Art spending by private foundations tops W1tr
Corporate-run culture foundations in South Korea spent more than one trillion won ($689 million) over the last decade to promote arts and culture, according to the latest Arts Council Korea data.
The agency run by the Culture Ministry found that 112 firms spent 2.3 trillion on various public projects from 2014-2023. Half the funds, or 1.1 trillion won, went to advancing arts and culture.
In 2023, when the number of corporate-run arts and culture foundations reached 112, their sponsorship of arts and culture totaled more than 182.4 billion won.
The CJ Cultural Foundation contributed the most to advancing arts and culture, according to Arts Council Korea. The council scored companies on the total amount spent, transparency in execution and concrete results among other metrics that looked into whether the foundations practiced the latest environmental, social and governance principles.
The Daelim Cultural Foundation came in second, followed by the Samsung Foundation of Culture, the Paradise Cultural Foundation and the Hansol Culture Foundation -- all cultural arms of Korean conglomerates.
Smaller company contributions were led by the Smilegate Foundation, the Woojin Culture Foundation, the United Foundation and the Junglim Architecture Foundation.
Arts Council Korea noted that businesses' interest in promoting the arts remains weak.
Only 32 out of Korea's 88 leading companies have set up culture foundations, the agency said, pointing out that a 36 percent participation rate does not match Korea's rising global profile as a culture powerhouse.
'Companies can take on initiatives themselves promoting art projects, but public projects led by their culture arms like foundations lead to lasting impact,' said Choung Byoung-gug, the agency chairperson.
'We will do our part to make it easier for companies to launch culture foundations,' Choung added.
Choung believed Korean content may be gaining global popularity because the government has earmarked dedicated funds to foster cultural content.
It is now time for private companies to come forward, according to Choung. 'Take for example, Hermes and Louis Vuitton,' he said, adding, 'The French luxury houses are active in expanding cultural outreach through foundations they run.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
4 hours ago
- Korea Herald
HTL Biotechnology inaugurates a new production line dedicated to sterile hyaluronic acid
JAVENÉ, France, June 6, 2025 /PRNewswire/ -- On the occasion of National Bioproduction and Biomedicines Day (JNBB), which enjoys the high patronage of the President of the French Republic, HTL Biotechnology confirms its position as a globalleader in the development and production of pharmaceutical-grade biopolymers, by inaugurating a new production unit dedicated to sterile hyaluronic acid at its Javené (Ille-et-Vilaine) site, a true flagship of French biomanufacturing. With over 30 years of expertise in biopolymers, HTL Biotechnology is reaffirming its commitment through this new production unit to the development of innovative therapeutic solutions for the medicine of today and tomorrow. The manufacture of sterile hyaluronic acid opens the way to new therapeutic opportunites . This cutting-edge process now makes it possible to combine hyaluronic acid with heat-sensitive active molecules, previously incompatible with traditional heat sterilization methods. Simultaneously, mastery of aseptic processes eliminates any risk of microbial contamination and ensures optimum pharmaceutical quality. This innovation marks a decisive step in the development of new combined formulations, bringing improved clinical benefits for patients in many fields, such as ophthalmology and drug delivery. This €12 million investment, part of HTL Biotechnology's €100 million 2022-2026 strategic plan, pursues two main goals: to explore new opportunities in bioproduction, and to strengthen the company's position as a key player in future applications of hyaluronic acid in healthcare. Production is scheduled to start in 2026, following qualification and validation of the industrial equipment. To guarantee the quality and efficiency of this new production unit, HTL Biotechnology has set up specific in-house training courses to instruct its staff in aseptic procedures and the handling of this new product. Because of the highly technical nature of this product, a team of ten specialists has been trained in the specific skills required for its production ensuring the highest quality standards. François Fournier, CEO of HTL Biotechnology, states: " I'm delighted with the prospects this investment gives us for further innovation in pharmaceutical-grade biopolymers. The breadth and complementarity of our portfolio is unique, and we are proud to be able to serve our customers even better. Thanks to this new unit, promising future applications can be explored, offering innovative solutions for the benefit of patients. I am delighted to be able to count on this new facility, which makes our historic Javené site a true flagship for French bioproduction." As an active member of France Biolead, HTL Biotechnology is proud to take part in the second National Biomanufacturing and Biomedicines Day, which this year enjoys the patronage of French President Emmanuel Macron. The company welcomes this recognition, which underscores the strategic importance of the French biomanufacturing and biomedical industry, at the heart of the challenges facing public health, and France. About HTL HTL Biotechnology is a French biotech company and world leader in the development and responsible biomanufacturing of pharmaceutical-grade biopolymers (Hyaluronic Acid, Polynucleotides and soon recombinant human collagen). These biopolymers are used by healthcare companies to develop treatments in a variety of leading therapeutic areas such as ophthalmology, dermatology, medical aesthetics and rheumatology. HTL Biotechnology recently strengthened its position as world leader in the development of pharmaceutical-grade biopolymers by acquiring, through its subsidiary HTL Biotechnology Innovation Inc. (HTL BII - New Jersey), a recombinant protein platform whose most advanced product is recombinant human collagen type III (rhCOL3) at a world-class scientific research center. To meet the world's growing need for biopolymers, the company also has subsidiaries in Asia and is building a neuromodulator production unit in the United States (HTL BMI - Massachusetts). Historically based in Javené (Brittany - France), the company brings together production, innovation, R&D , as well as quality activities on its site. HTL Biotechnology employs nearly 300 people worldwide. Press contact
Korea Herald
5 hours ago
- Korea Herald
Hisense Tops Global Rankings in Q1 2025 for MiniLED, 100-inch and over, and Laser TVs
QINGDAO, China, June 6, 2025 /PRNewswire/ -- Hisense, a leading brand in global consumer electronics and home appliances, continues to reinforce its leadership in premium display technology. According to Omdia's Q1 2025 data, Hisense ranked No.1 worldwide by volume share in 100-inch and over TVs, MiniLED TVs, and Laser TVs. Hisense led the 100-inch and over TV market with a 56.7% global volume share, ranking No. 1 in 2023, 2024, and Q1 2025. In MiniLED TVs, Hisense rose to the top with a 29.3% global volume share, reflecting rapid growth and consumer trust in its backlight innovations. Hisense also retained its lead in the Laser TV market, with a commanding 69.6% global volume share, continuing its global dominance after ranking No.1 for consecutive six years, based on Omdia data. This strong performance reflects Hisense's long-term commitment to large-screen innovation, AI-powered imaging, and immersive audio-visual experiences. Hisense was the first brand globally announced as an official partner of the FIFA Club World Cup 2025™, demonstrating its forward-looking strategy and growing international influence. Building on this milestone, Hisense launched its global campaign "Own the Moment", cementing its global leadership and connecting cutting-edge technology with the passion of sports fans worldwide. The campaign reflects Hisense's commitment to empowering unforgettable sports moments with premium technology — allowing fans to see, feel, and own the excitement like never before. Hisense has also partnered with French audio expert Devialet to enhance sound performance across its latest products, delivering a richer and more immersive home entertainment experience. These audio enhancements will be available via software update, with availability depending on specific models and regions. With a commitment to technological excellence and user value, Hisense is well-positioned to maintain its momentum in 2025 and beyond. About Hisense Hisense, founded in 1969, is a globally recognized leader in home appliances and consumer electronics with operations in over 160 countries, specializing in delivering high-quality multimedia products, home appliances, and intelligent IT solutions. According to Omdia, Hisense ranks No. 2 worldwide in total TV shipments (2022-2024) and No. 1 globally in the 100-inch and over TV segment (2023-2025Q1). As the first official partner of the FIFA Club World Cup 2025™, Hisense is committed to global sports partnerships as a way to connect with audiences worldwide.
Korea Herald
6 hours ago
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)
