arts budgets and policies. Things are different now. You are not abandoned, so have courage and make a lot of proposals," he said.

President Lee emphasized that the competitiveness of K-content ultimately comes from an ecosystem where new creators continue to emerge. "What is most Korean is what is most competitive," he said. "We must give opportunities to those people. Then the grass will grow, the trees will thrive, and even great trees will arise." At the end of the roundtable, when Director Jung Joo-ri requested a separate discussion on the survival crisis facing filmmakers due to the spread of artificial intelligence (AI), President Lee responded, "Please contact me," and "Let's meet separately for a serious conversation," indicating there would be further dialogue.

This content was produced with the assistance of AI translation services.