The Ministry of Culture, Sports and Tourism will set up a 123-billion-won fund to boost domestic entertainment and content companies’ production capabilities and to help the companies advance into the global market.

The fund will be jointly financed by domestic and foreign companies, including South Korean entertainment firm CJ E&M and U.S. movie producer Route One Films. Route One Films will invest 20 billion won.

Investments from the global content fund will be geared towards overseas projects in which domestic companies are participating or in domestic projects targeting the global market.