Korea Securities Depository pledges W50m to Busan film festival

Korea Securities Depository will contribute 50 million won ($36,200) to support the Busan International Film Festival (BIFF), one of the city's premier international cultural events.

The depository signed an official sponsorship agreement with the Busan International Film Festival on Tuesday at its Busan headquarters, committing the funds to the 31st edition of the festival, scheduled for October.

The sponsorship aims to help ensure a successful festival, raise Busan's international standing, attract tourists from home and abroad, and contribute to the local cultural, tourism and regional economy.

"I hope the Busan International Film Festival will grow further into a leading international cultural event that draws people from around the world," said Korea Securities Depository President Lee Yun-su. "We will continue to make a meaningful contribution to enhancing Busan's international profile and revitalizing the regional economy."

Busan International Film Festival Chairman Park Gwang-su said the agreement was "an occasion to share the fruits of a long partnership with Korea Securities Depository," adding that the festival would continue working to earn recognition for its international value.

The Busan International Film Festival launched its first edition in 1996 and reaches its 31st this year. The inaugural event drew films from 31 countries — 169 titles in all — and attracted more than 180,000 audience members. The festival has since grown into a major international showcase for Asian cinema and rookie directors, cementing its place as one of Busan's defining cultural institutions.

Beyond film screenings, BIFF has played a significant role in building Busan's city brand and tourism industry. The development of film and visual-culture infrastructure — including the Busan Cinema Center — and the spread of screenings and side events across neighborhoods such as Haeundae and Nampo-dong during the festival period have made it a flagship international event that draws domestic and foreign visitors to the city.

Last year's 30th Busan International Film Festival screened a total of 328 films, including 241 official selections from 64 countries. Marking its 30th anniversary, the festival expanded its scope by introducing a competition section and the Busan Awards.