National Assembly passes landmark Hallyu Act to foster Korean Wave growth

The National Assembly has passed the first legislation aimed at creating a foundation for the sustainable development of Hallyu (Korean Wave).

Culture Minister Yu In-chon speaks during a meeting held at the government complex in Jongno District, central Seoul, on Wednesday. [NEWS1]

The National Assembly has passed the first legislation aimed at creating a foundation for the sustainable development of Hallyu (Korean Wave).

The Ministry of Culture, Sports and Tourism announced that the draft bill for the Promotion of the Hallyu Industry, referred to as the Hallyu Act, was approved during the National Assembly's plenary session on Thursday.

The Hallyu Act provides clear legal definitions for Hallyu, the Hallyu industry and Hallyu-related sectors for the first time and outlines the targets and goals for Hallyu-related policies. It mandates a basic plan for the promotion of the Hallyu industry and various national support measures for Hallyu businesses, including assistance for international exchanges and the training of specialized personnel.

The Act also specifies extensive support not only for the Hallyu industry centered on cultural product exports but also for products closely associated with the dissemination of Hallyu.

The government has been promoting Hallyu and ensuring the sustainable development of Hallyu-related industries, designating “Spreading the charms of K-content to the world” as a national priority.

Following the passage of the bill, the Culture Ministry intends to promptly develop a government plan for promoting the Hallyu industry and offer various support measures for private businesses.

“The Korean Wave is not only spreading our culture around the world but also generating powerful economic ripple effects,” said Culture Minister Yu In-chon. “However, there has been a lack of a legal basis to systematically oversee and support it. I am grateful to the National Assembly for establishing the institutional foundation for the promotion of Hallyu and ensuring the sustainability of the Hallyu industry, as stable government support is essential.”

BY WOO JI-WON [woo.jiwon@joongang.co.kr]