From left, Korea Trade-Investment Promotion Agency (KOTRA) President & CEO Yu Jeong-yeol, Trade Minister Ahn Duk-geun and Scanline VFX head Stephan Trojansky pose for a photo after announcing the Netflix subsidiary's investment plan for special visual effects facilities in Korea, Friday. Courtesy of Ministry of Trade, Industry and Energy

By Yoon Ja-young

A subsidiary of Netflix will invest $100 million in Korea over the next six years to build special visual effects facilities. The announcement of the investment coincides with U.S. President Joe Biden's visit to Korea.

The Ministry of Trade, Industry and Energy held an event officially announcing the investment plan, Friday, attended by Trade Minister Ahn Duk-geun, Korea Trade-Investment Promotion Agency (KOTRA) President & CEO Yu Jeong-yeol and Stephan Trojansky, founder and head of Scanline VFX which will carry out the investment plan by 2027.

Established in 1989 in Munich, Germany, and acquired recently by Netflix, Scanline VFX has been providing movie production technology to not only Netflix but also many global production firms including Warner Bros., Marvel Studios and DC Comics. Its portfolio also includes the popular U.S. series "Game of Thrones" for which it created special effects.

Once established, Netflix's first special visual effects movie production facility to be built in Asia is expected to lay the foundations for Korea to grow into the production hub of Asia, coupled with the country's advanced ICT.

According to Yonhap News Agency, Trojansky said that the company plans to create some 200 jobs over the next six years and bring new technologies of real-time filmmaking and virtual production to the market. He added that the company will work with universities in the country to develop a local ecosystem of visual effects companies, through running training programs and creating opportunities.

The ministry credited the U.S. streaming service giant's decision to invest here in Korea's capability and workforce in content production, proximity to the Asia-Pacific market including Japan and Australia, as well as government support programs for foreign investment.

"With K-content exports surpassing 14 trillion won in 2020, Korean contents are continuously expanding global influence. We expect the investment will help Korea rise as a global media powerhouse," Minister Ahn said.

After the global success of Netflix's "Squid Game," Netflix and other streaming service providers have been competing to provide Korean original content.