Busan is already home to the largest film festival in South Korea (and, arguably, all of Asia), and it’s now planned to host the country’s biggest film studios as well. The city government is moving forward with plans to build the new facilities, which are set to open in 2020.
Two indoor stages, an open set, digital production support and post-production facilities are all part of the blueprints for the new complex. Earlier plans came with a price tag of $172 million — $100 million of which would have come from the city, with the remainder being contributed by the Korean Film Council (KOFIC) — but ongoing problems with KOFIC have altered the process somewhat. The council, whose studios located near Seoul are meant to have been sold by now, will borrow $57.6 million as part of the development process.
A city spokesperson said that “a world-class film studio that sets a new milestone in the film industry will help Busan enhance its position as a global film city.” This year’s edition of the Busan International Film Festival, the 21st, has been boycotted by several filmmakers over ongoing disputes between festival higher-ups and the city itself.