Reel Dreams, Empty Pockets: Jeonju City’s 500 Billion Won Funding Gap Threatens to Derail Ambitious Film and Video Development Plans

Announcement of long-term project until 2034… Project cost procurement measures are inadequate.

(Jeonju = Yonhap News) Reporter Kim Dong-cheol = Jeonju City, Jeollabuk-do, which is trying to become a global film and video industry center, has decided to invest 575 billion won in related projects over the next 10 years.

It is an ambitious long-term project to overcome competing cities such as Busan and become a global film and video capital by building a ‘Pentagon Belt’ that connects specialized areas at each base.

However, it is pointed out that the financing plan is unclear.

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Jeonju Mayor Woo Beom-ki announced the ‘Jeonju City 2034 Film and Video Industry Vision’ on the 30th.

4 projects: creating a global film filming base (KRW 233 billion), innovating future film and video technology (KRW 110 billion), creating a world-class movie tourism city (KRW 130 billion), and establishing a strong film industry ecosystem (KRW 102 billion). It is a 10-year plan that encompasses strategy and 10 major tasks.

The problem is financial resources.

The announcement on this day almost entirely included the creation of a video promotion fund worth 10 billion won and the attraction of investment of 100 billion won in a new cultural fund as a means of raising financial resources.

Even this means that most of the project costs will be raised externally, such as from the government or companies.

That’s because Jeonju City’s financial independence this year is 21.73%, which is the lowest compared to local governments of similar size to Jeonju City.

Due to this weak financial soundness, it is difficult to ‘stand alone’ without matching project costs, and if the market changes in the 9th popular election, there is a high possibility that this project will be stranded.

Mayor Woo said, “We plan to pursue financing in the long term after additional review, and in necessary areas, it is advisable to start (projects first). I believe that if a plan is established and promoted, it will ultimately be achieved,” adding, “Jeonju is a dream for many. “I think it’s a good direction for the future,” he answered vaguely.

He added, “The reason we decided on a long-term (business plan) was because we judged that it was possible through national public offering.”

In response to the question of whether it could be a sustainable business, Mayor Woo expressed confidence in the success of the business, saying, “In order to regain the status of Jeonju a thousand years ago, we must look 20 to 30 years ahead and not be afraid of failure.”

Some pointed out, “I understand the policy to grow the film and video industry, but since there is no specific plan to raise funds for the 570 billion won budget, it may end up as a rosy blueprint with little chance of being realized.”

sollenso@yna.co.kr

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2024/10/30 14:49 Sent