16 Conglomerates Donate W48.6 Billion to Promote Korean Culture
John Kim, Oct. 28, 2015, 9:30 a.m.
Sixteen conglomerates including Samsung, Hyundai, SK, LG, Lotte, and POSCO have poured some W48.6 billion into the establishment of a foundation to promote Korean culture (US$1=W1,134). The objective of the Mir Foundation, which was officially set up Tuesday, is to go beyond K-pop and TV soaps and promote a wider and deeper range of Korean culture, from food and fashion to traditional ways of life.
'Mir' means dragon. The foundation will support start-ups in the cultural sector by building a global venture complex, discovering creative people, and holding cultural fairs. It will also work on rediscovering traditional culture and assist in marketing. The foundation is headed by Kim Hyung-su, the dean of the Graduate School of Communication and Arts at Yonsei University. "With the participation of Korea's leading businesses, we will be able to facilitate the export of Korean culture and help more people enjoy it," Kim said.