South Korean Content Industry Expands Globally with New MOU

South Korean Content Industry Sees New Turning Point in Overseas Expansion

The Korea Content Promotion Agency (KOCCA) and the Ministry of Legislation have signed a memorandum of understanding (MOU) to support the overseas expansion of the content industry, according to a statement released on January 25, 2023. This agreement is expected to be a significant milestone for the global expansion of the domestic content industry.

Main Highlights of the MOU

Under this MOU, both organizations have agreed to mutually provide and utilize international information, trends, legal classification systems, and reports related to foreign laws. They will also offer technical support for the production of foreign legal information materials and collaborate on the integration of their respective platforms.

Demands for Overseas Expansion

A recent survey conducted by KOCCA revealed that companies seeking overseas expansion require knowledge of intellectual property rights, including trademark and copyright infringement. Additionally, there is a strong emphasis on the need for information on regulations related to content distribution, such as content review regulations, tax systems, and penalties for illegal distribution.

Summarization and Translation of Legal Information

KOCCA, in collaboration with the Korea Legislation Research Institute, plans to professionally summarize and translate foreign laws. These summarized and translated versions will be registered on KOCCA’s export marketing platform, “Wellcon.” This initiative aims to provide easy access to the necessary legal information for companies during their overseas expansion process.

Enhancing Global Competitiveness of the Content Industry

Jo Hyun-rae, CEO of KOCCA, expressed his belief that this agreement will serve as a foundation for domestic companies’ overseas expansion and export growth. He emphasized the importance of close cooperation with the Ministry of Legislation to provide companies with the information they genuinely need. This MOU is considered a crucial step in enhancing the global competitiveness of the Korean content industry.

Reducing Legal Risks and Facilitating International Operations

This MOU is expected to contribute to mitigating legal risks and facilitating smooth international operations for content companies. The exchange of foreign legal information will play a significant role in helping Korean content companies operate internationally with ease.

Adapting to the Changing Landscape of the Content Industry

As the Korean content industry continues to globalize, a higher level of legal understanding becomes essential. This MOU aims to assist companies in accessing the necessary information easily, keeping up with the changing landscape of the industry.

The Importance of Collaboration

The collaboration between KOCCA and the Ministry of Legislation is crucial for the development of the content industry. Their cooperation is expected to further promote the global expansion of the content industry.

Continued Efforts for the Future

This MOU represents a continuous effort towards the future of the Korean content industry. Both organizations are committed to providing active support for the overseas expansion of the content industry through close cooperation.

Conclusion

This MOU serves as a significant stepping stone for the success of the Korean content industry on an international scale. By enhancing accessibility to legal information and reducing the challenges faced by companies entering foreign markets, this agreement aims to strengthen the global competitiveness of the content industry. The collaboration between KOCCA and the Ministry of Legislation plays a vital role in achieving this goal.