A Glimpse into Funding Support for Busan, the Engine of South Korea's Film Industry

The Busan City Government announced that it had raised the second series of film and video content investment, namely the NextG Mid-to-Low Budget Korean Film Investment Partnership, with a total value of 21.5 billion Korean Won (KRW) on December 18, 2025.

According to the Korean Film Council (Kofic), this funding follows up on the first series, the Saltlux Korean Film Renaissance Fund, which was established in July 2024 with a value of KRW23.3 billion through a collaboration between the Busan City Government, the Busan Film Commission, and Saltlux Ventures.

"The purpose of establishing these funds is to build an investment foundation that can drive the growth of the film and video content industry in the Busan region," wrote Kim Seon-ho in a statement published by Kofic on Wednesday (December 24, 2025).

This KRW21.5 billion fund primarily originated from the parent fund of the South Korean Ministry of Culture, Sports, and Tourism, amounting to KRW10 billion. The same amount was also contributed by private companies.

Additionally, there was an investment of KRW1 billion from the Busan City Government and KRW500 million from the fund manager, NextG Investment.

Through its five-year film and video content fund establishment plan (2024–2028), the Busan City Government aims to establish funds with a total value of KRW100 billion.

"With the establishment of this second fund, Busan has successfully raised approximately KRW44.8 billion, or about 45% of the KRW100 billion target," the release stated.

NextG Investment will manage its funds for six years. The Busan City Government's contribution of KRW1 billion will be invested gradually over three years through an indirect investment scheme, facilitated by the Busan Film Commission.

Not much different from the first series, this second fund also implements a "Busan project investment obligation" clause.

During the four-year investment period, this fund is obligated to invest at least KRW20 billion—twice the initial committed value—into a number of projects, such as films and video works produced by Busan-based companies, projects utilizing intellectual property owned by Busan companies, or works that conduct at least 20% of their filming process in Busan.

A similar sentiment was conveyed by Hye-Jin Chun, Program Director for International Film at the Busan Cinema Center. Support is not only directed towards filming and production by Busan-based companies but also towards employing 30% local workforce. This applies to both national and international films.

According to her, this is part of the South Korean government's strategy to strengthen the entire film ecosystem.

"This strategy focuses on expanding production funding support, enhancing competitiveness through talent development, and assisting entry into international markets to ensure sustainable industry growth," said Chun during a discussion organized by the Korea Foundation and the Foreign Policy Community of Indonesia (FPCI) in South Jakarta on December 2, 2025.