The Global K-Culture Economy Forum (GKCEF), a cooperation platform bringing together public, private, academic and industry experts in culture, arts and finance, launched on Tuesday.

GKCEF aims to develop investment policies and systems to foster the K-content and platform industries and to revitalise cultural finance. Kim Jeong-seop (김정섭), a professor in the Department of Cultural Industry and Arts at Sungshin Women's University who previously served as an expert member of the State Affairs Planning Committee, was appointed as its inaugural chair. The executive committee will be jointly led by Kim Woo-hyung (김우형), CEO of Ione Asset Management, and Seo Gyeong-ran (서경란), head of the IBK Industrial Bank Economic Research Institute. Song Seung-hwan (송승환), artistic director at PMC Production, Kim Gwang-su (김광수), an adviser at law firm Yulchon, and Kim Ki-young (김기영), an adjunct professor at Seoul National University Law School, were appointed as honorary chair and advisers.

The forum will pursue key tasks including building a cultural ecosystem and strengthening basic arts and sports; boosting K-culture vitality through cultural finance that combines policy finance and private capital; identifying promising projects and establishing systems to revitalise cultural funds; expanding K-content and K-platform overseas; linking culture-convergence industries such as tourism, health, beauty, fashion, food and automobiles; and developing strategies to defend cultural sovereignty and promote global cooperation.

Kim said the forum was launched after participants agreed that establishing an innovative cultural finance system is crucial to turn K-culture's global status into tangible benefits and secure self-sustaining capacity. He said the domestic content and platform industries need fundamental solutions because they are struggling to emerge from a downturn due to lost investment capacity and an accelerating dependence on big tech companies.