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J.Y. Park, founder and producer of JYP Entertainment. (Photo courtesy of JYP Entertainment) |
[Alpha Biz= Paul Lee] Seoul – Shares of JYP Entertainment (035900.KQ) surged in after-hours trading following the announcement that founder and CEO J.Y. Park (Park Jin-young) has been nominated as Co-Chair of the Presidential Committee on Pop Culture Exchange, a new body under the direct supervision of the President.
According to MP Doctor on September 9, JYP Entertainment shares rose 5.03% to KRW 79,400 in after-market trading.
Appointment Announcement
Kang Hoon-sik, Presidential Chief of Staff, stated in an afternoon briefing:
“The President has decided to establish the Presidential Committee on Pop Culture Exchange, appointing the Minister of Culture, Sports and Tourism and singer Park Jin-young as co-chairs.”
Kang added that Park, one of Korea’s most iconic performers, has long been at the forefront of globalizing K-pop. He emphasized that the committee’s mission is to ensure people worldwide enjoy Korean popular culture, while enabling Korea to embrace diverse cultural influences from abroad.
Committee Role
The Ministry of Culture, Sports and Tourism recently released a draft presidential decree outlining the establishment and operation of the committee. Its responsibilities will include:
Developing a vision and strategy for global cultural exchange
Coordinating cultural cooperation projects between public and private sectors
Supporting investment and resource allocation strategies in cultural industries
Overseeing overseas promotion and market entry of Korean pop culture
Market Impact
The appointment was quickly reflected in JYP Entertainment’s share price, with investors viewing it as a signal of strengthened government support for cultural exports and the company’s elevated global profile.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
