Lotte Group, South Korea's fifth-largest family-controlled conglomerate, will play a key role in creating a fund worth 40 billion won (US$35 million) to help develop the country's film industry, the presidential office said Monday.
Lotte will account for half of the proposed fund while Busan Bank and the Busan City government will contribute 16 billion won and 4 billion won, respectively, the office said. This comes as President Park Geun-hye recently opened the latest innovation center in Korea's second largest city about 450 kilometers southeast of Seoul.