Film distributor 20th Century Fox has announced its plan to directly invest in the South Korean movie industry.

As the first U.S. major film company to directly enter the South Korean market, Fox will produce five Korean movies, each costing up to five billion won, starting this year. The movies will be sold around the world through Fox’s own distribution network.

Fox’s move is a testament to Korean movies’ greater competitiveness on the international stage. The U.S. film company has also promised to contribute to the development of the Korean movie industry.

Other major foreign film companies are expected to follow Fox's suit in entering the Korean market.