The signing of the Memorandum of Understanding (MoU) in London will give a boost to cultural and creative exchanges between the UK and Korea and also came as the London Korean Film Festival is launched during this week’s State Visit by President Park of the Republic of Korea.

Culture Secretary Maria Miller said:

The creative industries are playing a huge part in encouraging economic growth in the UK and are a real success story, helping the UK compete in the global race. This agreement will lead to more co-operation and increase bilateral exchanges, allowing us to share knowledge and also learn from others who value the creative economy as much as we do.

Among the commitments laid out in the MoU are:

• to hold a United Kingdom and Republic of Korea Creative Industries Forum every year to promote exchange of knowledge and latest developments in the cultural and creative industries, with the first Forum to be held in the UK in the second half of 2014.

• to co-operate and exchange primarily but not exclusively on areas such as technological co-operation, joint production and development, and policy research and information exchange in the cultural and creative industries.

• to promote the global expansion of the cultural and creative industries by sharing the outcomes of investigation, research and analysis.