S. Korea to invest $178 million in 3-D industry

SEOUL, Jan. 14 (Yonhap) -- The government said Thursday that it will inject 200
billion won (US$178 million) into its computer graphics industry over the next
four years, taking a cue from the 3-D Hollywood blockbuster "Avatar" now sweeping
global box offices.
The funding scheme unveiled by Yu In-chon, minister of culture, tourism and
sports, seeks to make South Korea the Asian hub of CG production, particularly
three dimensional technology used in cinema, by providing equipment support,
training and tax breaks just as the government in New Zealand and Canada assist
their own film industries.
"Korean CG technology has already reached a considerably high level and is in
constant exchange with Hollywood. We believe Korean CG will be able to become the
market leader soon if the government sets up the right policy direction," Yu said
in a press conference.
Korea has achieved about 82 percent of Hollywood's CG technology capability and
aims to elevate that rate to 90 percent by 2013, a key to garnering production
orders from U.S. movie producers, Yu said.
James Cameron's "Avatar," which tells the story of a disabled marine who
infiltrates giant blue aliens inhabiting a faraway planet, grossed $1.37 billion
in worldwide sales as of Tuesday, according to U.S.-based Box Office Mojo,
becoming the No. 2 movie of all time after Cameron's earlier film "Titanic."
"Avatar showed the potential for an explosive marketability of the 3-D industry
and brought a paradigm change from two-dimensional to three-dimensional
filmmaking," Yu noted.
South Korea's recent CG films, including "Jeon Woo Chi," "Jump" and "Haeundae,"
also became local hits.
In detail, the ministry plans to create a CG investment fund worth 50 billion won
and help with financing for the purchase of expensive digital equipment for
small-scale producers of digital films.
hkim@yna.co.kr
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