Korean distrib Next Entertainment World and Gyeonggi province are setting up a $16.2 million film fund with the Gyeonggi Performing & Film Commission, the first time a local government org. will invest in movies directly.
Gyeonggi province and its capital, Goyang City, will co-invest $3.24 million in the fund while NEW will put in $2.43 million.
They aim to boost the fund by attracting other investors, and to start setting up projects at the end of August.
NEW ranked at No.6 on the distributors list in Korea last year with 17 local and foreign films including “The Twilight Saga” series. Recently the company distributed helmer Lee Chang-dong’s “Poetry.”
Among its upcoming local titles are Sul kyoung-gu starrer “The Troubleshooter” (working title); Zip Cinema’s actioner “Psychic” (working title), produced by Eugene Lee; and horror sequel “Death Bell 2: Bloody Camp.”
NEW will also release “The Twilight Saga: Eclipse” on July 8.