The Korean Government Pledges Support for Gaming Industry

21 May 2020

The Korean Culture Minister, Park Yang-woo, revealed that the government had proposed an exhaustive revision of the country’s regulatory system to offer more room for the growth of the industry. The gaming industry in South Korea has been having a significant economic impact over the past decade, registering a steady 9.8% growth per annum, year after year.

As we speak, South Korea’s gaming industry is responsible for 8.8% of the country’s trade surplus out of the $6.4 billion annual exports. This is indeed a sign that the gaming industry is a key factor in the country’s economy. Moreover, the industry is projected to create over 102, 000 new job opportunities in the next four years and assist in boosting the country’s economic stability. The government also expects the industry to gain 11.5 trillion in exports and 19.9 trillion in sales over the same period as well.

The Director-General of Content Policy Bureau of the Culture Ministry, Kim Hyun-hwan, said that the current projections were achievable with the help of small and medium-sized enterprises.

Voicing his thoughts on the issue, Park Yang-woo said that their current regulations hindered the development of the gaming industry and the government was implementing strategies to improve the situation.

He also clarified that with Korea being a leading eSports industry, plans are underway to establish an ecosystem that will foster its growth, such as the creation of an eSports center that will offer players a chance to take part in amateur eSports teams. On top of that, a universal contract form will also be released to ensure player protection in the eSports industry as is the case with other regulated gaming activities in the country.

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