Nobel Prize sparks policies aimed at revitalizing publishing industry

Kyobo Bookstore in Gwanghwamun celebrates South Korean author Han Kang's Nobel Prize in literature by showcasing her books at a dedicated section on Monday. (Yonhap)

In the wake of Han Kang’s Nobel Prize in literature win, new policies and laws are being discussed to foster future literary talents like Han.

Culture Minister Yu In-chon said that next year’s budget for the publishing sector has been restored to its 2022 level, adding that it increased by approximately 3 billion won ($2.2 million) compared to this year.

Speaking at the 38th annual Book Day ceremony on Friday, Yu called Han’s achievement “an unparalleled honor both personally and nationally.”

“This accomplishment, born from the hopes of many in this field, has brought about the Nobel Prize that the entire nation has longed for. With this opportunity, we should strengthen the sector even more,” said Yu.

He added that he requested preparations for global events promoting Korean literature, centering around Sejong Institutes in 88 countries and overseas cultural centers.

Culture Minister Yu In-chon attends the 38th annual Book Day ceremony on Friday. (Yonhap)

Yu further emphasized the importance of translation, noting that works in languages beyond English have enabled Korean literature to reach more readers abroad.

He highlighted the role of the Literature Translation Institute of Korea, the institution under the Culture Ministry which supported the translation of Han's works into 76 editions across 28 languages.

"We will ensure that more works by Korean authors are faithfully translated," he said, adding that the ministry is also planning initiatives to directly export Korean-language books, capitalizing on the growing global interest in learning Korean.

A person browses Han Kang's books at the Kyobo Bookstore in Gwanghwamun on Friday. (Yonhap)

Legislative efforts are also underway to revitalize the stagnant domestic publishing market.

On Sunday, Rep. Jung Sung-ho of the New Politics Alliance for Democracy announced plans to introduce a bill that would offer tax benefits for book publications, aimed at fostering new literary talents.

Jung’s proposed amendment to the Act on Restriction on Special Cases Concerning Taxation includes tax credits of 15 percent for small businesses, 10 percent for mid-sized companies and 5 percent for large corporations involved in book production. An additional tax credit of 10 percent to 15 percent would be available for publishing literary and humanities books, offering a total tax benefit of up to 30 percent.

Jung explained that the bill aims to lower publishing costs, helping talented new authors make their debut.

He also pointed out the disparity between the tax benefits available to the film and broadcast industries and the lack of support for the publishing sector, which serves as the foundation for the entertainment industries.

“Despite Han Kang’s monumental Nobel win, it is unfortunate that our nation’s reading rate remains low,” Jung said. He expressed hope that the swift passage of the bill would make available more high-quality literary content.

In May, a survey by the Culture Ministry revealed that around six out of 10 Korean adults had not read a single book in the past year. Only 43 percent of Korean adults read at least one book in 2023, a 4.5 percent decrease from 2021 and the lowest reading rate recorded since the surveys began in 1994.

By Hwang Dong-hee(hwangdh@heraldcorp.com)