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S. Korea earned US$ 11.7 billion in exports thanks to K-culture; Forum held on Thursday to discuss business oppportunities with K-culture Updated: 2022-05-27 06:23:38 KST

Korean content's booming popularity is bringing in the big bucks.
According to Korea Foundation for International Cultural Exchange on Thursday, South Korea earned almost 11.7 billion U.S. dollars from exports of Korean goods or cultural content in 2021.
That's 170 million U.S. dollars more than the year before.
Experts say that both BTS and the hit Netflix original series Squid Game were contributing factors.
Exports for consumer goods rose almost 20 percent in 2021.
These include food, cosmetics, accessories and other merchandise.
And more and more foreign companies are looking to venture into the lucrative world of Korean culture.
KOTRA, or Korea Trade Investment Promotion Agency, on Thursday launched a platform to help them to do so.
KOTRA, with its British Chamber of Commerce in Korea, held a business forum in Myeongdong, central Seoul to discuss business opportunities in Korean content.
Around 50 businesspeople, foreign officials, and attorneys that help with trans-border transactions were invited.

"We wanted to share our insights on what to look out for when doing business with the Korean entertainment industry, and we wanted to create more opportunities for the Korean entertainment industry to expand more overseas."

"Finnish entertainment industry is not too famous globally and also not famous in Korea so today I am actually seeking for introducing movie about Korean ice hockey dreams produced by a finish producer."

Those in attendance included Julian Knight, a British member of parliament, who delivered the keynote address.
During which, he touched on the huge success of Squid Game.

"I will never think the red light or a green light any different ever again thanks to Squid Game."

On top of the widely-known Korean dramas and K-pop artists, the forum also introduced some new K-content that's coming up on the horizon.

"In order to understand what sort of business opportunities out there,.. we believe it is important to understand and pay a close intention to two things, - one web toon and two technology"

It might have started with BTS and Squid Game, but according to Thursday's forum, K-culture's growing sphere is expanding and is now reaching into web entertainment, the metaverse and AI technology.
Kim Yeon-seung, Arirang News
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