▲ Culture Minister Chae Hwi-young speaks in a press conference held at the Seoul branch of the National Museum of Modern and Contemporary Art on May 28, 2026, in this photo provided by his office. (PHOTO NOT FOR SALE) (Yonhap)
▲ Culture Minister Chae Hwi-young speaks in a press conference held at the Seoul branch of the National Museum of Modern and Contemporary Art on May 28, 2026, in this photo provided by his office. (PHOTO NOT FOR SALE) (Yonhap)

culture minister-policy plan

Culture minister says seeks 400 tln-won 'K-culture' market by 2030

By Lee Minji

SEOUL, May 28 (Yonhap) -- Culture Minister Chae Hwi-young said Thursday the government will seek to expand South Korea's "K-culture" market to 400 trillion won (US$265 billion) by 2030, up from the previous target of 300 trillion won.

Chae disclosed the new policy goal at a press conference held ahead of the first anniversary of the Lee Jae Myung administration next week, as he highlighted the growing importance of the so-called K-culture market in the Korean economy.

"K-culture is a much bigger industry than we had previously thought. It is certainly an attractive core growth engine that can lead the future of our economy," the minister said.

"The importance (of K-culture) will grow in the future as leisure time is expected to increase on the back of developments in artificial intelligence (AI) technologies. We need to foster it as an industry swiftly," Chae added.

The minister said the increase in the goal comes partly as the ministry has redefined the scope of sectors that fall under the category of K-culture, to include not only the content industry, comprising arts and culture, but also lifestyle sectors, such as food, beauty and fashion.

In line with the adjusted goal, the minister forecast exports of K-culture products to rise to $110 billion by 2030, up from $71.8 billion in 2025.

The minister said the fallout from the war in the Middle East and high oil prices have not yet had a substantial impact on the local tourism industry.

He, however, stressed the need to step up marketing efforts and boost tourism in areas outside of the greater Seoul area for the government to achieve its goal of attracting 30 million visitors from overseas.

When asked about concerns over price gouging by accommodations in Busan ahead of BTS concerts next month, Chae said the ministry will sternly deal with such cases, in accordance with law.

At the same time, he said the ministry has been in consultation with the city government of Busan and local tourism associations to minimize inconveniences, also stressing the need to encourage accommodation businesses there to voluntarily resolve the issue.

(END)

[ⓒ K-VIBE. 무단전재-재배포 금지]